LNG Storage Tank Market Share

On the basis of geographical analysis, the LNG storage tank market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific industry is expected to account for largest revenue share by 2036, propelled by growing investments for the construction of LNG bunkering facilities and rising use of natural gas in several end-user industries. Apart from these, increasing manufacturing capacities of nations namely, China and India, is assessed to drive market growth in the region. High consumption of liquefied natural gas in Japan, China and South Korea is also estimated to fuel the expansion of market in the APAC. Additionally, Europe is also estimated to occupy a significant share in the market during the forecast period owing to the presence of major LNG importing countries in the region, including France, the U.K., Spain, Belgium and Italy. For instance, France and Spain were the two largest importers of LNG in 2019. In that year, the countries traded in approximately 23 and 22 billion cubic meters of the gas, respectively.