LNG Storage Tank Market Size

LNG Storage Tank Market size was over USD 15.46 billion in 2023 and is set to cross USD 39.11 billion by the end of 2036, growing at more than 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of LNG storage tank is estimated at USD 16.38 billion.

The growth of the market can be attributed to the increasing demand for LNG in the energy, power and steel industries, coupled with the rise in the number of regasification and floating storage units around the world. In 2019, the global demand for LNG rose by more than 12%, amounting to a production value of almost 360 million tons. The demand is evaluated to double by the end of 2050. Along with these, growing cargo transportation and high usage of LNG as a fuel for heavy duty vehicles are also expected to drive market growth in the near future. Furthermore, the overall rise in the production of natural gas and escalating advancements in drilling technology are projected to offer lucrative opportunities to the market in the upcoming years.