Global Market Size, Forecast, and Trend Highlights Over 2025-2037
LNG Storage Tank Market size was valued at USD 16.6 billion in 2024 and is set to exceed USD 41.99 billion by 2037, registering over 7.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of LNG storage tank is evaluated at USD 17.64 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.
