Report Code: A16053 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Lng Storage Tank Market
Request Now !The Liquefied natural gas (LNG) storage tank market is anticipated to grow significantly throughout the forecast period. Most of the world's population lives far from gas fields, making pipelines an unrealistic or expensive means of transportation. To overcome this problem, gas can be cooled to make a liquid, thereby reducing its volume and making it easier to store and ship. The change of state of natural gas reduces its volume by 600 times. Thus, LNG storage tanks are used for the safe storage and transport of gas. Properties such as versatility, cost efficiency, and low carbon footprint have made LNG usable for various industrial and other applications. Furthermore, the demand for LNG storage systems depends on the extensive use of natural gas by various industries, such as paper, metal, chemicals, petroleum, stone, clay, glass, and clothing. Major players in the industry are focused on developing cost effective and safe LNG storage tanks.Â
Description
An LNG storage tank is a specialized storage tank used for safe storage of liquefied natural gas. It is found underground, above ground, or in LNG carriers.  The common LNG storage tanks has the ability to store LNG at the very low temperature of around -162 °C (-260 °F). Typical LNG storage tanks have double containers, in which the inner tank contains LNG and the outer container contains insulation materials. LNG storage tanks can be customized into various sizes according to usage and requirements.Â
COVID-19 Impact analysis
Top Impacting Factors
Rise in global fuel demands, surge in population, and growth of industries have boosted the demand for LNG. LNG is expected to be used extensively in various industrial applications. For safe transportation of gas, its volume is reduced by change in its state. These factors have increased the demand for LNG storage tanks. Factors such as availability of plenty of natural gas reserves, efficiency, and low carbon footprint have further increased the use of LNG, thereby creating a demand for LNG storage tanks. Furthermore, the use of LNG in vehicles is increasing. However, LNG is a fossil fuel and emits CO2, which adds to the effect of global warming and is a restraining factor in the growth of the market. Many governments’ initiatives are being implemented across the globe to boost the use of LNG. For instance, in November 2020, the Ministry of Petroleum and Natural Gas of India, laid the foundation stone for the first 50 LNG fuelling stations, spread across the golden quadrilateral and National Highways. Such initiatives provide lucrative opportunities for the LNG storage tank market.Â
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