Insulated Storage Vessel: Introduction
- Insulated storage vessel refers to containers used to store liquid and gases for short or long periods. Insulated vessels help prevent heat transfer between the inner shell, which holds the liquid, and surrounding atmosphere.
- Insulated storage vessels are employed in several industries such as chemicals, health care, oil & gas, wastewater, and pharmaceutical
Key Drivers & Restraints of Insulated Storage Vessel Market
- Increase in demand for storage vessels for chemicals, liquids, and materials at specified temperature & pressure in the industrial sector is expected to drive the global insulated storage vessel market during the forecast period. Insulated storage vessel preserves heat and cold for a long time. For instance, insulated storage vessels such as bottles are used to store water and maintain temperature for a long time.
- Rise in investment in the retail industry, particularly in developing countries such as India and China, is anticipated to boost the global insulated storage vessel market in the near future
- Technological advancements in vessel design with respect to design specifications and other developments are also projected to propel the adoption of insulated storage vessels across the globe in the next few years
- Increase in LNG trade activities to meet the rising demand for cleaner fuel in the power plant industry is anticipated to augment the global insulated storage vessel market during the forecast period. Global LNG trade increased from 334 billion cubic meters in 2014 to 485 billion cubic meter in 2019. Growth of the LNG trade can be ascribed to the increase in demand for natural gas in end-user industries such as power generation and steel plant.
COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns as part of precautionary measures to limit the spread of the Covid-19 pandemic. As a result, export and manufacturing activities have been hampered. Many outbound sailings were cancelled and ports faced bottlenecks due to the shortage of manpower. This adversely affected the demand for insulated storage vessels, as these vessels are used to transport several products such as liquids, gases, and chemicals. Thus, the COVID-19 pandemic has adversely impacted the insulated storage vessel market.
Oil & Gas and Chemicals End-user Segment to Hold Major Share of Global Market
- The global insulated storage vessel market can be segmented based on end-user and region
- In terms of end-user, the global insulated storage vessel market can be divided into food & beverages, oil & gas, chemicals, pharmaceuticals, and others. Insulated storage vessels are increasingly used in oil & gas and chemicals industries to safely store and transport various products such as oxygen, argon, nitrogen, helium, and natural gas. Thus, the segment is estimated to account for significant share of the global market during the forecast period.
North America to Account for Significant Share of Global Insulated Storage Vessel Market
- In terms of region, the global insulated storage vessel market can be classified into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The insulated storage vessel market in Asia Pacific is expected to expand at a significant pace during the forecast period. Rise in demand for liquefied natural gas, primarily in Japan, Oman, and China is anticipated to fuel the insulated storage vessel in the region during the forecast period. Furthermore, large scale development in LNG infrastructure, especially in Indonesia, India, and Japan, is also estimated to propel the insulated storage vessel market in Asia Pacific in the near future.
- North America held major share of the global insulated storage vessel market in 2019. Growth of the market in the region can be ascribed to the increase in demand for clean fuel in the power industry. Introduction of stringent regulations to minimize carbon emissions is also a key factor propelling the demand for natural gas as feedstock across the region.
- The insulated storage vessel market in Middle East & Africa is projected to expand at a moderate pace during the forecast period. Growth of the market can be ascribed to the rise in investment in production of natural gas in the region.
Key Players Operating in Global Market
Leading companies operating in the global insulated storage vessel market include:
- Prentex Alloy Fabricators, Inc.
- BUCKEYE FABRICATING COMPANY
- Saint Gobain
Global Insulated Storage Vessel Market: Research Scope
Global Insulated Storage Vessel Market, by End-user
- Food & Beverages
- Oil & Gas
Global Insulated Storage Vessel Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.