Natural Gas Storage Tanks Market: Introduction
- Natural gas storage tanks are specially designed storage tanks which are used to store natural gas. They are also used for providing delivery capacity to pipeline at peak periods, when the pipeline deliverability gets lowered due to surge in the demand for natural gas worldwide.
- Natural gas storage tanks have the ability to store natural gas at very low temperatures of up to −165°C.
- Most types of natural gas storage tanks are built and designed to the standards ascribed in the American Petroleum Institute API-650 and API-650 specifications. These API standards prescribe requirements in terms of tank design, fabrication, welding, inspection, and erection.
Key Drivers of Global Natural Gas Storage Tanks Market
- Producers and marketers use storage tanks to store gas in case gas prices go high in future. They sell the stored gas when its prices reach high levels and make better profits. Thus, owing to fluctuations in prices of natural gas, the global natural gas storage tanks market is expected to expand significantly during the forecast period.
- One of the key driving factors for the global natural gas storage tanks market is the need for meeting regulatory obligations imposed by governments across the world on domestic natural gas supply, as gas storage ensures the reliability of supply to consumers at the lowest cost to some extent
- Demand for natural gas has been fluctuating rapidly over the last few years and it is expected to increase significantly, as natural gas would continue to be a key fuel used in the electric power sector as well as the industrial sector. This, in turn, is projected to be a major driving factor for the global natural gas storage tanks market during the forecast period.
- For instance, according to a report published by International Energy Outlook, the consumption of natural gas in the industrial sector has increased by an average of 1.7% per year, whereas natural gas consumption in the electric power sector has also increased by an average of 2.2% per year
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Natural Gas Storage Tanks Market: Regional Outlook
- Based on region, the global natural gas storage tanks market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America is likely to hold a leading share of the global natural gas storage tanks market during the forecast period, as underground gas storage tank facilities have been developed significantly over the recent years
- Asia Pacific is expected to a rapidly expanding market for natural gas storage tanks during the forecast period, as China has witnessed spectacular rise in its gas demand over the last few years. Also, implementation of the coal-to-gas policy have exposed the lack of investments in the market in China. This has driven the demand for natural gas storage tanks in the country.
Restraints of Global Natural Gas Storage Tanks Market
- Growing concerns about CO2 and greenhouse gas (GHG) emissions across the world have shifted the investment toward the renewable energy sector. This technological shift is hindering the natural gas consumption and it is also expected to restrain the global natural gas storage tanks market during the forecast period.
- Moreover, advances in the battery storage technology as well as the electric vehicle technology have resulted in slowdown of the oil & gas industry. This, in turn, is estimated to hamper the global natural gas storage tanks market during the forecast period.
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- In September 2019, Canada’s Natural Gas Innovation Fund (NGIF), in partnership with the project co-funders and supporters including Natural Resources Canada (NRCan), Ford Motor Company, and Linamar Corporation, invested US$ 500,000 in the testing and development of Westport Fuel Systems, a high-performance compressed natural gas (CNG) storage system
- In 2018, International Conference on Concrete Engineering and Technology published a technical paper to propose a new construction method for rapid construction of LNG storage tanks by applying a precast concrete (PC) method. This, in turn, would help in lowering the cost incurred for construction of the outer tank of an LNG storage system.
Key Players Operating in Global Market
Some of the major companies operating in the global natural gas storage tanks market are:
- Fisher Tank Company
- Paul Mueller Company
- Chart Industries
- Highland Tank & Manufacturing Company, Inc.
- VINCI Construction Grands Projects
- Corban Energy Group
- United Industries Group, Inc.
- Samuel, Son & Co.
- BNH Gas Tanks
- CST Industries
- Mitsubishi Heavy Industries, Ltd
- Waterford Tank and Fabrication
- Faubion Tank
Global Natural Gas Storage Tanks Market, by Facility Type
- Underground Storage
- Partially Ground Storage
- Above-ground Storage
Global Natural Gas Storage Tanks Market, by Degree of Containment
- Single Containment
- Double Containment
- Full Containment
Global Natural Gas Storage Tanks Market, by End-use Application
- Oil & Gas Exploration
- Power Generation
- Rail Fueling
- Ship Fueling Systems & LNG Bunkering
- Vehicle Fueling
Global Natural Gas Storage Tanks 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.