South America LNG storage tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration (Self-Supporting Tank and Non-Self-Supporting Tank), Type (LNG Carrier and LNG Fueled Vessel), and Material (Stainless Steel, Aluminum Alloy, 9% Nickel Steel, Invar Alloy, and C-MN Steel)
The LNG storage tank market in SAM is expected to grow from US$ 526.18 million in 2021 to US$ 702.78 million by 2028; it is estimated to grow at a CAGR of 4.2% from 2021 to 2028.
The LNG storage tanks market is growing substantially on the back of presence of large number of players operating in the market. The LNG storage tanks market players are experiencing significant demand for their product owing to rise in LNG carriers and LNG fuelled carriers for the transportation of LNG from one place to other. Some of the leading European LNG storage tanks manufacturers include Cryolor (Air Liquide SA), Linde Plc, Wartsila Corporation, Vinci Construction, Sener Group, and GoLNG, among others. The players mentioned above invest noteworthy amounts in respective R&D to innovate newer models, which attracts the end users. Thus, the continuous development in the LNG storage tanks market is one of the key factors boosting the market. Additionally, LNG trade boosting up in the region is among the other factors expected to fuel the demand for LNG storage tank system in SAM.
Based on type, the LNG fuelled vessel segment is expected to be a faster growing segment during the forecast period. According to SEA-LNG., the number of LNG fuelled vessels is growing constantly since 2010, between 20% and 40% per annum. The total number of LNG fuelled ships in the beginning of 2020 was recorded around 175, excluding 600 strong LNG carrier fleet, out of which maximum are LNG fuelled, and over 200 ships are still on order. The increasing orders of new vessel orders as a deep-sea vessel, which includes container vessels, cruise ships, bulk carriers, crude, and product tankers, is boosting the LNG fuelled vessels. Further, as per Gibson Shipbrokers in UK, around 27 LNG-fuelled ships are ordered so far in the year 2021 that contain a PCCs, two general cargo, nine container vessels. Therefore, the rising demand of LNG fuelled vessels is supporting the growth of the market during the forecast period.
Brazil has the third highest number of COVID-19 cases in the SAM, countries including Colombia, Ecuador, Chile, Peru, and Argentina, among others are also witnessing the adverse impacts of the pandemic across various industries. The COVID-19 pandemic has led to the closure of all economic activities across the region, to combat the spread of the virus. The country also witnessed a major decline in its oil & gas related activities following the huge decline in gas prices and subsequent limited manufacturing activities like other global market players. Thus, the country also registered a sharp decline in the demand for LNG storage tanks owing to the outbreak of COVID-19 across the Latin American region and subsequent lower business activities in the oil & gas sector. Moreover, shutdown of business activities, lockdowns, and trade bans has negatively impacted the LNG storage tanks market in the region.
The overall SAM LNG storage tank system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the SAM LNG storage tank system market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the SAM. Air Water Inc.; Chart Industries, Inc.; Cryolor; IHI Corporation; ISISAN A.S.; Linde Plc; McDermott International, Inc.; and Wartsila Corporation are among the key players operating in the SAM LNG storage tank system market.
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