Report : Europe Type-C Tanks Market Forecast to 2030 - Regional Analysis - by Tank Type (Cylindrical, Bi-lobe, and Tri-lobe), Application (Cargo Tanks and Fuel Tanks), and End User (LNG, LPG, LH2, and Ethanol)
At 6.5% CAGR, Europe Type-C Tanks Market is Projected to be Worth US$ 6,732.25 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe Type-C tanks market was valued at US$ 4,061.18 million in 2022 and is expected to reach US$ 6,732.25 million by 2030, registering a CAGR of 6.5% from 2022 to 2030. Structural efficiency to support pressure vessel requirement and increasing focus on clean energy are among the critical factors attributed to the Europe Type-C tanks market expansion.
Type-C tanks are primarily designed and developed as cryogenic pressure vessels, leveraging conventional pressure vessel codes, and the prevalent design norm is vapor pressure. The design pressure for Type-C tanks ranges above 2,000 mbar (millibar). The most generic shapes for Type-C tanks are bi-lobe and cylindrical. Type-C tanks are used in the LNG carriers. Type-C tanks can stock LNG at a higher pressure than any Type A or Type B tanks; however, space optimization in these tanks is less. Type-C tanks do not need a secondary barrier, as it demonstrates limited risk of structural failure or leakage. Sensors are placed in the hold space to detect the leakage of cargo from the tanks. They can detect the variation in the composition of the dry air or inert gas to fuel vapor and leakages. Hence, leakage can be detected and prevented. Type-C tanks, which are primarily designed to withstand cryogenic temperatures, are often considered a feasible choice for LNG storage on marine vessels. Type-C tanks, usually 300–1000 m3 (cubic meter), -162°C below 10 bar, and less than 20 meters in height are appropriate to be applied for LNG. Thus, the structural advancement and advantages of leveraging Type-C tanks as LNG and LPG carriers drive the market.
On the contrary, high cost of Type-C tanks hampers the growth of Europe Type-C tanks market.
Based on tank type, the Europe Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held 65.6% share of the Europe Type-C tanks market in 2022, amassing US$ 2,658.76 million. It is projected to garner US$ 4,312.69 million by 2030 to expand at 6.2% CAGR during 2022–2030.
In terms of application, the Europe Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held 55.7% share of the Europe Type-C tanks market in 2022, amassing US$ 2,252.85 million. It is estimated to garner US$ 3,615.92 million by 2030 to expand at 6.1% CAGR during 2022–2030.
By end user, the Europe Type-C tanks market is segmented into LNG, LPG, LH2, and ethanol. The LNG segment held 64.6% share of Europe Type-C tanks market in 2022, amassing US$ 1,382.80 million. It is predicted to garner US$ 2,330.69 million by 2030 to expand at 6.7% CAGR during 2022–2030.
Based on country, the Europe Type-C tanks market is categorized into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Rest of Europe held 26.0% share of Europe Type-C tanks market in 2022, amassing US$ 1,056.72 million. It is projected to garner US$ 1,757.12 million by 2030 to expand at 6.6% CAGR during 2022–2030.
Key players operating in the Europe Type-C tanks market are Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Lapesa Grupo Empresarial SL, Furuise Europe Co SL, INOX India Pvt Ltd, China Shipbuilding Trading Co Ltd, MAN Energy Solutions SE, Gas and Heat SpA, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Cryonorm BV, Transworld Equipment Corp, ISISAN AS, Wartsila Corp, Chart Industries Inc, Absolut Hydrogen SAS, Gloryholder Liquefied Gas Machinery Co Ltd, and TaylorWharton America Inc, among others.
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