Report : Asia Pacific 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 5.5% CAGR, Asia Pacific Type-C Tanks Market is Speculated to be Worth US$ 9,831.22 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific Type-C tanks market was valued at US$ 6,412.39 million in 2022 and is expected to reach US$ 9,831.22 million by 2030, registering a CAGR of 5.5% from 2022 to 2030. Increasing focus on clean energy and growing demand for small-scale liquefied gas are among the critical factors attributed to the Asia Pacific Type-C tanks market expansion.
Governments across the globe recognize the potential of clean energy for environmental protection and are boosting investment in green hydrogen. They are taking positive measures to support the development and deployment of clean energy solutions across various sectors. The increasing focus on decarbonization and climate change mitigation is prompting governments to prioritize investments in green hydrogen. For instance, in January 2023, the Indian government approved an investment of US$ 2.3 billion for the growth of the country's green hydrogen sector. Increased government investment provides financial support as well as promotes the long-term viability and potential of green hydrogen to investors, businesses, and other market players. Natural gas is also gaining traction in many sectors as it is an environment-friendly, cheap, and efficient fossil fuel. It releases ~40% less carbon dioxide than coal and ~20% less carbon than oil. LNG is contemplated as a cleaner alternative to fuel oil and coal. It is widely adopted for generating power. LNG could help the environment by displacing the commodities in regions such as Asia, where it is used widely for energy. The industrial sector is also increasing the adoption of natural gas across Asia Pacific owing to the rise in industrial activities. Thus, increasing investments in clean hydrogen projects are expected to create lucrative opportunities for the Type-C tank market in the coming years.
On the contrary, high cost of Type-C tanks hampers the growth of Asia Pacific Type-C tanks market.
Based on tank type, the Asia Pacific Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held 64.7% share of the Asia Pacific Type-C tanks market in 2022, amassing US$ 4,149.95 million. It is projected to garner US$ 6,116.54 million by 2030 to expand at 5.0% CAGR during 2022-2030.
In terms of application, the Asia Pacific Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held 55.3% share of the Asia Pacific Type-C tanks market in 2022, amassing US$ 3,547.50 million. It is estimated to garner US$ 5,300.56 million by 2030 to expand at 5.1% CAGR during 2022-2030.
By end user, the Asia Pacific Type-C tanks market is segmented into LNG, LPG, LH2, and ethanol. The LNG segment held 27.7% share of Asia Pacific Type-C tanks market in 2022, amassing US$ 1,775.82 million. It is predicted to garner US$ 2,811.19 million by 2030 to expand at 5.9% CAGR during 2022-2030.
Based on country, the Asia Pacific Type-C tanks market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 42.6% share of Asia Pacific Type-C tanks market in 2022, amassing US$ 2,729.75 million. It is projected to garner US$ 4,055.38 million by 2030 to expand at 5.1% CAGR during 2022-2030.
Key players operating in the Asia Pacific Type-C tanks market are Cryogas Equipment Pvt Ltd, Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Dongsung Finetec Co Ltd, Tianjin Sinogas Repower Energy Co Ltd, Shandong Zhongjie Special Equipment Co Ltd, Hebei Runfeng Cryogenic Equipment Co Ltd, Qixing Group Co Ltd, Corban Energy Group Corp, Furuise Europe Co SL, Suzhou Shenghui Equipment Co Ltd, INOX India Pvt Ltd, Chongqing Endurance Energy Equipment Integration Co Ltd, WOBO Industrial Group Corp, China Shipbuilding Trading Co Ltd, Jiangsu Watts Energy & Engineering Co Ltd, Henan Jian Shen Metal Material Co Ltd, MAN Energy Solutions SE, Gas and Heat SpA, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Transworld Equipment Corp, Bharat Tanks and Vessels LLP, ISISAN AS, Wartsila Corp, Chart Industries Inc, Guangzhou Minwen Cryogenic Equipment Co Ltd, Wuxi Triumph Gases Equipment Co Ltd, Nantong CIMC SinoPacific Offshore & Engineering Co Ltd, Beijing Tianhai Cryogenic Equipment Co Ltd, C-LNG Solutions Pte Ltd, Gloryholder Liquefied Gas Machinery Co Ltd, and TaylorWharton America Inc, among others.
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