Report : Middle East & Africa 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 4.4% CAGR, Middle East & Africa Type-C Tanks Market is Speculated to be Worth US$ 2,778.39 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Middle East & Africa Type-C tanks market was valued at US$ 1,966.47 million in 2022 and is expected to reach US$ 2,778.39 million by 2030, registering a CAGR of 4.4% from 2022 to 2030. Growing demand for small-scale liquefied gas and rising demand for natural gas from several industries are among the critical factors attributed to the Middle East & Africa Type-C tanks market expansion.
The rising demand for fuel that is more environmentally friendly than diesel and oil from the shipping and trucking industries has surged the demand for small-scale liquefied gas. Small-scale liquefied gas is useful for short to medium-distance transportation, specifically for domestic trade. The growing application of small-scale liquefied gas is one of the promising factors that is boosting the usage of independent Type-C containment systems or tanks, which are generally leveraged for small-scale liquefied gas cargo transportation. For instance, for a bi-lobe Type-C LPG/LNG/LEG vessel, there may be four bi-lobe tanks mounted inside a carrier, with each tank having end saddle supports. One end and the other part are primarily designed to slide in a longitudinal direction to balance the effect of thermal contraction or expansion caused by the temperature change of the tanks. Furthermore, in remote areas, where pipelines are not viable or economically feasible, the demand for small-scale LNG transportation among end users, including land-based industries, power generation plants, and suppliers of LNG as fuel for vehicles or ships, is mounting. Thus, this rising demand is anticipated to impact the Type-C tank market positively.
On the contrary, high cost of Type-C tanks hampers the growth of Middle East & Africa Type-C tanks market.
Based on tank type, the Middle East & Africa Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held 64.6% share of the Middle East & Africa Type-C tanks market in 2022, amassing US$ 1,270.28 million. It is projected to garner US$ 1,762.25 million by 2030 to expand at 4.2% CAGR during 2022-2030.
In terms of application, the Middle East & Africa Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held 53.7% share of the Middle East & Africa Type-C tanks market in 2022, amassing US$ 1,055.05 million. It is estimated to garner US$ 1,437.02 million by 2030 to expand at 3.9% CAGR during 2022-2030.
By end user, the Middle East & Africa Type-C tanks market is segmented into LNG, LPG, LH2, and ethanol. The LNG segment held 40.6% share of Middle East & Africa Type-C tanks market in 2022, amassing US$ 799.15 million. It is predicted to garner US$ 1,150.59 million by 2030 to expand at 4.7% CAGR during 2022-2030.
Based on country, the Middle East & Africa Type-C tanks market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held 34.1% share of Middle East & Africa Type-C tanks market in 2022, amassing US$ 670.96 million. It is projected to garner US$ 905.75 million by 2030 to expand at 3.8% CAGR during 2022-2030.
Key players operating in the Middle East & Africa Type-C tanks market are CRYOCAN Co, Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Furuise Europe Co SL, China Shipbuilding Trading Co Ltd, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Transworld Equipment Corp, ISISAN AS, Wartsila Corp, Gloryholder Liquefied Gas Machinery Co Ltd, and TaylorWharton America Inc, among others.
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