Report : North America 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 4.2% CAGR, North America Type-C Tanks Market is Speculated to be Worth US$ 6,545.24 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America Type-C tanks market was valued at US$ 4,705.98 million in 2022 and is expected to reach US$ 6,545.24 million by 2030, registering a CAGR of 4.2% from 2022 to 2030. Growing application of liquified natural gas as a marine fuel and structural efficiency to support pressure vessel requirement are among the critical factors attributed to the North America Type-C tanks market expansion.
Liquified Natural Gas (LNG) is a potential alternative marine fuel as it is less expensive than diesel and is also environmentally friendly. The cruise and shipping industries are highly accepting LNG as a marine fuel as natural gas burns more cleanly, requires less maintenance, and helps engines to operate better and longer. The increasing demand for energy is also boosting the need for liquefied gas carriers, barges, or bunkers. These include liquefied petroleum gas (LPG), liquefied ethane gas (LEG), and liquefied natural gas (LNG) vessels. As mentioned in the international code for the construction and equipment of ships carrying liquefied gases in bulk and the international code of safety for ships using gases or other low-flashpoint fuels, there are various categories of cargo containment systems, including independent type tanks Type A, Type B, and Type-C and membrane type systems. Type-C cargo tanks are also known as "pressure vessels." They are primarily designed and developed to meet the requirements of identified pressure vessel standards such as The American Society of Mechanical Engineers, Boiler and Pressure Vessel Code (ASME BPVC), which are supplemented by additional class society requirements and statutory regulations.
The adoption of the "Initial International Maritime Organization (IMO) Strategy on Reduction of Greenhouse Gas (GHG) Emissions from Ships" by IMO Resolution MEPC.304(72) in April 2018 shows IMO's commitment to support the Paris Agreement. The IMO strategy incorporates initial targets to lower the average carbon dioxide (CO2) emissions (as compared to 2008 levels) in the transportation sector by at least ~40% by 2030 and ~70% by 2050. LNG as a fuel is one of the viable alternatives to support IMO's 2030 CO2 reduction targets. For instance, in North America, Crowley Maritime and TOTE Maritime have shifted to LNG as fuel for their Jones Act-compliant, container, or ro-ro operations. TOTE has now developed two LNG-driven 764' Marlin-class containerships for its operations across Florida to Puerto Rico. It is working on converting its 839' Orca-class ships to LNG for its operations across Puget Sound to Alaska.
On the contrary, high cost of Type-C tanks hampers the growth of North America Type-C tanks market.
Based on tank type, the North America Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held 68.6% share of the North America Type-C tanks market in 2022, amassing US$ 3,226.09 million. It is projected to garner US$ 4,362.28 million by 2030 to expand at 3.8% CAGR during 2022-2030.
In terms of application, the North America Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held 58.8% share of the North America Type-C tanks market in 2022, amassing US$ 2,765.23 million. It is estimated to garner US$ 3,724.67 million by 2030 to expand at 3.8% CAGR during 2022-2030.
By end user, the North America Type-C tanks market is segmented into LNG, LPG, LH2, and ethanol. The LNG segment held 43.4% share of North America Type-C tanks market in 2022, amassing US$ 2,043.31 million. It is predicted to garner US$ 2,804.99 million by 2030 to expand at 4.0% CAGR during 2022-2030.
Based on country, the North America Type-C tanks market is categorized into the US, Canada, and Mexico. The US held 79.6% share of North America Type-C tanks market in 2022, amassing US$ 3,746.90 million. It is projected to garner US$ 5,046.38 million by 2030 to expand at 3.8% CAGR during 2022-2030.
Key players operating in the North America Type-C tanks market are Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Corban Energy Group Corp, INOX India Pvt Ltd, China Shipbuilding Trading Co Ltd, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Cryonorm BV, Transworld Equipment Corp, ISISAN AS, Wartsila Corp, Chart Industries Inc, Gloryholder Liquefied Gas Machinery Co Ltd, TaylorWharton America Inc, and TransTech Energy LLC, among others.
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