Middle East and Africa LNG storage tank Market
The LNG storage tank market in the MEA includes South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The market for LNG storage tanks in the Middle East region is growing slowly with the increasing production of LNG across the region. The Middle East's gas production is soaring, and the region has surpassed Russia's output in 2019, making it the world's second-largest gas producer after North America. According to Rystad Energy's estimates, the region has produced about 730 billion m3 of LNG in 2020, and it is expected to rise to almost 920 billion m3 by 2030. In 2018, the Middle East surpassed Asia in terms of gas production, with 665 billion m3 produced, up from 465 billion m3 in 2010. In addition, Saudi Arabia and the UAE are predicted to increase their combined gas production from 115 billion m3 in 2010 to 225 billion m3 in 2030, with Saudi Arabia accounting for 70% of the total; however, Qatar continues to dominate global output. Hence, the growing production of LNG in the region is set to create an immersive opportunity for the LNG storage tank manufacturers such as Henan Jian Shen Metal Metenrial Co. Ltd and ISISAN ENGINEERING FZCO.
Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the main countries facing the economic effects of COVID-19 in the MEA region. The Middle East region especially the GCC countries witnessed a notable decline in their oil & gas sector owing to sharp decline in demand of LNG from major end user countries across Asia, Europe, and North American regions as a result, the countries registered a lowered volume of LNG production as well as construction of oil & gas related projects and subsequently the demand for LNG storage tanks. Countries such as Saudi Arabia, the UAE, Qatar, and selected other members of OPEC countries also observed similar trends during the early months of the pandemic outbreak. Further, due to COVID impact the factory shutdown, business, and various major manufacturing plant shutdown as well as travel bans has negatively impacted the growth of the LNG storage tanks market in the region.
Strategic insights for the Middle East and Africa LNG storage tank provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 962.80 Million |
| Market Size by 2028 | US$ 1,435.31 Million |
| Global CAGR (2021 - 2028) | 5.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Configuration
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa LNG storage tank refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The LNG storage tank market in MEA is expected to grow from US$ 962.80 million in 2021 to US$ 1,435.31 million by 2028; it is estimated to grow at a CAGR of 5.9% from 2021 to 2028. The LNG storage tank market in the MEA includes South Africa, Saudi Arabia, the UAE, and the Rest of the MEA. The market for LNG storage tanks in the Middle East region is growing slowly with the increasing production of LNG across the region. The MEA LNG storage tanks market encompasses a substantial number of market players operating in the market resulting in a fragmented MEA market. However, the market does include a selected number of prominent market players such as (but not limited to) Chart Industries, Inc., CRYOLOR, IHI Corporation, McDermott International, Inc., Linde plc, and AIR WATER INC. among other market players operating in the market with the considerable customer base, big contracts, and strong market positioning. These market players have significantly invested on expanding their business competencies so as to sustain their market position.
The MEA LNG storage tank market is segmented on the bases of configuration, type, material, and country. Based on configuration the MEA LNG storage tank market is segmented into self-supporting tank and non-self-supporting tank. The self-supporting tank segment is the most used configuration in the LNG storage tanks market in 2020. Based on type, the market is segmented into LNG carrier, and LNG fuelled vessel. LNG carrier segment held the largest market share in 2020. Similarly, based on materials, the market is segmented into stainless steel, aluminum alloy, 9% nickel steel, invar alloy, C-MN steel, others. Stainless steel segment held the largest market share in 2020. Based on country the MEA LNG storage tank market is segmented Into Saudi Arabia, South Africa, and UAE.
A few major primary and secondary sources referred to for preparing this report on the LNG storage tank market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Air Water Inc.; Chart Industries, Inc.; Cryolor; IHI Corporation; ISISAN AS; Linde Plc; McDermott International, Inc and Wartsila Corporation.
The Middle East and Africa LNG storage tank Market is valued at US$ 962.80 Million in 2021, it is projected to reach US$ 1,435.31 Million by 2028.
As per our report Middle East and Africa LNG storage tank Market, the market size is valued at US$ 962.80 Million in 2021, projecting it to reach US$ 1,435.31 Million by 2028. This translates to a CAGR of approximately 5.9% during the forecast period.
The Middle East and Africa LNG storage tank Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa LNG storage tank Market report:
The Middle East and Africa LNG storage tank Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa LNG storage tank Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa LNG storage tank Market value chain can benefit from the information contained in a comprehensive market report.
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