The global liquefied natural gas (LNG) storage tanks market is projected to grow to $20.8bn by 2027.
LNG is seeing a boom in demand, driven by the transition to a lower-carbon economic system and heightened need for energy security following Russia’s invasion of Ukraine. In 2022, the global LNG storage tanks market was estimated to be $14.5bn.
LNG storage tanks, used to store LNG at cryogenic temperatures, are essential for the safe and efficient transport and storage of LNG. Both single containment and full containment vessels are used globally.
Over the last few years, the global trade of LNG has steadily increased, setting a record of 516bcm in 2021.
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