The liquefied natural gas (LNG) industry has seen exponential growth in recent years, driven by the rising demand for cleaner energy sources. LNG storage tanks play a pivotal role as key infrastructure enabling the effective containment and transportation of LNG. MarketsandMarkets 360 Quadrant has identified the “Top 15 LNG Storage Tank Companies, Worldwide 2024,” recognizing the most influential players such as McDermott, Air Water, Cryolor, and Vijay Tanks & Vessels, that are propelling this space forward.
The 360 Quadrant maps the LNG Storage Tank companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the LNG Storage Tank's quadrant. While the top criteria for product footprint evaluation included Type (Self-supporting Tanks, Non-self-supporting Tanks), Material (Steel, 9% Nickel Steel, Aluminum Alloy, and Others), and Terminal (Offshore, Onshore).
McDermott Recognized as a Market Leader Among the "Top 15 LNG Storage Tank Companies, Worldwide 2024" by MarketsandMarkets 360 Quadrant.
McDermott stands as a premier, fully-integrated provider of cutting-edge engineering and construction solutions dedicated to the energy industry. With over 60 years of unparalleled experience, the company has consistently been a pioneer in LNG technology and innovation. Recognized globally for its expertise, the company specializes in designing, engineering, procuring, constructing, and commissioning LNG storage facilities, particularly excelling in serving the LNG market. CB&I Storage Solutions, under the umbrella of McDermott, addresses the diverse needs of the energy industry projects that might involve capacities as large as 200,000 m³ or smaller-scale endeavors.
Access Research Report @ https://www.360quadrants.com/chemicals/lng-storage-tank
McDermott's integrated EPC resources empower it to self-perform all aspects of the project, ensuring a streamlined process from conceptual design to tank commissioning. This approach translates into delivering LNG storage solutions that are not only low-risk but also high in value for customers. In the field of natural gas, the company offers solutions in the form of tanks or spheres designed to store natural gas liquids and by-products generated throughout the natural gas life cycle. Extensive experience in LNG storage equips the company to determine the most cost-effective solutions for clients. The company offers single containment, double containment, and full containment storage tank. All three tank styles offered feature an inner and outer wall separated by insulation materials, with the inner wall designed to handle LNG at an ultra-low temperature of -160°C (-260°F). Further by employing 9% nickel steel, a material known for its ductility at cryogenic temperatures, the company ensures the structural integrity of the tanks.
McDermott holds a prominent position as the foremost market leader in LNG storage tanks, providing a comprehensive and innovative portfolio widely embraced by global customers. With a diverse product line serving various industries, coupled with its strong market presence and reputation for delivering comprehensive solutions, McDermott exemplifies leadership in the LNG storage tank sector. The company's continuous innovation, reliability, and extensive reach establish its esteemed status as a premier provider of LNG storage tank capabilities and a significant influencer shaping the industry on a global scale.
Air Water Recognized as Contender Among the " Top 15 LNG Storage Tank Companies, Worldwide 2024" by MarketsandMarkets 360 Quadrant.
Air Water Inc. emerged as a result of the consolidation of three companies namely, Hoxan Corporation, Daido Sanso Co., Ltd., and Kyodo Oxygen Co., Ltd. Focused on pioneering new energy solutions, the company actively engages in the development of innovative systems, including those for the transportation and storage of liquefied natural gas (LNG) and mobile power generation vehicles utilizing liquefied petroleum gas (LPG). Airwater VietNam, a member of the Airwater Group in Japan, specializes in providing gases essential for different fields. The company offers LNG Satellite Equipment. Leveraging advanced cryogenic equipment technology, the company excels in the manufacturing, installation, and inspection of LNG (liquefied natural gas) equipment. It tailors LNG satellite facilities to meet customer needs, offering comprehensive solutions from storage tank selection to layout, considering usage requirements and installation space.
Additionally, the company is actively involved in LNF Containers for transportation via truck or ship. Air Water's cryogenic technology enables the production of cryogenic liquefied gases, such as liquid nitrogen (-196°C) and liquid oxygen (-183°C) from air. Drawing on its extensive expertise in industrial and medical gases, the company is dedicated to the development and supply of monocoque trucks and containers capable of transporting substantial quantities of LNG. Its LNG tank containers play a pivotal role in advancing the adoption of LNG as the next generation of clean energy.
Air Water has firmly established itself as a major contender in the liquefied natural gas (LNG) storage tank domain with a significant market presence worldwide. The company has continuously innovated to differentiate its storage tank products and solutions. With an esteemed customer base across diverse geographies and industries, Air Water has gained noteworthy recognition as a leader in the LNG storage tank sector. The company's current product portfolio has gained a competitively positioned stance in the market. However, Air Water shows strong potential for future evolution to enhance its product capabilities and ascend to a more visionary, competitive market position as the industry progresses. The company is poised to solidify its contender status through ongoing developments that will elevate its market positioning over time. By leveraging its engineering expertise and reputation for quality, Air Water can differentiate itself from competitors by launching next-generation LNG storage tanks with advanced functionality. If executed successfully, these innovative developments will strengthen Air Water's foothold and enable the company to become an even more dominant contender among LNG storage providers worldwide.
Request Your Free Marketing Kit @ https://www.360quadrants.com/chemicals/lng-storage-tank
Cryolor and Vijay Tanks & Vessels Gained Recognition as Emerging Companies in the " Top 15 LNG Storage Tank Companies, Worldwide 2024" by MarketsandMarkets 360 Quadrant.
Cryolor, a leading designer and builder of cryogenic storage tanks based in Paris, and Vijay Tanks & Vessels, an international engineering and construction company specializing in cryogenic storage solutions based in Mumbai, have both been identified as Emerging Companies in MarketsandMarkets 360 Quadrant's newly released "Top 15 LNG Storage Tank Companies, Worldwide 2024" quadrant. Cryolor has been one of leading experts in the creation and production of cryogenic equipment tailored for the transportation and storage of liquefied gases within industrial sectors, with a specific focus on electronics, health, and energy transition. These gases encompass Hydrogen, Nitrogen, Argon, Oxygen, Carbon Dioxide, and even Natural Gas in its liquefied form (LNG). The company provides a diverse array of cryogenic storage solutions, including horizontal, vertical, and high-pressure vessels suitable for liquefied nitrogen, oxygen, and argon. Moreover, the company caters to large capacities with its TGR vessels. The product line comprises various tank types, ranging from small to large capacities. These include High-Pressure Cryogenic Storage Tanks (RHP), Vertical Cryogenic Storage Tanks (EFV), Horizontal Cryogenic Storage Tanks (EFH), and Large Capacity Tanks (TGR) exceeding 77,000 liters. Cryolor's LNG cryogenic storage facilities are engineered to withstand robust seismic and wind forces. These LNG tanks can be configured as either vertical or horizontal structures, specifically designed for refueling stations. The LNG tank options cover a capacity spectrum from 30,000L to 160,000L, ensuring suitability for diverse refueling station needs.
Vijay Tanks & Vessels PVT. Ltd. is a distinguished international engineering, procurement, fabrication & construction company in the energy sector and is recognized among the world's leading service providers for storage tanks & process equipment. With a rich legacy, the company has extensive experience in the design and construction of cryogenic storage tanks. The company's journey began with the execution of its first EPC contract, involving the construction of a 1000 Mt. LOX Tank for a Steel Plant in Eastern India. Since then, the company has expanded its references to include more than 50 Low Temperature and Cryogenic Tanks designed to the API 620 & BS 7777 Code Standards, catering to both domestic and international customers.
As one of the few global players capable of providing cryogenic storage solutions for a wide range of service applications, from VCM / Ammonia / LPG to Ethylene / LoX / LNG, the company boasts expertise in various cryogenic containment options, configurations, and metallurgies. This includes proficiency in working with materials such as Low Temperature Carbon Steel, Aluminum Alloy Steel, Stainless Steel, and 9% Nickel Steel. The company also offers complete Cryogenic Storage System Solutions, covering Receipt, Storage, Handling, Refrigeration, and Vaporizing Facilities. The company has notably contributed to the construction of India's first LNG Storage Tanks and a majority of the country's ethylene storage tanks, establishing itself as a full-scale EPC service provider with in-house capabilities and a wealth of experience in Cryogenic Storage Systems.
Both Cryolor and Vijay Tanks & Vessels are emerging leaders in the liquefied natural gas (LNG) storage tank sector. With innovative technologies and extensive expertise in cryogenic storage solutions, the two companies are establishing a strong presence among established global players. Their diverse portfolios and continued advancements demonstrate their commitment to shaping the future of LNG storage tanks. Recognized for their specialized capabilities and considerable growth potential, both companies are making noteworthy strides. Both companies excel in niche areas, introducing unique offerings that differentiate them in the market. As Cryolor and Vijay Tanks & Vessels expands their influence and cement status as a dynamic force, the companies promise to leave a lasting, transformational impact on the LNG storage tank industry.
As Leaders in LNG Storage Tank space, McDermott, Air Water, Cryolor, and Vijay Tanks & Vessels showcase excelling capabilities driving their ascent to the top. Their continued drive shaping advancement propels the entire industry forward. By channeling cutting-edge R&D capabilities to deliver solutions aligned with customer needs, each of these Companies plays a critical role in charting the trajectory of LNG Storage Tank technological progress worldwide. Their ascent is poised to steer ongoing revolutionization in this space.
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate Companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B Companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research and facilitates analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.
Visit https://www.360quadrants.com to access our interactive quadrants.
For media inquiries, please contact:
Mr. Agney Sugla
MarketsandMarkets™ INC.
630 Dundee Road, Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
