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 Wärtsilä, Chart Industries, and VINCI, 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).
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Wärtsilä, Chart Industries, and VINCI– The Leaders Explained
Wärtsilä Recognized as a Market Leader Among the "Top 15 LNG Storage Tank Companies, Worldwide 2024" by MarketsandMarkets 360 Quadrant.
The leading Finnish engineering company, Wärtsilä has been recognized as a market leader in liquefied natural gas (LNG) storage tanks by MarketsandMarkets’ 360 Quadrant for "Top 15 LNG Storage Tank Companies, Worldwide 2024." Wärtsilä is one of only a few companies worldwide that provides full, integrated solutions across the entire LNG value chain. The company offers a comprehensive range of systems and equipment covering LNG liquefaction, transportation, regasification via FSRUs, terminal storage and distribution, power generation, and battery storage. With end-to-end capabilities spanning the complete LNG workflow, Wärtsilä stands apart in its ability to serve customers across all aspects of LNG projects. This breadth of expertise and technology establishes Wärtsilä as a leader in the global LNG industry, able to deliver customized, complete offerings that add value for LNG producers, transporters, distributors and consumers.
The company offers a range of storage options, including flat-bottom tanks (8,000–160,000 m³), spherical tanks (1,000–8,000 m³), or bullet tanks for smaller volumes (250–1,500 m³), strategically arranged to accommodate larger capacities. The above-ground full containment tank technology is the preferred choice for storing large quantities of LNG with maximum safety, while single and double containment tanks. Wärtsilä also offers a comprehensive portfolio of terminals with versatile functions and storage capacities tailored to meet diverse industry needs. These terminals feature fuel storage and LNG processing systems within the size range of 100-20,000 m3. Storage primarily utilizes bullet tanks, and capacity is tailored based on the power plant's size, operational profile, and filling frequency. The comprehensive LNG storage tank instrumentation solution by Wärtsilä integrates various fully integrated system components, including SIL-3 certified servo level gauges, high/high level alarm gauges, product temperature probes, fully automatic LTD gauges, leak detection and cooling temperature transmitter system, a PC-based SCADA package, and roll-over predictive alarm software.
Wärtsilä has established itself as a leading provider of LNG storage tank solutions. With a diverse product portfolio catering to various industries, Wärtsilä offers reliable and innovative LNG storage tanks that are widely accepted by customers globally. The company's comprehensive solutions,
coupled with its strong market presence and reputation, have enabled Wärtsilä to become a trusted partner known for setting the standard in the LNG storage tank sector. By consistently innovating and delivering dependable products worldwide, Wärtsilä has solidified its position not just as a premier supplier of LNG storage capabilities, but also as an influential driver of progress across the industry. The company's depth of expertise and reach make Wärtsilä a proven leader in advancing LNG storage technology and solutions.
Chart Industries Recognized as Contender Among the " Top 15 LNG Storage Tank Companies, Worldwide 2024" by MarketsandMarkets 360 Quadrant.
Chart Industries is one of the leading global providers of highly engineered cryogenic storage tanks and vacuum insulated containment systems used for the production, transportation, and end-use storage of liquefied natural gas (LNG) as well as other liquid gases including LN2, O2, CO2, Ar, He, H2 & more. It designs and builds innovative cryogenic products and engineered systems that are fundamental to the distribution and storage of liquid gases.
The company supplies cryogenic solutions for the storage, distribution, regasification, and use of LNG. Chart Industries provides cryogenic trailers, ISO containers, bulk cryogenic storage tanks, loading facilities, and regasification equipment specially configured for delivering LNG into virtual pipeline applications. As one of the leaders in cryogenic engineering, Chart Industries enables the reliable transport and delivery of vital liquefied gases. The company is at the forefront of developing infrastructure to meet the growing global demand for LNG. Chart's customized offerings are crucial for transporting and delivering LNG safely and efficiently. By enabling virtual pipeline solutions, Chart Industries helps drive the adoption of LNG as a cleaner fuel source. With a proven track record across industries, the company has the experience and capabilities to support the infrastructure needs of the emerging LNG landscape.
Chart Industries has established itself as a leading contender in the LNG storage tank market. With a strong customer base and reputation, the company has gained significant recognition for its market presence and continuous product advancements. While Chart Industries' current storage tank offerings are competitively positioned, the company shows promising potential for future growth. By enhancing its product capabilities, Chart Industries can ascend to an even more visionary, competitive stance as the LNG market evolves. Though already one of the major players, Chart Industries has room to further solidify its status as demand increases. With its expertise and focus on new developments, the company can continue elevating its market leadership. Chart is strategically poised to push boundaries and redefine the sector through pioneering storage solutions that will firmly solidify its unmatched position in the LNG storage tank domain. The future looks bright for this established yet dynamically adapting industry leader.
VINCI Gained Recognized as Emerging Company in the " Top 15 LNG Storage Tank Companies, Worldwide 2024" by MarketsandMarkets 360 Quadrant.
VINCI operates on a global scale, engaging in concessions, energy, and construction projects. The company's focus is on designing, financing, constructing, and operating infrastructure and facilities that enhance daily life and mobility worldwide. VINCI Construction Grands Projects, a subsidiary of VINCI Construction, specializes in the construction of LNG storage tanks. These tanks feature a robust prestressed concrete shell that envelops and safeguards a self-supporting steel and nickel inner chamber designed for LNG storage. In the event of a leak in the inner chamber, the outer concrete casing can contain liquefied gas. Each tank comprises a reinforced concrete foundation supported by piles driven into the bedrock, along with a circular prestressed concrete skirt. At the top, a spherical dome in reinforced concrete seals the structure.
In September 2023, VINCI Construction Grands Projects secured the contract for the design and construction of a 180,000 m3 liquefied natural gas (LNG) tank in the Netherlands. This undertaking
is a crucial component of the initiative to amplify the storage capacity and regasification capabilities of the GATE (Gas Access To Europe) terminal, situated in the port of Rotterdam. The project aims to enable the provision of an extra 4 billion m3 of gas annually. VINCI is making a dynamic mark in the LNG Storage Tank sector, showcasing a compelling product portfolio and noteworthy advancements to establish a strong market foothold. With a dedicated commitment to innovative solutions and a diverse range of offerings, VINCI excels in specific specialized areas within the LNG Storage Tank domain, introducing distinctive features that distinguish it from competitors. Recognized as an emerging player with significant growth potential, VINCI is actively making substantial strides, leaving a lasting impact on the market. As the company expands its influence and gains increasing recognition, it firmly cements its status as a dynamic force with substantial promise in the LNG Storage Tank market.
As Leaders in LNG Storage Tank space, Wärtsilä, Chart Industries, and VINCI 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.
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360 Quadrants Scoring Methodology
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.
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