.webp)
The need for more efficient and affordable methods of transporting LNG has grown, which has prompted an increase in the use of LNG tank containers. Demand for these tanks has also increased as a result of new rules mandating ships transporting combustible cargo, such as oil or gas in bulk, to lessen their vulnerability.
Liquefied natural gas (LNG) tank containers are a particular kind of container used to ship LNG in large quantities. These tank types are easily adaptable to many uses, such as water storage or storage containers. The pressure vessel is located in the core of a standard cylindrical shape, which also includes an exterior shell that serves as insulation and protection from outside influences. They include cooling systems that keep the product at a safe operating temperature on one end while preventing the loss of its liquid condition on the other.
Demand for Substitute Product
The rising demand for natural gas as an alternative fuel is what drives the market for LNG tank containers. Natural gas, including methane and propane, has more environmental advantages over other fuels, which has led to a growth in its use in the transportation industry. For instance, a diesel engine that runs on liquefied petroleum gasses (LPG) rather than gasoline or diesel oil generates almost 20% more carbon dioxide (CO). Natural gas is becoming more and more well-liked around the world because it can be used to power buses with no emissions, which lowers air pollution.
According to a research study by Business Research Insights, the global market for LNG Tank Containers is projected to rise at a CAGR of 9.0% during 2022-2028. In 2022, the market value stood at USD 150.7 million. The market is anticipated to grow and stand at 252.8 million by 2028.
Business Research Insights Presents the Top 3 Prominent Players in the LNG Tank Container Industry
1. CIMC
With its headquarters in Shenzhen, China, China International Marine Containers (Group) Co., Ltd. (CIMC) is a significant provider of energy and logistics equipment worldwide. Containers, cars, energy, chemical, and food equipment, offshore, logistics services, airport facilities, etc. are just a few of the products and services that CIMC is committed to offering.
2. FURUISE
Cryogenic equipment is made by the business Furuise Europe, which has a huge selection of items to meet all market demands. With extensive industry experience, our team of engineers creates solutions that adhere to the strictest quality standards while also accommodating any requirements. Furuise Europe makes sure that we achieve our goal of producing cutting-edge technology and highly dependable equipment while offering the greatest service.
3. M1 Engineering
M1 Engineering is a maker of semi-trailers, microbulk rigid units, and tank containers that are specifically designed for cryogenic distribution. Liquid Nitrogen (LIN), Liquid Oxygen (LOX), Liquid Argon (LAR), Liquified Natural Gas (LNG), Carbon Dioxide (CO2), Liquid Ethylene, and Nitrous Oxide are all distributed by us in a safe and cost-effective manner. Our high capacity and fuel-saving solutions, which we develop at the forefront of cryogenic distribution technology, add value to the operations of our customers. For more than 45 years, we have supplied the top air-gas companies worldwide. Our cutting-edge products offer the best market-leading payload, performance, and reduced whole-life costs.
Major Upcoming Trends in the Industry
The industry is growing as a result of the growing investments in intermodal facilities, including as depots, container yards, and cargo terminals, which give shippers additional options. The need for intermodal freight has expanded as a result of its many benefits, which include a variety of shipping options. Additionally, these transportation methods are assisting numerous oil and gas industries, which will expand the need for LNG tank containers.