SPHERICAL TANK MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Spherical Tank Market, By Material (Steel Spherical Tanks, Stainless Steel Spherical Tanks, Fiberglass Reinforced Plastic (FRP) Spherical Tanks, Other Materials), By Capacity (100 m³ to 500 m³, Less than 100 m3, 501 m³ to 1,000 m³, Above 1,000 m³), By End-use Industry (Oil & Gas, Chemical & Petrochemical, Water & Wastewater Treatment, Power Generation, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

In March 2024, CIMC Enric Holdings Limited and its subsidiaries announced the commencement of construction in Fuyang, Anhui, for China’s first domestic commercial liquid hydrogen spherical tank. This tank is designed and developed by CIMC Enric’s subsidiary, Zhangjiagang CIMC Sanctum Cryogenic Equipment Co., Ltd. ("CIMC Sanctum"). This milestone project represents a significant advancement in liquid hydrogen storage and transportation technology, establishing a strong foundation for the rapid growth of the hydrogen energy sector in China.
In June 2022, Mitsubishi Shipbuilding, a division of Mitsubishi Heavy Industries (MHI), introduced a new spherical cargo tank system for liquefied CO₂ (LCO₂) carriers. This design, created by leveraging technologies developed for spherical tanks used in liquefied natural gas (LNG) carriers, received approval in principle (AiP) from the French classification society Bureau Veritas (BV) at Posidonia that year.