Cryogenic Tanks Market Size & Growth Analysis to 2030

The global cryogenic tanks market size is accounted to register a significant CAGR of over 5% during the forecast period 2021 to 2027. The rising demand for liquid natural gas around the world and growing healthcare services are some major factors to drive the market growth. Furthermore, the growing demand for cryogenics in manufacturing and the wide use of cryogenics technology in food preservation and processing is further anticipated to foster the market growth. Moreover, the rising demand for cryogenics in various end-use industries such as food, healthcare, metal processing, and others is expected to fuel the market growth.

Market Drivers:

Increasing demand for liquefied natural gas (LNG): The growing global demand for LNG as a cleaner energy source has led to the construction of LNG terminals and storage facilities. Cryogenic tanks are essential for the storage and transportation of LNG, thereby driving the demand for cryogenic tanks.

Growth in the industrial gas industry: The industrial gas industry, which includes gases such as nitrogen, oxygen, argon, and carbon dioxide, relies heavily on cryogenic tanks for the storage and transport of these gases at extremely low temperatures. The increasing demand for industrial gases in various applications such as healthcare, metal fabrication, electronics, and chemicals drives the cryogenic tanks market.

Advancements in healthcare and medical applications: Cryogenic tanks play a crucial role in medical and healthcare applications, particularly in the storage and preservation of biological samples, vaccines, and other temperature-sensitive materials. The growth of the healthcare industry, including biobanks, research laboratories, and hospitals, drives the demand for cryogenic tanks.

Aerospace and defense industry requirements: Cryogenic tanks are utilized in the aerospace and defense sector for storing and handling cryogenic propellants, such as liquid oxygen and liquid hydrogen, used in rockets and spacecraft. The increasing investments in space exploration and defense programs contribute to the growth of the cryogenic tanks market.

Growing demand for food preservation: Cryogenic tanks are used in the food industry for the storage and transportation of frozen food products. The demand for frozen food products has been increasing due to changing consumer lifestyles and preferences, driving the need for cryogenic tanks.

Technological advancements and innovation: Continuous technological advancements have led to the development of improved cryogenic tank designs, materials, insulation techniques, and safety features. These advancements enhance the performance, efficiency, and safety of cryogenic tanks, thereby driving their adoption in various industries.

Stringent safety and environmental regulations: Cryogenic tanks are subject to stringent safety and environmental regulations due to the nature of the materials they store and handle. Compliance with these regulations requires the use of high-quality, certified cryogenic tanks, increasing their demand in the market.

Infrastructure development: The construction of LNG terminals, industrial gas plants, and storage facilities requires the installation of cryogenic tanks. The growth in infrastructure development projects, particularly in emerging economies, contributes to the demand for cryogenic tanks.

Energy transition and renewable energy applications: The increasing focus on renewable energy sources, such as hydrogen and biogas, for a sustainable future drives the demand for cryogenic tanks. Cryogenic tanks are used for the storage and transport of hydrogen, which is gaining attention as a potential clean energy carrier.

Market Snapshot:

Market Insights:

The global cryogenics tank market is bifurcated into cryogenic liquid, application, end-user, and geography. On the basis of cryogenic liquid, the market is further segmented into LNG, liquid nitrogen, liquid oxygen, liquid hydrogen, and others. The liquid nitrogen segment dominated the global market in 2020 and is estimated to hold the largest market share of over one-third percent of the market by the end of the analysis period. Furthermore, the liquid natural gas segment is expected to grow at a fast growth rate over the forecast period due to the fast expansion of the fleet.

On the basis of end-user, the market is segmented into manufacturing, healthcare, food industry, and others. The manufacturing segment dominated the global cryogenics tanks market in 2020 and accounted to hold the largest revenue share of over one-third percent of the market. The rapid growth in industrialization in developed economies coupled with the growing technological advancement is a major factor to drive the segment growth. Furthermore, the increasing applications of cryogenics and the improving healthcare industry are anticipated to fuel the segment growth over the forecast period.

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The cryogenic tanks comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The cryogenic tanks market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Cryogenic Liquid:

• Liquefied Natural Gas (LNG)
• Liquid Nitrogen
• Liquid Oxygen
• Liquid Hydrogen
• Other

By Application:

• Storage
• Transportation

By End-User:

• Manufacturing
• Healthcare
• Food Industry
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage

Geographically, the cryogenic tanks market report comprises dedicated sections centering on the regional market revenue and trends. The cryogenic tanks market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The cryogenic tanks market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Cryogenic tanks market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competitive Assessment

Some of the major market players operating in the global cryogenic tanks market are Chart Industries, INOX India, Cryofab, Air Products, and Linde PLC. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Chart Industries
• INOX India
• Cryofab
• Air Products
• Linde PLC
• Air Water Inc.
• Cryolor
• Super Cryogenic Systems Pvt Ltd.
• Wessington Cryogenics
• Suretank Group Ltd.

Key Questions Answered by Cryogenic Tanks Market Report

• Global cryogenic tanks market forecasts from 2021-2027
• Regional cryogenic tanks market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Cryogenic tanks submarket forecasts from 2021-2027 covering the market by cryogenic liquid, by application, by end-user, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to cryogenic tanks market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level cryogenic tanks markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the cryogenic tanks market