Global Cryogenic Tanks market was valued at USD 600 Million in 2019 and is expected to reach over USD 856 Million by 2026,
Cryogenic Tanks Market
According to the report, the global Cryogenic Tanks market was valued at USD 600 Million in 2019 and is expected to reach over USD 856Million by 2026, growing at a CAGR of around 5.2% during the forecast period from 2020 to 2026.
The growth of Cryogenic Tanks Market is increasing significantly due to high demand from metal processing industries. Metal process industries require nitrogen and other industrial gases for various industrial processes. Storing Gases in these tanks is most efficient and safe process owing to which its demand is increasing.
Global Cryogenic Tanks Market: Overview
Cryogenic tanks are particularly designed tanks for transportation and storage of liquefied gases, for instance, liquid nitrogen, liquefied natural gas, liquid argon, and liquid oxygen. These gases are stocked at very low temperatures as well as high pressures. Increased popularity and demand for these particular gases in different industries which comprise pharmaceutical, petrochemical, and food & beverages sectors has increased the popularity of the cryogenic tanks. Cryogenic technology is mainly involved in the maintenance, production, and function of low temperatures almost below 145°C.
Global Cryogenic Tanks Market: Growth Factors
A considerable augment in the demand and popularity for the usage of several industrial gases along with the enormous growth in consumption and production of LNG (liquefied natural gas) is expected to fuel the cryogenic tanks market growth. In addition, the large quantity of natural gas, along with its growing application across different end-use industries, is likely to spur the development of the global natural gas usage, thus it is likely to act as the major driver for the cryogenic tanks market.
Most established and well-known key players in the market are operating and functioning on regional levels. Currently, it is anticipated that the market will be experiencing stagnancy and there may be several challenges which the market may face in the years to come, for instance, growing manufacturing cost, the high price of raw material, and affordability of skilled labor.
Global Cryogenic Tanks Market: Segmentation
The global cryogenic tanks market is classified into application and product type. Product type division is further divided into nitrogen, LNG, argon, and oxygen. The application division in the global cryogenic tanks market is further divided into transportation (comprise distribution) and storage.
In terms of product type, LNG is likely to lead as it accounts for the largest share in the cryogenic tanks market. In terms of application, storage is projected to dominate the global cryogenic tanks market. Cryogenic tanks are majorly used for short- and long-term stock of industrial gases along with LNG. Growing on-site manufacturing of industrial gases and designed storage of LNG are few of the aspects which are likely to fuel the storage application division in the coming years.
Global Cryogenic Tanks Market: Regional Analysis
In the regional point of view, Asia Pacific is anticipated to dominate and lead the global cryogenic tanks market in the years to come. Based on revenue, Europe and North America are likely to account for the considerable share in the global market. A potential pace of growing industrialization, the occurrence of modern facilities, and the presence of the well-known players are projected to increase the sales and demand of the cryogenic tanks in North America and Europe. A considerable growth in the usage of LNG has also propelled the sales and demand of LNG cryogenic tanks. The increasing manufacturing of LNG in the Middle East countries will propel the sales and demand of LNG cryogenic tanks particularly in the Middle East and Africa region in the coming years.
Global Cryogenic Tanks Market: Competitive Players
Some of the most important market players in the cryogenic tanks market are VRV S.p.A, Cryogas Equipment Private Ltd., Eden Cryogenics LLC, Cryoquip Australia, Cryofab Inc., INOX India Pvt. Ltd., Gardner Cryogenics, Suretank Group Ltd., and Linde AG, among others.
Global Cryogenic Tanks Market: Regional Segment Analysis
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