Market Research Future (MRFR) has published a cooked research report on the “Global Cryogenic Tank Market” that contains information from 2018 to 2032. The cryogenic tank market is estimated to register a CAGR of 5.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global cryogenic tank market - Chart Industries; Cryofab; INOX India; Linde plc; Air Products; Wessington Cryogenics; FIBA Technologies; and ISISAN.
The global cryogenic tank market is accounted to register a CAGR of 5.80% during the forecast period and is estimated to reach USD 10.962 billion by 2032.
The primary factor driving the market growth rate is an increase in demand for liquefied natural gas (LNG), which is being accompanied by a rise in public awareness of the advantages of cryogenic tanks. Furthermore, the market's growth rate will be directly and favorably impacted by expanding uses for natural gas as well as by the development and expansion of several end-user industries, particularly in developing nations.
The global cryogenic tank market has been segmented into Cryogenic Liquid, Raw Material, Application, and End-Use Industry.
Based on cryogenic liquid, the global cryogenic tank market has been segmented into Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen and Others. The liquid nitrogen segment was expected to hold the largest market share in 2022. It is anticipated that the nitrogen segment will continue to dominate over the projection period due to the increased demand from industrial industries and the healthcare industry for liquified nitrogen.
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On the basis of raw material, the market is segmented into Steel, Nickel Alloy, Aluminum Alloy and Others. The steel segment was attributed to holding the largest market share in 2022. Steel is widely accessible and the most economical material for producers. Additionally, due to its high strength and longevity, steel is frequently utilized as a raw material for cryogenic tanks.
Based on application, the global market has been segmented into Storage and Transportation. The transportation segment was expected to hold the largest market share in 2022. Transportable cryogenic tanks are made to carry liquid cryogens to a customer's location, including liquid oxygen, liquid hydrogen, and liquid nitrogen. Dimensionally constructed tanks of this sort can be used in both closed- and open-bed trucks.
On the basis of end-use industry, the global cryogenic tank market has been segmented into Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment and Others. The medical technology segment was expected to hold the largest market share in 2022. The market is growing due to the widespread use of liquid nitrogen in the healthcare industry to treat cancer and a variety of other diseases.
The global cryogenic tank market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe cryogenic tank market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The cryogenic tank market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World cryogenic tank market comprises of Middle East, Africa, and Latin America.
The largest market share for cryogenic tank was maintained by the North American regional sector growing due to increased R&D efforts in the pharmaceutical business and high demand for frozen meals. The region's ongoing technical breakthroughs and the presence of major market players also significantly contribute to the predicted growth of the cryogenic tanks market.
Moreover, the Europe market has been persistently growing over the forecast period due to the increased demand for liquefied natural gas (LNG) in this region and the growing number of cryogenic tank producers. Additionally, the governments are supporting the businesses by giving them money to encourage the use of LNG, which is helping the market's expansion.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. This is mostly a result of expanding economies like China and India's rising demand for industrial gas. Additionally, it is projected that the need for cryogenic tanks will increase as the market for cryogenic fuel expands in a number of sectors, including the power-generating, energy, and automotive industries.
Furthermore, the rest of the world's cryogenic tank market is divided into the Middle East, Africa, and Latin America. The substantial demand for cryogenic tanks in the energy & power industry is what is propelling the expansion of the rest of the world market.
Key Findings of the Study