Cryogenic Tanks Global Market Report 2024

The cryogenic tanks market size has grown strongly in recent years. It will grow from $7.04 billion in 2023 to $7.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The expansion observed in the historical period can be attributed to the growth of LNG (liquefied natural gas) infrastructure, advancements in the space exploration and aerospace industries, an increase in LNG trade and transportation, developments in energy storage solutions, and the utilization of LNG in metalworking and manufacturing applications.

The cryogenic tanks market size is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. Anticipated growth in the upcoming period is expected due to the rapid expansion of LNG infrastructure, the development of the hydrogen economy, a rising utilization in biotechnology and pharmaceuticals, advancements in space exploration, and the expansion of medical cryopreservation applications. Key trends projected for this period encompass technological innovations in tank design, advancements in healthcare technologies particularly in medical cryopreservation, improvements in tank insulation technologies, a focus on lightweight materials for enhanced efficiency, and the growing applications of LNG in the medical and healthcare sectors.

The surge in demand for liquefied natural gas (LNG) stands as a key driver significantly fueling the growth of the cryogenic tank market moving forward. LNG, a condensed form of natural gas achieved through cooling, provides a safer and more manageable mode of transfer. Cryogenic tanks play a pivotal role in the secure storage and transportation of LNG, facilitating its movement from producers to end-users. For example, as per data released by the International Energy Agency (IEA) in February 2023, the volume of LNG shipments to Europe experienced a substantial 63% increase in 2022. This surge in LNG transportation signifies a heightened demand, consequently propelling the cryogenic tank market as the need for efficient storage and safe transportation of LNG continues to rise.

The anticipated surge in demand within the food service industry is poised to be a significant driver behind the projected growth of the cryogenic tank market. The food service industry encompasses activities involving the preparation, distribution, and sale of food and beverages outside consumers' homes. Cryogenic tanks find extensive use in this sector, specifically for the storage and transportation of cryogenic liquids essential in freezing and cooling applications. For instance, a report published by the United States Department of Agriculture in July 2023 revealed a substantial increase in the provision of food by the food service and retail sectors, rising from $2.11 trillion in 2021 to $2.39 trillion in 2022, marking a $0.28 trillion increase. Furthermore, food service establishments contributed a total of $1.16 trillion in 2021, increasing to $1.34 trillion in 2022. This escalated demand within the food service industry directly influences the need for efficient cryogenic storage and transport solutions, thereby driving the growth of the cryogenic tank market.

Advancements in technology stand as a prominent trend gaining traction within the cryogenic tank market. Leading companies in this sector are directing their efforts toward enhancing the durability and reducing the weight of cryogenic tanks through the utilization of novel materials and manufacturing methodologies. For instance, in February 2022, Boeing, a prominent US-based aircraft manufacturer, unveiled a groundbreaking liner-less cryogenic fuel tank. This innovative tank leverages composite technology to achieve a lightweight design, resulting in a 30 percent increase in payload capacity for aerospace applications, notably NASA's space launch system. The newly developed composite tank, measuring 4.3 meters (14 feet) in diameter, closely resembles the size of fuel tanks intended for use in the upper stage of NASA's Space Launch System (SLS) rocket. This technological leap signifies a significant milestone in creating more efficient and advanced cryogenic tank solutions for aerospace endeavors.

Leading companies in the cryogenic tank market are concentrating on pioneering solutions such as cryogenic hydrogen tanks to enhance energy storage capabilities, improve safety protocols, and meet the growing demand in sectors such as transportation and industry. These specialized storage containers are engineered to store hydrogen gas at extremely low temperatures, typically below -253 degrees Celsius, catering to applications in fuel cell vehicles and industrial operations. Airbus SE, a Netherlands-based aerospace corporation, has disclosed intentions to establish a facility in the United Kingdom, specifically in Filton, Bristol, dedicated to developing an innovative cryogenic hydrogen tank for its upcoming aircraft models. The Zero Emission Development Centre (ZEDC) in Filton has initiated efforts to advance this technology, aiming to create a competitively priced cryogenic fuel system crucial for Airbus's ZEROe aircraft.

In November 2021, Plug Power, a hydrogen fuel cell manufacturer based in the US, completed the acquisition of Applied Cryo Technologies Inc. for an undisclosed sum. This strategic move is intended to bolster Plug Power's green hydrogen ecosystem, driving down the expenses associated with hydrogen infrastructure and logistics networks. The acquisition brings aboard Applied Cryo Technologies' array of offerings, including a liquid hydrogen delivery network and fleet, liquid hydrogen storage solutions, and hydrogen mobility fueling. Applied Cryo Technologies Inc., a US-based company, specializes in manufacturing cryogenic equipment such as tanks and pumps designed for extreme low-temperature applications.

Major companies operating in the cryogenic tanks market report are Linde PLC, Air Products And Chemicals Inc., Messer Group GmbH, Chart Industries Inc., Cryolor Asia Pacific Private Limited, INOX India Pvt. Ltd., UIG Holdings Inc., FIBA Technologies Inc., Taylor-Wharton International LLC, Air Water Inc., VRV Asia Pacific Private Limited, Acme Cryogenics Inc., Wessington Cryogenics, Auguste Cryogenics, Gardner Cryogenic Inc., Cryoquip Inc., Super Cryogenic Systems Pvt. Ltd., Technex Limited, Cryofab Inc., Cryomech Inc., Cryeng Group Pty Ltd., CryoVation LLC, Brymill Cryogenic Systems, Cryogas Equipment Private Limited, Herose GmbH, Isısan A.Ş., Cryostar SAS, Cryo Systems Manufacturing, Cryo Diffusion S.A., FNF Gas Technology Products Pvt. Ltd.

Asia-Pacific was the largest region in the cryogenic tanks market in 2023. North America is expected to be the fastest-growing region in the global cryogenic tanks market report during the forecast period. The regions covered in the cryogenic tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cryogenic tanks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cryogenic tanks primarily encompass various types categorized by the cryogenic liquids they store, including liquefied natural gas (LNG), liquid nitrogen, liquid oxygen, liquid hydrogen, and other similar substances. LNG, for instance, refers to natural gas cooled to approximately -260 degrees Fahrenheit to facilitate safe transportation using cryogenic tanks. These tanks are constructed using materials such as steel, nickel alloy, aluminum alloy, and other suitable raw materials to ensure storage and transportation reliability. End-users across manufacturing, healthcare, the food industry, and various other sectors utilize these tanks for their storage and transportation needs involving cryogenic substances.

The cryogenic tanks market research report is one of a series of new reports that provides cryogenic tanks market statistics, including global market size, regional shares, competitors with a cryogenic tanks market share, detailed cryogenic tanks market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic tanks industry. The cryogenic tanks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cryogenic tank market consists of sales of inner vessels, outer vessels, and insulation. Values in this market are ""factory gate"" values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.