Increasing Consumption of Natural Gas across Various Industries is driving the Market
To curb emissions, countries, such as China and the United Kingdom, have started to shift from coal to natural gas. With the advent of efficient gas turbines and inherent environmental benefits, associated with natural gas, (natural gas emissions are, at most, one-third of coal or petrol), current power generation accounts for more than half of the demand growth in natural gas. Moreover, the global natural gas consumption is expected to reach 485 bcf/d by 2040, growing from 340 bcf/d in 2015, with the major demand coming from Asia-Pacific and the Middle East. Natural gas consumption of China and the United States is expected to be among the highest in the world. Therefore, these countries are expected to create a huge demand for cryogenic tanks during the forecast period.
Europe has an Increasing Demand for Cryogenic Tanks
The growth of cryogenic tanks market in Europe can be attributed to factors, such as increasing investments in the energy sector and substantial growth in other end-user industries, such as food & beverage and electronics, amongst others, in this region. The countries in Europe have a strict regulation governing the use of inland LNG-fueled ships. Moreover, Europe is expected to capture a sizeable market share over the forecast period, owing to the substantial application across industries, to store materials at minimal temperature requirements. Liquefied nitrogen gas (LNG), being a low-emission fuel, is favored by the European government, as it addresses environmental concerns. The increasing consumption of LNG in the region is expected to drive the demand for cryogenic tanks.
Norway is an Emerging Market for Cryogenic Tanks
The Norwegian economy is said to be a mixed one, where the government holds a majority stake in the strategic industries. Industrial and services sectors are the backbone of the economy and about 80% of the work force of the country are employed in these two sectors. The cryogenic tanks market also serves these two sectors in various ways. The production of natural gas is sufficiently large for cryogenic handling to be a profit-making industry in the country. The major export goods of the country are petroleum and petroleum products, machinery and equipment, metals, chemicals, marine ships, and fish. The importance of cryogenic equipment is the maximum for exporting these goods and hence, there is a huge potential for the cryogenic equipment industry in the country
Notable Developments in the Market
January 2018: Chart Industries, Inc. acquired Skaff Cryogenics and Cryo-Lease, LLC. The acquisition is expected to expand the company’s direct regional presence, for service and aftermarket support, in the Northeast United States.
Major Players: Chart Industries, Cryofab Inc., Cryogas Equipment Private Ltd, Cryoquip Australia, Eden Cryogenics, LLC, FIBA Technologies, Inc., Gardner Cryogenic, INOX India Pvt. Ltd, Linde AG, Suretank Group Ltd, VRV SpA, and Wessington Cryogenics, amongst others.
Reasons to Purchase the Report
- Current and future market outlook for the global cryogenic tanks
- Various perspectives on the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- The latest developments, market shares, and strategies employed by the major market players
- 3 month analyst support, along with the Market Estimate Sheet (in excel)
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2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies and Regulations
4. Market Dynamics
5. Supply Chain Analysis
6. Industry Attractiveness - Porter’s Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size and Demand Forecast until 2023)
7.1 By Application
7.2 By Cryogen Handled
7.2.2 Industrial Gases
8. Regional Market Analysis (Overview, Market Size and Demand Forecast until 2023)
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.5 Rest of Asia-Pacific
8.3.1 United Kingdom
8.3.4 Rest of Europe
8.4 Middle East & Africa
8.4.1 Saudi Arabia
8.4.3 South Africa
8.4.4 United Arab Emirates
8.4.5 Rest of Middle East & Africa
8.5 South America
8.5.4 Rest of South America
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Developments, and Analyst View)
9.1 Chart Industries Inc.
9.2 Cryofab Inc.
9.3 Cryogas Equipment Private Ltd
9.4 Cryoquip Australia
9.5 Eden Cryogenics, LLC
9.6 FIBA Technologies, Inc.
9.7 Gardner Cryogenic
9.8 INOX India Pvt Ltd
9.9 Linde AG
9.10 Suretank Group Ltd
9.11 VRV SpA
9.12 Wessington Cryogenics
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to Availability of Public Domain
- Chart Industries
- Cryofab Inc.
- Cryogas Equipment Private Ltd
- Cryoquip Australia
- Eden Cryogenics LLC
- FIBA Technologies Inc.
- Gardner Cryogenic
- INOX India Pvt. Ltd
- Linde AG
- Suretank Group Ltd
- VRV SpA
- Wessington Cryogenics