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Cryogenic Tanks - Global Market Trajectory & Analytics

  • ID: 5029985
  • Report
  • May 2021
  • Region: Global
  • 546 pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • AIR WATER INC
  • Cryofab Inc
  • Cryoquip
  • FIBA Technologies, Inc
  • INOX India Pvt Ltd
  • Suretank Group Ltd.
  • MORE

Global Cryogenic Tanks Market to Reach $7.4 Billion by 2026


Cryogenic tanks store various materials at low temperatures, below -150 degrees Fahrenheit. They are vacuum tanks designed especially for storing and transporting liquefied gases, under pressure. Increased demand for low temperature operations across industries such as food technology, healthcare and metal processing among others constitute the major growth driver for the market. The tanks are designed to suit the specific needs of these industries where they are used for critical jobs such as keeping away heat contained in vessels from liquids. Increase in demand for LNG worldwide created a strong demand growth scenario for the tanks as these are required for LNG`s storage and transportation. Growing LNG trade and increasing investments in metal processing healthcare, food & beverage and chemical industries is expected to boost deployment of cryogenic tanks. Cryogenic liquid nitrogen and liquid oxygen find extensive use in storing and preserving human organs and blood. Growing number of government initiatives for providing better healthcare services to public would create strong demand for the tanks from the healthcare sector.

Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.3 Billion in the year 2020, is projected to reach a revised size of US$7.4 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Liquid Nitrogen, one of the segments analyzed in the report, is projected to record a 6.5% CAGR and reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period. Liquid Nitrogen segment dominates market share as liquid nitrogen is increasingly used in metal processing, electronics manufacturing, health care and food and beverage industries. Increase in demand for LNG worldwide created a strong demand growth scenario for cryogenic tanks, as these are required for LNG`s storage and transportation.

The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $731 Million by 2026


The Cryogenic Tanks market in the U.S. is estimated at US$1.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$731 Million by the year 2026 trailing a CAGR of 7.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR. The US is a major regional market for the due to the significant presence of some of the world-leading suppliers of industrial gases. Such facilities require cryogenic tanks for storing and transporting the gases. Cryogenic tanks are also extensively used by the US healthcare industry. Demand for the tanks from the healthcare sector has increased considerably in the recent months due to the COVID-19 outbreak. Europe constitutes another important market for cryogenic tanks. Growth in this region stems from the factors of extensive investments in development of natural gas powered power generation plants and rapid development of liquefied natural gas infrastructure. Asia-Pacific region`s growth will be fueled by factors such as strong demand for industrial gases from different end-use industries, especially in fast emerging countries such as India and China. Significant rise in LNG consumption in the region also contributes to its dominance in the market.

Liquid Hydrogen Segment to Reach $1.4 Billion by 2026


Cryogenics plays a critical part in space missions. Initially, cryogenics was used to manage liquid hydrogen in rocket fuel applications. In the global Liquid Hydrogen segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$660.9 Million in the year 2020 will reach a projected size of US$949.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$271.6 Million by the year 2026, while Latin America will expand at a 7.2% CAGR through the analysis period.

Select Competitors (Total 38 Featured) -

  • Air Products and Chemicals, Inc.
  • AIR WATER INC
  • Chart Industries, Inc.
  • Cryofab Inc
  • Cryolor
  • Cryoquip
  • Eden Cryogenics LLC
  • FIBA Technologies, Inc
  • Gardner Cryogenics
  • INOX India Pvt Ltd
  • ISISAN ISI SAN. VE TIC .A.S
  • Linde plc
  • Suretank Group Ltd.
  • VRV S.r.L
  • Wessington Cryogenics
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • AIR WATER INC
  • Cryofab Inc
  • Cryoquip
  • FIBA Technologies, Inc
  • INOX India Pvt Ltd
  • Suretank Group Ltd.
  • MORE
I. METHODOLOGY

II. EXECUTIVE SUMMARY
  • Influencer Market Insights
  • Impact of COVID-19 and a Looming Global Recession
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • Exhibit 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Industrial Activity to Remain Subdued in the Immediate Term
  • Exhibit 2: Global PMI Index Points for the Years 2018, 2019 & 2020
  • Cryogenic Tanks: An Introduction
  • Global Market Prospects and Outlook
  • Liquid Nitrogen Emerges as the Leading Segment
  • Storage Application Drives Market Growth
  • Manufacturing: The Largest End-Use Market
  • Developing Economies to Spearhead Future Growth
  • Competition
  • World Brands
  • Recent Market Activity
  • Myriad Applications of Cryogenics Presents Growth Opportunity for Cryogenic Tanks Market
  • Growing Role of Cryogenics in Industrial Manufacturing Fosters Growth in Cryogenic Tanks Market
  • Metal Processing Industry Emerges as the Major End-Use Market for Cryogenic Tanks
  • Exhibit 3: Global Steel Processing Market Size (in US$ Billion) for the Years 2019, 2022 and 2025
  • Widespread Use of Cryogenic Technology for Food Processing and Preservation to Boost Market Prospects
  • Exhibit 4: Global Frozen Food Market Size (in US$ Billion) for the Years 2018, 2021 & 2024
  • Rising Importance of Cryogenic Gases for Improving Quality of Foods
  • Liquid Nitrogen Takes the Icing on Cakes and Bakes
  • Enhancing Shelf Life of Products: A Key Advantage
  • Cryogenic Food Freezing Taps Benefits of Liquid Nitrogen Vis-à-vis other Gases
  • Cryogenic Tanks for Regulating Temperature in Cold Storage Chains
  • Rising Demand for LNG Drives Demand for Cryogenic Tanks
  • Exhibit 5: Global Primary Energy Consumption by Source (in %) for 2018 and 2040
  • Exhibit 6: Global Gas Supply Breakdown by Source (in %) for 2019
  • Exhibit 7: Global LNG Imports Breakdown by Region (in %) for 2019
  • Exhibit 8: Global LNG Liquefaction Capacity Addition ( in MT) for the Years 2015-2020
  • Shift Towards Renewable Energy Enhances Importance of Cryogenic Energy Storage System, Driving Market Growth
  • Exhibit 9: World Installed Base of Wind Energy (in Megawatts) by Geographic Region: 2018, 2021 & 2024
  • Exhibit 10: Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
  • Cryogenics and Superconductivity for Affordable Energy Storage and Generation
  • Worldwide Steel Production Trends Impact Cryogenic Tanks Market
  • Exhibit 11: Global Crude Steel Monthly Production (in Million Tonnes) for the Period Jul-2019 to Jul-2020
  • With Cryogenics Finding Increased Adoption in Medical Applications, Cryogenic Tanks Market Poised for Growth
  • Rising Importance of Cryogenic Tanks for Fast Biological Sample Preservation and Rapid Vaccine Freezing
  • Storage and Shipping of COVID-19 Vaccines Drives Efforts to Develop Cryogenic Containers
  • Exhibit 12: COVID-19 Vaccines in Pipeline by Technology and Clinical Stage
  • Increasing Role of Cryogenic Equipment in Electronics Industry to Spur Growth
  • Growing Demand for Liquid Oxygen to Fuel Growth in Cryogenic Tanks Market
  • Surge in Demand for Medical Oxygen Amidst the COVID-19 Pandemic Fuels Market Prospects
  • Market to Benefit from Rising Use of Liquid Oxygen in Water Treatment
  • Growing Use of Cryogenic Tanks in Space Technology
  • Cryogenic Applications for Mars Missions
  • Introduction of Newer Technologies in Space Systems Bodes Well for Cryogenic Tanks Market
  • Growing Need for Transportation Tanks for Cryogenic Liquids: A Major Growth Opportunity
  • Bulk Storage of Liquefied Gases Necessitates Investments into Cryogenic Storage Tanks
  • Manufacturers Up the Ante in Cryogenic Innovations
  • CryoHub Innovation Project
  • Researchers Develop New Snap Freezing Device for Liquid Nitrogen
  • Cryogenic Leakage in Tanks: A Major Concern
III. MARKET ANALYSIS

IV. COMPETITION
  • Total Companies Profiled: 38
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Air Products and Chemicals, Inc.
  • AIR WATER INC
  • Chart Industries, Inc.
  • Cryofab Inc
  • Cryolor
  • Cryoquip
  • Eden Cryogenics LLC
  • FIBA Technologies, Inc
  • Gardner Cryogenics
  • INOX India Pvt Ltd
  • ISISAN ISI SAN. VE TIC .A.S
  • Linde plc
  • Suretank Group Ltd.
  • VRV S.r.L
  • Wessington Cryogenics
Note: Product cover images may vary from those shown
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