Cryogenic Tanks Market:
The GMI Research expects the cryogenic tanks market to expand at a significant rate. From a regional perspective, the Asia-Pacific is projected to dominate the market due to the strong demand for domestic and less labor cost to manufacture cryogenic tanks. The increasing LNG infrastructure development in developing economies like China, Japan, India, and Indonesia will boost the market’s demand.
Cryogenic Tanks Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global cryogenic tanks market is projected to experience strong demand over the coming years due to the rising demand for Liquefied Natural Gas (LNG) across the globe, followed by the strong demand for healthcare services in developing countries. Moreover, the growing demand for nitrogen in the food & beverage sector for storing, preserving, and freezing food items will further propel the growth of the cryogenic tanks market size worldwide. Technological advancement helps in using cryogenic tanks in hydrofracturing procedures to decrease water use in such applications. On the other hand, the factors hindering the growth of the market include growing raw materials and increased operating costs.
Cryogenic Liquid Segment Drivers
Based on cryogenic liquid, the liquefied nitrogen is projected to dominate the market during the forecast period. Liquid nitrogen is shipped, stored, and handled in various kinds of containers, depending upon the quantity needed by the user. Liquid nitrogen is generally utilized in the manufacturing processes of electronic products. The gas is utilized in cryotherapy for the objective of removing malignant skin. A scalpel cooled with the help of liquid nitrogen is used to reduce cancer tissues. Surgeries with the help of liquid nitrogen are very effective and can even cure the ailment treated permanently. The high demand for liquefied natural gas, followed by continuously increasing fleet attributed to high natural gas consumption, majorly in economies like China, Oman, India, and Qatar, is another factor bolstering the growth of the market. There has been an upsurge in demand for liquefied natural gas due to the improving storage facilities and increasing trade-in activities in countries.
Cryogenic Tanks Market’s leading Manufacturers:
- Chart Industries, Inc.
- Cryofab, Inc.
- Linde PLC
- Cryolor SA
- Gardner Cryogenic
- INOX (India) Ltd.
- Wessington Cryogenics
- FIBA Technologies
- Nikkiso Cryo
- ISISAN
Cryogenic Tanks Market Segmentation:
Segmentation by Raw Material:
- Steel
- Nickel Alloy
- Aluminum Alloy
- Others
Segmentation by Cryogenic Liquid:
- Liquid Nitrogen
- Liquefied Natural Gas (LNG)
- Liquid Hydrogen
- Liquid Oxygen
- Others
Segmentation by Application:
- Storage
- Transportation
Segmentation by End-use Industry:
- Metal Processing
- Energy Generation
- Electronics
- Medical Technology
- Food & Beverage
- Water Treatment
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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