Global Cryogenic Tanks Market Report 2022: Market to Reach $7.4 Billion by 2026 - Rising Demand for LNG Drives Demand for Cryogenic Tanks
Global Market for Cryogenic Tanks
Dublin, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The "Cryogenic Tanks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Cryogenic Tanks Market to Reach $7.4 Billion by 2026
Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.8 Billion in the year 2022, 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.
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.
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. Robust investments in improving healthcare infrastructure can be noticed in countries across the world, especially in the wake of the emergence of the COVID-19 pandemic. Governments in developing countries are also increasing their focus on enhancing healthcare infrastructure in rural areas, which is anticipated to augment market growth further.
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 $1.3 Billion in 2022, While China is Forecast to Reach $731 Million by 2026
The Cryogenic Tanks market in the U.S. is estimated at US$1.3 Billion in the year 2022. 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 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.
What`s New for 2022?
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to the digital archives
Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
Industrial Activity to Remain Subdued in the Immediate Term
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
Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 38 Featured)
Air Products and Chemicals, Inc.
AIR WATER INC
Chart Industries, Inc.
Eden Cryogenics LLC
FIBA Technologies, Inc
INOX India Pvt Ltd
ISISAN ISI SAN. VE TIC .A.S
Suretank Group Ltd.
3. MARKET TRENDS & DRIVERS
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
Widespread Use of Cryogenic Technology for Food Processing and Preservation to Boost Market Prospects
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-a-vis other Gases
Cryogenic Tanks for Regulating Temperature in Cold Storage Chains
Rising Demand for LNG Drives Demand for Cryogenic Tanks
Shift Towards Renewable Energy Enhances Importance of Cryogenic Energy Storage System, Driving Market Growth
Cryogenics and Superconductivity for Affordable Energy Storage and Generation
Worldwide Steel Production Trends Impact Cryogenic Tanks Market
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
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
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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