Global Cryogenic Tanks Market Size study, by Cryogenic Liquid (Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other) by Application (Storage, Transportation) by End-user (Manufacturing, Healthcare, Food Industry, Others) and

Global Cryogenic Tanks Market Size study, by Cryogenic Liquid (Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other) by Application (Storage, Transportation) by End-user (Manufacturing, Healthcare, Food Industry, Others) and Regional Forecasts 2022-2032

Global Cryogenic Tanks Market is valued approximately at USD 7.4 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.0% over the forecast period 2024-2032. Cryogenic tanks are specialized containers designed to store materials at extremely low temperatures, typically below -150°C. These tanks are essential for the transportation and storage of liquefied gases such liquid nitrogen, oxygen, hydrogen, and LNG. They are constructed with materials capable of withstanding such low temperatures and maintaining the contents in a liquid state. Moreover, advancements in automation, telemetry, and monitoring technologies are enhancing the safety, reliability, and efficiency of cryogenic tanks. Remote monitoring systems and predictive maintenance solutions are becoming increasingly prevalent, allowing for real-time monitoring and proactive maintenance of cryogenic tank assets.

Moreover, the global transition towards cleaner energy sources has led to a surge in demand for LNG, which requires specialized cryogenic tanks for storage and transportation. LNG is used in power generation, transportation, and industrial applications, driving the need for more cryogenic tank infrastructure. Additionally, other factors support the market growth are rapid growth in aerospace and defense sector, growing adoption of cryotherapy and medical imaging, and growing infrastructure development for energy storage. However, high initial investment, and complexity of operations are expected to hinder the market growth during the forecast period 2024-2032.

The key regions considered for the global Cryogenic Tanks market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, the Asia Pacific emerged as the dominant revenue contributor in the cryogenic tanks market. Projections indicate that this region will continue to exhibit the most rapid compound annual growth rate (CAGR) throughout the forecast period. This growth is attributed to escalating demands for industrial gases across diverse sectors within economies such as China and India. Significantly, the burgeoning metal processing, electronic, and automotive industries, spanning both emerging and established nations, are anticipated to fuel demand within the manufacturing sector. Moreover, the increasing adoption of liquid nitrogen for electronic product refrigeration across the manufacturing continuum is poised to be a key driver propelling market expansion during forecast period.

Major market player included in this report are:

INOX India Private Limited

Linde plc

Air Products and Chemicals, Inc.

Cryolor S.A.S.

Air Water Inc.

Wessington Cryogenics

Super Cryogenic Systems Private Limited

FIBA Technologies, Inc.

Suretank Group Limited

The detailed segments and sub-segment of the market are explained below:

By Cryogenic Liquid

Liquefied Natural Gas (LNG)

Liquid Nitrogen

Liquid Oxygen

Liquid Hydrogen

Other

By Application

Storage

Transportation

By End-user

Manufacturing

Healthcare

Food Industry

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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