Cryogenic Tanks Market: Current Analysis and Forecast (2022-2028)
Cryogenic tanks are used to store and facilitate the storage of natural gases including argon, nitrogen, hydrogen, oxygen, and others. The cryogenic tanks are designed in such a way as to maintain the inner temperature of the liquids or fuels. In the recent time, cryogenic fuel has witnessed significant demand in the world due to the increasing demand from the aerospace industry, manufacturing, energy, biomedical & health along with other industries, and subsequently, there is an increase in the demand for cryogenic tanks to ensure the maximum safety of the fuel. The cryogenic tanks are made up of stainless steel or alloys which protect the liquids and are designed to store and supply gas distribution systems. Additionally, cryogenic tanks are used to store the liquified gases at -1500 C.
The Cryogenic Tanks Market is expected to grow at a steady rate of around 6% owing to the growing adoption of cryogenic fuel coupled with the increasing space operations along with the rising application of liquid hydrogen, nitrogen, and oxygen fuel among others. Major companies in the market offer cryogenic tanks for storage and transportation applications with technologically advanced features. For instance, in April 2021 Cryospain developed the Cryoline which is enabled with a changeable filling system and provides excellent protection from temperature transfer and is ideal for liquid oxygen, hydrogen, helium, nitrogen, and LNG among others.
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