Cryogenic Tanks Market Anticipated to Reach USD 9.7 billion Valuation by 2031, Growing at Around 5.8 % CAGR | Research by Transparency Market Research Inc.
The growth of the cryogenic tanks market is being driven by the expansion of the manufacturing sector
Wilmington, Delaware, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global cryogenic tanks market was estimated at a value of US$ 6.1 billion in 2022. It is anticipated to register a 5.8% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 9.7 billion by 2031.
Adoption and delivery of cleaner energy alternatives are the focus of numerous government entities and agencies worldwide. Several power plants employ LNG, or liquid natural gas. The need for cryogenic LNG storage tanks is growing as a result of increased investment in LNG, which is necessary for the efficient distribution, storage, and transportation of LNG. Cryogenic tanks are used in the healthcare industry to store and transport medicinal supplies, including organs, vaccines, plasma, and biopharmaceuticals.
Cryogenic tanks must be made using costly raw materials and supporting machinery. Their high initial and ongoing expenditures, as well as the requirement for trained staff to control temperature and pressure, are some other issues impeding the market’s growth.
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Key Findings of Market Report
- Cryogenic tanks provide superb insulation, allowing them to store materials at extremely low temperatures below -150 degrees Fahrenheit.
- A variety of important liquids and gases can be preserved in cryogenic tanks, including liquid nitrogen, LNG, liquid oxygen, liquid argon, and industrial gases.
- Industries like electronics, manufacturing, food/beverage, and power generation rely on cryogenics to generate inert environments and precise temperatures for advanced processes.
- Without cryogenic tanks, many modern manufacturing techniques requiring controlled temperatures would not be possible.
- The cryogenic tanks market is expected to experience significant growth as manufacturing processes become more sophisticated and demand greater control over variables.
- More industries will utilize cryogenic storage to gain the regulated conditions needed for precision manufacturing of new technologies.
- Cryogenic tanks can maintain very low temperatures over long periods of time, making them indispensable for storing materials in liquid form.
- Their superb insulating capabilities are critical for enabling new frontiers in science and industrial applications
Market Trends for Cryogenic Tanks
- Cryogenic storage tanks play a vital role in preserving life-saving medical supplies like vaccines, transplant organs, blood, and stem cells. Their specialized design allows for stable long-term temperature control.
- Hospitals rely on cryogenic tanks for reliable storage of supplies. This ensures a consistent supply even in remote locations. As diagnostic technologies spread, medical gas demand is also increasing.
- During India’s 2021 oxygen crisis, ITC Ltd. and Linde India airlifted 20-ton cryogenic containers to quickly deliver emergency oxygen nationwide. This massive effort helped save many lives.
- Jamaica is undertaking the LOX Expansion Project to upgrade cryogenic infrastructure. Kingston Public Hospital and Annotto Bay Hospital will receive new liquid oxygen tanks and piping. This strengthens healthcare capabilities.
- Reproductive medicine, organ transplants, and cellular therapies are advancing rapidly. Reliable cryogenic storage remains crucial as these fields push boundaries.
- Factors like these advances are expected to fuel strong market growth for cryogenic tanks. Cryogenic technologies will continue enabling new frontiers in modern medicine worldwide.
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Global Market for Cryogenic Tanks: Regional Outlook
Various reasons are propelling the growth of the cryogenic tanks market in different regions. These are:
The demand for industrial gases from growing end-use industries in Asia Pacific countries such as India, China, South Korea, and Japan is helping to drive up global demand for cryogenic tanks. In 2022, industrial gases accounted for over 30% of the cryogenic tanks market share. China in particular is a major importer and user of liquefied natural gas (LNG), contributing significantly to cryogenic tank revenue due to its large consumption of LNG.
The North American region also holds a substantial portion of the worldwide cryogenic tanks market share thanks to growth in various regional industries that utilize cryogenic tanks, including electronics, healthcare, petrochemicals, and food and beverage. LNG distribution, storage, transportation and regasification are major applications of cryogenic tanks in Europe, supporting notable market trends across the region.
The cryogenic tank industry is consolidated, with few major players controlling much of the market. Top companies use joint ventures and acquisitions to broaden their product lines and strengthen their global position. Through partnerships and purchases, these industry leaders widen solutions and reinforce their dominance over the worldwide cryogenic tank industry.
The following companies are well-known participants in the global cryogenic tanks market:
Linde AG, Cryogas Equipment Pvt. Ltd., Chart Industries, Inc., Cryoquip Australia, Eden Cryogenics, LLC, Fiba Technologies, Inc., Cryofab, Inc., Gardner Cryogenics, Inc., INOX India Pvt. Ltd., Suretank Group Ltd
Key Developments in the Cryogenic Tanks Market
- In January 2023, Air Liquide, a industrial gas company, partnered with TotalEnergies, an energy company, to develop a network of over 100 hydrogen refueling stations along major highways across Europe. This partnership aims to expand hydrogen infrastructure to support fuel cell vehicles.
- In April 2022, Cryospain, a company that makes cryogenic storage tanks, started producing two new flat-bottom tank designs in Morocco and Egypt. These tanks can hold more volume of liquefied natural gas (LNG) and liquid oxygen.
- In March 2020, INOX India Private Limited, an industrial and cryogenic equipment manufacturer, partnered with Shell India Private Limited, an energy and petrochemical company, to supply liquefied natural gas (LNG) to areas not connected to pipelines transporting natural gas. This partnership will help expand access to LNG as a fuel for more locations
Cryogenic Tanks Market – Key Segments
- North America
- Asia Pacific
- Middle East & Africa
- South America
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