Cryogenic tanks are used to store and facilitate the storage of natural gases including argon, nitrogen, hydrogen, oxygen, and others. 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, 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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According to UnivDatos Market Insights (UMI)’ research report “Global Cryogenic Tanks Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing adoption in the automotive, manufacturing and electronic industry.
Based on liquid, the market is segmented into liquid nitrogen, liquid hydrogen, liquid oxygen, liquified natural gas, and others. Liquid nitrogen is expected to witness significant growth during the forecast period owing to its extensive use in the manufacture the electronic products. Additionally, the healthcare industry uses liquid nitrogen extensively for cryotherapy to preserve cells and microorganisms as well as for snap-freezing tissue prior to cryostat sectioning or other analyses, which is projected to drive market growth. Additionally, because liquid nitrogen is noncorrosive, it can be utilized in a variety of applications, including the deflashing and grinding of specific materials like plastic and rubber, pulverization, food freezing, and others
Based on the application, the market is categorized into storage and transportation. The storage segment is expected to register a significant CAGR during the forecast period owing to the storage of a large volume of gases including nitrogen, oxygen, helium, and hydrogen with others. The cryogenic tanks are made up of inner walls and outer walls which act as encasing for the store liquid/fuels and maintaining the desired temperature. Also, the increasing demand for LNG around the world and the requirement for cryogenic tanks to store the LNG are expected to support the market growth for the storage segment.
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APAC to witness extensive growth
For a better understanding of the market adoption of the cryogenic tanks industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for industrial gas by developing economies such as China and India. Additionally, the market for cryogenic fuel is anticipated to develop in several industries including automotive, energy, and power-generating sectors would lead to an increase in demand for cryogenic tanks. The increasing utilization of liquid nitrogen for the refrigeration of electronic products during the manufacturing process is expected to support market growth. Additionally, the government's aid for switching from diesel and coal-based power plants to gas-based power plants in order to cut carbon emissions would require cryogenic tanks for the transportation and storage of natural gas and other usable fuel and are expected to increase the demand for the cryogenic tanks during the forecast period. In addition, the increasing adoption of cryogenic gas in the food and beverage industries, in the healthcare sector for the treatment of cryotherapy as well as in commercial, residential, and institutional development will propel the demand for cryogenic tanks.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the cryogenic tanks market are Wessington Cryogenics, Air Products and Chemicals Inc., Cryofab Inc., Chart Industries Inc, ISISAN A.S, INOX India Pvt. Ltd., Linde Plc, Air Water Inc, FIBA Technologies, Inc., and Auguste Cryogenics.
“Global Cryogenic Tanks Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Liquid (Liquid Nitrogen, Liquid Hydrogen, Liquid Oxygen, Liquified Natural Gas, and Others)
2. By Application (Storage and Transportation)
3. By End-Industry (Energy Generation, Metal Processing, Manufacturing, Water Treatment, and Others)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (Wessington Cryogenics, Air Products and Chemicals Inc., Cryofab Inc., Chart Industries Inc, ISISAN A.S, INOX India Pvt. Ltd., Linde Plc, Air Water Inc, FIBA Technologies, Inc., and Auguste Cryogenics)
Key questions answered in the study:
1. What are the current and future trends of the global cryogenic tanks industry?
2. How the industry has been evolving in terms of liquid, application, and end-users?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global cryogenic tank industry?
5. What is the customer orientation, purchase behavior, and expectations from the global cryogenic tank suppliers across various region and countries?
