The Global Cryogenic Tanks Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- July 13, 2023
- ENERGY & POWER, NEWS
- Cryogenic Tanks Market, Cryogenic Tanks Market Growth, Cryogenic Tanks Market Share, Cryogenic Tanks Market Size, Cryogenic Tanks Market Trends
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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.
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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.
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. Also, liquid nitrogen is widely used in the healthcare sector for cryotherapy for the preservation of cells & microbes and for the snap freezing of the tissue prior to cryostat sectioning or other analysis and is expected to support market growth. Additionally, liquid nitrogen is noncorrosive it is used in the construction of special materials such as plastic and rubber deflashing & grinding, pulverization, food freezing, and other application.
Based on application, the storage segment is expected to witness a significant CAGR during the forecast period due to the huge volume of stored gases including nitrogen, oxygen, helium, and hydrogen alongside other gases. The inner and outer walls of cryogenic tanks serve as an enclosure for the stored liquids and fuels and maintain the required temperature. Additionally, it is anticipated that the market expansion for the storage segment will be aided by the rising global demand for LNG and the requirement for cryogenic tanks to store the gas. For instance, according to Shell, the global LNG trade was increased to approximately 380 million tons in the year 2021, register an increase of 21 million tons compared to year 2020 and is expected to witness higher demand in coming year and subsequently expected to support the market growth in the coming time.
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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.
Some of the major players operating in the market include 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 Segmentation
Market Insight, by Liquid
· Liquid Nitrogen
· Liquid Hydrogen
· Liquid Oxygen
· Liquified Natural Gas
· Others
Market Insight, by Application
· Transportation
· Storage
Market Insight, by End-User industry
· Energy Generation
· Metal Processing
· Manufacturing
· Water Treatment
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· 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.
· Auguste Cryogenics
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