Global Cryogenic Tanks Market is valued at US$ 6.2 Bn in 2019 and is estimated to reach at an evaluation of US$ 8.1 Bn by the end of 2027, growing approximately at a CAGR of 5.9 % during the forecast 2020 and 2027.
Cryogenic tank or Cryotank are vacuum tank used to store super-cold cryogenic liquefied gases such as, liquid hydrogen, liquid oxygen at temperature lower than -150 °C designed to keep heat away. The tanks are made of stainless steel or carbon steel.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The report comprises of worldwide Cryogenic Tanks Market presentation in terms of revenue from various segments and detailed evaluation of the trends and factors that are playing a substantial role in the market. These factors involve the drivers, restraints, opportunities and challenges for the key companies and stakeholders in the industry.
The growth is attributed due to increasing applications of cryogenics in laboratories, pharmaceutical companies and chemical plants further, increasing demand of LNG in both commercial & international market with improving healthcare infrastructure facilities in the emerging countries, such as China India, and Japan are driving the market growth. Cryogenic tanks demand is forecasted to grow by more than 6% in the coming year, thanks to widespread application in the storage & transportation for chemicals & industrial gases and foods & beverages. The food & beverage industry is projected to have the largest market due to the growing use of liquid nitrogen together with the usage of carbon dioxide for the transport of fruit juices and frozen products during the upcoming forecast.
However, Cryogenic Tanks Market has further, limitation like, Growing cost of raw materials in the construction of cryogenic tanks for storage & transportation hamper the market growth. Moreover, high operation & maintenance cost of cryogenic storage tanks restrain the growth of the market.
Global Cryogenic Tanks Market: Market Segmentation
The report covers competitive analysis of the Cryogenic Tanks Market in each of the geographical segments thereby providing insight into a market share at the macro as well as micro levels.
Based on application, storage of industrial gases accounted to have a total of 80% of the market share in 2019 and is projected to grow at CAGR of 6% during the forecast period 2019 to 2027. Cryogenic tanks are designed especially for storage and transportation of liquefied gasses such as liquefied natural gas (LNG), liquid oxygen, liquid nitrogen and liquid argon, consumed over 250,000 units’ tank stored at below low temperature of -150 and high pressures. The demand for the cryogenic tank in storing cryogenic gasses is increasing thanks to variant application in many industries like, pharmaceuticals, petrochemical, and food & beverages.
Based on Cryogenic Liquid, LNG segment is estimated to have the largest market share of 35.0% in 2019. The market is growing significantly because of the growing demand for liquefied gasses and widespread application in industry and pharmaceutical companies. Further, Rise in production of LNG followed by growing consumption of natural gases and frozen biological material which majorly propel the market globally. Furthermore, Nitrogen is the second largest segment primarily used in making processed food & beverage with growing packaging applications of cryogenic tanks followed by oxygen and argon demand which is having least growth.
Global Cryogenic Tanks Market: Geographical Analysis
Asia Pacific Cryogenic Tanks Market dominated the global market accounting for the major share of 35.0% in 2019 and is anticipated to grow, at CAGR of XX% by 2027 during the forecast period 2019 to 2027. APAC is the fastest-growing market, developing due to large construction of LNG infrastructure and growing demand in industrial and commercial sectors. Moreover, the presence of large emerging countries such as Indonesia, China, India, and Japan in the region is advancing the growth in the global market. Of which, China’s in consumption of LNG (Liquefied Natural Gas) and natural gas is considered as the world’s largest market attributed due to increasing population and growing demand. APAC is also considered as a major importer of LNG which further make it highly economic region. These many factors are projected to drive the growth of the cryogenic storage tanks market during the forecast period.
However, North America is expected to grow at significant growth in comparison to other region growing at CAGR 6.5% during the forecast 2019 and 2027. Increasing due to high demand from frozen food and increased R&D activities in the pharmaceutical industry. Africa is registered to have the least growth in the cryogenic storage tanks market as to no major developments in the region.
Competitive Analysis: Global Cryogenic Tanks Market:
These market players in the Global Cryogenic Tanks Market appears to be uneven because of several large and small players. Large players implemented various strategies such as acquisition, partnership, collaborations, expansions Product launches and other crucial aspects to lessen the competition in the competitive landscape.
The objective of the report is to present a comprehensive analysis of the Global Cryogenic Tanks Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
Some of the Key Developments in the Market: Mergers & Acquisition –
• In September 2019, Air Products collaborated with Debang Group (China) for the start up of New Syngas Project for the Growth Strategy of Advances Gasification. The new project evolved the gasification growth strategy in the Xuwei National Petroleum Park which is one of seven petrochemical plant and national integrated oil refining in China.
• In January 2018: Chart Industries, Inc. took over Cryo-Lease, LLC and Skaff Cryogenics The collaborations is likely to expand the company’s direct regional existence in the Northeast United States, for facility and market support,.
• In 2018, Chart Industries, Inc. acquired VRV S.r.l. and its branches to attain significant cost synergies in regards to sourcing and operational efficiencies for the energy, industrial gas, and biomedical industries.
• In July 2015, Chart Industries came into acquisition with vaporizer manufacturer Thermax, Incmjmkl. This agreement strengthened the distribution channel in the cryogenic tanks market.
• carbon fiber complex are explored for cryogenic tank application by manufacturers to meet the desire goal for lightweight vehicles, NASA has already built and test all-composite cryogenic tank to reduce cost.
The report also helps in understanding Global Cryogenic Tanks Market dynamics, structure by analyzing the market segments and projects the Global Cryogenic Tanks Market size. Clear representation of competitive analysis of key players By By Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Cryogenic Tanks Market make the report investor’s guide.
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Scope of the Global Cryogenic Tanks Market:
Global Cryogenic Tanks Market, By Raw Material
• Nickel Alloy
• Aluminium Alloy
Global Cryogenic Tanks Market, By Cryogenic Liquid
• Liquid Nitrogen
• Liquefied Natural Gas (LNG)
• Liquid Hydrogen
Global Cryogenic Tanks Market, By Application
Global Cryogenic Tanks Market, By End-Use Industry
• Metal Processing
• Energy Generation
• Medical Technology
• Food & Beverages
• Water Treatment
Global Cryogenic Tanks Market, By Region
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
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