Dublin, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The "Cryogenic Tanks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.3 Billion in the year 2020, is projected to reach a revised size of US$7.9 Billion by 2027, growing at a CAGR of 5.8% over the analysis period 2020-2027.Liquid Nitrogen, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$2.8 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Cryogenic Tanks market.
The U.S. Accounts for Over 22.6% of Global Market Size in 2020, While China is Forecast to Grow at a 7.6% CAGR for the Period of 2020-2027
The Cryogenic Tanks market in the U.S. is estimated at US$1.2 Billion in the year 2020. The country currently accounts for a 22.56% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$792.6 Million in the year 2027 trailing a CAGR of 7.6% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR while Rest of European market (as defined in the study) will reach US$792.6 Million by the year 2027.
Liquid Hydrogen Segment Corners a 18.6% Share in 2020
In the global Liquid Hydrogen segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$660.9 Million in the year 2020 will reach a projected size of US$949.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.6 Billion by the year 2027, while Latin America will expand at a 7.2% CAGR through the analysis period.
The report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others:
- Chart Industries, Inc.
- Cryofab Inc.
- Cryoquip Australia
- Eden Cryogenics, LLC
- FIBA Technologies, Inc.
- Gardner Cryogenics
- Inox India Pvt. Ltd,
- Linde AG
- Suretank Group Ltd.
- Vrv S.P.A
- Wessington Cryogenics Ltd.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
- Industrial Activity to Remain Subdued in the Immediate Term
- Cryogenic Tanks: An Introduction
- Global Market Prospects and Outlook
- Liquid Nitrogen Emerges as the Leading Segment
- Storage Application Drives Market Growth
- Manufacturing: The Largest End-Use Market
- Developing Economies to Spearhead Future Growth
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Myriad Applications of Cryogenics Presents Growth Opportunity for Cryogenic Tanks Market
- Growing Role of Cryogenics in Industrial Manufacturing Fosters Growth in Cryogenic Tanks Market
- Metal Processing Industry Emerges as the Major End-Use Market for Cryogenic Tanks
- Widespread Use of Cryogenic Technology for Food Processing and Preservation to Boost Market Prospects
- Rising Importance of Cryogenic Gases for Improving Quality of Foods
- Liquid Nitrogen Takes the Icing on Cakes and Bakes
- Enhancing Shelf Life of Products: A Key Advantage
- Cryogenic Food Freezing Taps Benefits of Liquid Nitrogen Vis-a-vis other Gases
- Cryogenic Tanks for Regulating Temperature in Cold Storage Chains
- Rising Demand for LNG Drives Demand for Cryogenic Tanks
- Cryogenics and Superconductivity for Affordable Energy Storage and Generation
- Worldwide Steel Production Trends Impact Cryogenic Tanks Market
- With Cryogenics Finding Increased Adoption in Medical Applications, Cryogenic Tanks Market Poised for Growth
- Rising Importance of Cryogenic Tanks for Fast Biological Sample Preservation and Rapid Vaccine Freezing
- Storage and Shipping of COVID-19 Vaccines Drives Efforts to Develop Cryogenic Containers
- Increasing Role of Cryogenic Equipment in Electronics Industry to Spur Growth
- Growing Demand for Liquid Oxygen to Fuel Growth in Cryogenic Tanks Market
- Surge in Demand for Medical Oxygen Amidst the COVID-19 Pandemic Fuels Market Prospects
- Market to Benefit from Rising Use of Liquid Oxygen in Water Treatment
- Growing Use of Cryogenic Tanks in Space Technology
- Cryogenic Applications for Mars Missions
- Introduction of Newer Technologies in Space Systems Bodes Well for Cryogenic Tanks Market
- Growing Need for Transportation Tanks for Cryogenic Liquids: A Major Growth Opportunity
- Bulk Storage of Liquefied Gases Necessitates Investments into Cryogenic Storage Tanks
- Manufacturers Up the Ante in Cryogenic Innovations
- CryoHub Innovation Project
- Researchers Develop New Snap Freezing Device for Liquid Nitrogen
- Cryogenic Leakage in Tanks: A Major Concern
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/4nx3gw
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