Dublin, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The "Cryogenic Tanker Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Raw Material (Stainless Steel, Aluminum, Nickel Alloy), By Liquid, By Application, By End User, By Region" report has been added to ResearchAndMarkets.com's offering.
Global Cryogenic Tanker Market was valued at USD 3223.23 million in 2021 and is anticipated to project robust growth in the forecast period with a CAGR of 7.29% owing to the robust industrial growth, rising demand for liquid natural gas, increasing demand for clean energy sources etc. across the world.
Development of Health Care Sector
In 2020 the COVID-19 pandemic outbreak worldwide taught a lesson to many countries to focus on the healthcare sector with the same importance as defense and infrastructure. The demand for cryogenic tankers elevated considerably in recent months due to the pandemic.
Additionally, many countries like India, Africa, and the Caribbean imported oxygens gas through cryogenic tankers. The Delhi government in India recently set a goal for installing non-captive oxygen generation facilities with a minimum capacity of 10 MT and a maximum capacity of 50 MT. The generation plant will also receive power subsidies. During the projection period, these projects expand the market for cryogenic tankers.
Increasing Demand for Liquid Natural Gas
The demand for use of liquid Natural Gas (LNG) instead of Fuel is increasing in many countries. The demand for LNG is owed to the rise in gas-based power plants and the trend of adopting LNG fuels in locomotive and marine transport applications. The increasing demand for energy from LNG-based power plants is the major factor attributed to the growth of the cryogenic tanker market.
Therefore, the usage of oil tankers, valves, vaporizers, pumps, refrigerators, and other types of equipment in the oil & gas sector is anticipated to drive the demand for cryogenic tankers in the forecast period.
Rising Demand for Clean Energy sources
The rising demand for clean energy power is forecast to boost the market in the future. There are many applications for generating clean energy which helps to hold the growth of the market, for instance, transportation, storage and regasification. Additionally, developing economies & significant investment in the metallurgical and chemical & petrochemical sectors would propel the demand for the global cryogenic tanker market. Additionally, many countries like India, UAE, Saudi Arabia, Israeli and many others focus on clean energy sources which help in decreasing the effect of global warming. This is expected to project the market for global cryogenic tankers in the upcoming years.
Growing Demand for Liquid Nitrogen in the Manufacturing Sector
Liquid nitrogen is used extensively in the manufacturing processes of electronic products. The manufacturing operations such as laser sintering, laser ablation, brazing, carburizing, tempering, annealing, gas quenching, neutral hardening, normalizing, and sintering where nitrogen played a major role. Additionally, in the manufacturing sector, in order to stop the metals from reacting with oxygen and producing undesirable oxides that could end up in the final products, liquid nitrogen is used to cover the metals being used. In order to prevent any form of oxidation, the assembling of electronic items is carried out in a liquid nitrogen-induced environment. Hence, the market for cryogenic tankers is expected to rise in the upcoming year.
Report Scope:
In this report, Global Cryogenic Tanker Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Global Cryogenic Tanker Market, By Raw Material:
- Stainless Steel
- Nickel Alloy
- Aluminum
Global Cryogenic Tanker Market, By Liquid:
- Liquefied Natural Gas
- Liquid Nitrogen
- Liquid Oxygen
- Others
Global Cryogenic Tanker Market, By Application:
- Storage
- Transportation
Global Cryogenic Tanker Market, By End User:
- Manufacturing
- Healthcare
- Food Industry
- Others
Global Cryogenic Tanker Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Kuwait
- South America
- Brazil
- Argentina
- Colombia
A selection of companies mentioned in this report includes
- Chart Industries, Inc,
- Air Products
- INOX India Pvt. Ltd
- Linde PLC
- Air Water Inc
- Wessington Cryogenics Ltd
- Super Cryogenic Systems Pvt Ltd
- FIBA Technologies Inc
- Suretank Group Ltd
- Eden Cryogenic LLC
- M1 Engineering.
For more information about this report visit https://www.researchandmarkets.com/r/5d2sz5-tanker?w=12
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