Pune, March 24, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider, the Cryogenic Tank Market was valued at USD 6.53 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 4.7% from 2023 to 2030. The market is projected to reach USD 9.43 billion by 2030.
Market Overview
Cryogenic tanks are typically constructed with a double-walled design, with the inner vessel made from a high-strength alloy or stainless steel, and the outer vessel made from carbon steel or another durable material. The space between the two walls is often filled with insulation material to reduce heat transfer, helping to maintain the extremely low temperatures required for storage.
Market Analysis
The cryogenic tank market is experiencing a significant upswing due to the rising need for low-temperature operations in diverse industries like metal processing, healthcare, and food technology, among others. These tanks are designed to prevent the heat contained in the vessel from affecting the liquid, making them ideal for storing and transporting materials at extremely low temperatures. The healthcare industry, in particular, is experiencing rapid growth worldwide, and this, coupled with high levels of research and development spending in the pharmaceutical industry, is expected to further drive the expansion of the market.
Key Company Profiles Listed in this Report Are:
Major Players are VRV S.p.A, Cryogas Equipment Private Ltd., Eden Cryogenics LLC, Cryoquip Australia, Cryofab Inc., INOX India Pvt. Ltd., Gardner Cryogenics, Suretank Group Ltd., Linde PLC, FNF Gas Technology Products Private Ltd.
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Cryogenic Tank Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.53 Billion |
| Market Size by 2030 | US$ 9.43 Billion |
| CAGR | CAGR of 4.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Cryogenic Liquid (Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen, Others) • By Application (Storage, Transportation) • By End-use industry (Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment, Others)• By Raw Material (Steel, Nickel Alloy, Aluminum Alloy, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Impact of Recession on Cryogenic Tank Industry Growth
The recession has had an impact on the cryogenic tank market, leading to a decline in demand, production, and sales. However, the industry is expected to recover in the coming years, driven by the growing demand for cryogenic applications and the increasing adoption of cryogenic technologies in various industries.
Key Regional Developments
The Asia Pacific region currently dominates the cryogenic tank market, holding the largest share. This market is expected to experience rapid growth during the forecast period, primarily due to the increasing demand for industrial gases across various industries in countries such as China and India. The region's growing metal processing, electronic, and automobile industries, both in developing and developed nations, are expected to drive the market's demand in the manufacturing sector. Moreover, the usage of liquid nitrogen for refrigeration in the electronic product manufacturing process is anticipated to contribute significantly to the market's growth in the coming years. This trend is expected to continue, as the need for advanced technology and precision in electronic manufacturing processes continues to grow.
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Key Takeaway from Cryogenic Tank Market Study
- The dominance of the LNG segment in the market is expected to continue in the foreseeable future, with the increasing demand for LNG from industries such as power generation, transportation, and manufacturing. The transportation sector, in particular, is expected to be a major driver of growth, as more countries look to transition to LNG-powered vehicles as a way to reduce their carbon footprint.
- The metal processing segment is expected to witness substantial growth in the market, owing to the increasing demand for metal products and the use of cryogenic tanks in various industrial applications. The continued advancements in technology are expected to further drive the growth of this market segment in the coming years.
Recent Developments Related to Cryogenic Tank Market
- Collins Aerospace has been chosen to lead the COCOLIH2T project, an initiative aimed at advancing the use of hydrogen as a fuel in aviation. The project, which is funded by the European Union's Horizon 2020 program, brings together a consortium of 14 partners from across Europe.
- Krensen, ACUA Ocean, and Trident have recently joined hands to form a partnership aimed at developing innovative marine hydrogen powertrain solutions. The collaboration intends to leverage the expertise of the three companies to create sustainable and efficient alternatives to traditional fossil fuel-powered marine propulsion systems.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Cryogenic Tank Market Segmentation, By Cryogenic Liquid
9. Cryogenic Tank Market Segmentation, By Application
10. Cryogenic Tank Market Segmentation, By End-Use Industry
11. Cryogenic Tank Market Segmentation, By Raw Material
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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