Dublin, March 13, 2024 (GLOBE NEWSWIRE) -- The "Cryogenic Vessels - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Cryogenic Vessels Market size is estimated at USD 8.08 billion in 2024, and is expected to reach USD 10.41 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
Key Highlights
- Over the medium term, the increasing demand for liquefied natural gas (LNG) and increasing investments in developing healthcare systems are expected to increase the demand for cryogenic vessels during the forecasted period.
- On the other hand, high operations and maintenance costs are expected to hinder market growth.
- Nevertheless, the increasing technological investments in cryogenic energy storage system development and the increasing deployment of hydrogen as an energy source are expected to create huge opportunities for the cryogenic vessel market.
Cryogenic Vessels Market Trends: Metal Processing Industry To Dominate The Market
- Cryogenic vessels have significant applications in the metal industry due to their ability to handle and store materials at extremely low temperatures. These vessels are utilized in various ways to enhance metal processing and manufacturing processes.
- In metalworking, cryogenic vessels are used to achieve ultra-low temperatures by circulating liquid nitrogen or other cryogenic fluids. This rapid cooling process improves metals' hardness, strength, and wear resistance. Cryogenic treatment, cryogenic machining, and cryogenic grinding are some of the processes that benefit from this technique.
- Furthermore, cryogenic vessels play a significant role in metal fabrication and welding operations. Cryogenic gases, such as liquid nitrogen or argon, are stored in these vessels as shielding gases during welding processes. By preventing oxidation and providing a controlled environment, these cryogenic gases enhance the quality of welds.
- Furthermore, the metal industry has observed growth in recent years and is expected to continue during the forecasted period due to urbanization, infrastructure development, population growth, and industrial expansion.
Asia-Pacific to Witness Significant Growth
- Due to several significant factors, the Asia-Pacific region is poised to experience increased demand for cryogenic vessels. One key driver is the region's rapid industrialization across various sectors, including energy, chemicals, electronics, and healthcare. As these industries require cryogenic fluids and processes, the demand for cryogenic vessels for storage and transportation is expected to rise.
- Furthermore, Asia-Pacific's expanding healthcare and medical research sectors contribute to the increased need for cryogenic vessels. These vessels play a vital role in storing and transporting biological samples, vaccines, and other temperature-sensitive materials, ensuring their integrity at ultra-low temperatures.
- Another key factor is the region's focus on energy and power infrastructure development. With significant investments in liquefied natural gas (LNG) terminals and storage facilities, the demand for cryogenic vessels for LNG storage and transportation is expected to surge.
Cryogenic Vessels Industry Overview
The global cryogenic vessels market is semi-consolidated. Some key players in this market (in no particular order) include Linde plc, Chart Industries Inc, Inox India Ltd, Isisan AS, and FIBA Technologies Inc., among others.
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