Cryogenic Tanks Global Market is Projected to Reach $9.6 Billion by 2030: Increasing Role of Cryogenic Equipment in Electronics Industry to Spur Growth


Dublin, July 03, 2023 (GLOBE NEWSWIRE) -- The "Cryogenic Tanks: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Cryogenic Tanks estimated at US$5.8 Billion in the year 2022, is projected to reach a revised size of US$9.6 Billion by 2030, growing at a CAGR of 6.5% over the analysis period 2022-2030.

Liquid Nitrogen, one of the segments analyzed in the report, is projected to record a 7.4% CAGR and reach US$3.5 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 6.1% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1.3 Billion, While China is Forecast to Grow at 8.5% CAGR

The Cryogenic Tanks market in the U.S. is estimated at US$1.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1 Billion by the year 2030 trailing a CAGR of 8.5% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.5% and 6.6% respectively over the 2022-2030 period.

Within Europe, Germany is forecast to grow at approximately 5% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.1 Billion by the year 2030.

Select Competitors (Total 38 Featured) -

  • Air Products and Chemicals, Inc.
  • AIR WATER INC
  • Chart Industries, Inc.
  • Cryofab Inc
  • Cryolor
  • Cryoquip
  • Eden Cryogenics LLC
  • FIBA Technologies, Inc
  • Gardner Cryogenics
  • INOX India Pvt Ltd
  • ISISAN ISI SAN. VE TIC .A.S
  • Linde plc
  • Suretank Group Ltd.
  • VRV S.r.L
  • Wessington Cryogenics

Key Attributes:

Report AttributeDetails
No. of Pages546
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$5.8 Billion
Forecasted Market Value (USD) by 2030$9.6 Billion
Compound Annual Growth Rate6.5%
Regions CoveredGlobal

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • Impact of COVID-19 and a Looming Global Recession
  • Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Industrial Activity to Remain Subdued in the Immediate Term
  • Global PMI Index Points for the Years 2018, 2019 & 2020
  • 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
  • Competition
  • World Brands
  • Recent Market Activity
  • Cryogenic Tanks - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

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
  • Global Steel Processing Market Size (in US$ Billion) for the Years 2019, 2022 and 2025
  • Widespread Use of Cryogenic Technology for Food Processing and Preservation to Boost Market Prospects
  • Global Frozen Food Market Size (in US$ Billion) for the Years 2018, 2021 & 2024
  • 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
  • Global Primary Energy Consumption by Source (in %) for 2018 and 2040
  • Global Gas Supply Breakdown by Source (in %) for 2019
  • Global LNG Imports Breakdown by Region (in %) for 2019
  • Global LNG Liquefaction Capacity Addition ( in MT) for the Years 2015-2020
  • Shift Towards Renewable Energy Enhances Importance of Cryogenic Energy Storage System, Driving Market Growth
  • World Installed Base of Wind Energy (in Megawatts) by Geographic Region: 2018, 2021 & 2024
  • Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
  • Cryogenics and Superconductivity for Affordable Energy Storage and Generation
  • Worldwide Steel Production Trends Impact Cryogenic Tanks Market
  • Global Crude Steel Monthly Production (in Million Tonnes) for the Period Jul-2019 to Jul-2020
  • 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
  • COVID-19 Vaccines in Pipeline by Technology and Clinical Stage
  • 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/v1b1lr

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Global Market for Cryogenic Tanks

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