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 Attribute | Details |
| No. of Pages | 546 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $5.8 Billion |
| Forecasted Market Value (USD) by 2030 | $9.6 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- Impact of COVID-19 and a Looming Global Recession
- Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
- World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
- Industrial Activity to Remain Subdued in the Immediate Term
- Global PMI Index Points for the Years 2018, 2019 & 2020
- Cryogenic Tanks: An Introduction
- Global Market Prospects and Outlook
- Liquid Nitrogen Emerges as the Leading Segment
- Storage Application Drives Market Growth
- Manufacturing: The Largest End-Use Market
- Developing Economies to Spearhead Future Growth
- Competition
- World Brands
- Recent Market Activity
- Cryogenic Tanks - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Myriad Applications of Cryogenics Presents Growth Opportunity for Cryogenic Tanks Market
- Growing Role of Cryogenics in Industrial Manufacturing Fosters Growth in Cryogenic Tanks Market
- Metal Processing Industry Emerges as the Major End-Use Market for Cryogenic Tanks
- Global Steel Processing Market Size (in US$ 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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