Cryogenic Tanks Market Size Estimated to Reach USD 11.4 Billion by 2032, Growing at a CAGR of 5.3%

BEIJING, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The Cryogenic Tanks Market is slated for steady growth globally, although cost and insulation enhancements remain key focus areas, driven by increasing industrialization and energy demand.

The Global Cryogenic Tanks Market is expected to exhibit steady growth during the forecast period, driven by the rising demand from end-use industries like energy, chemicals, and food & beverage. This analysis provides insights into market size, trends, drivers, challenges, regional outlook, and competitive landscape.

Cryogenic Tanks Market Highlights and Statistics:

• Cryogenic Tanks Market size will reach USD 11.4 billion by 2032 from USD 6.9 billion in 2022, expanding at a CAGR of 5.3% during the forecast period.
• The Asia-Pacific region held the largest share of the cryogenic tanks market in 2022, accounting for more than 36% of the total market.
• The North American cryogenic tanks market is expected to expand at a compound annual growth rate (CAGR) of around 5.9% from 2023 to 2032.
• The storage segment is the market leader, accounting for over 75% of the market share in 2022.
• In 2022, the nitrogen segment of the cryogenic liquids market accounted for more than 37% of the total revenue.
  
  

Request For Free Sample Report @

https://www.acumenresearchandconsulting.com/request-sample/3386

Cryogenic Tanks Market Report Coverage:

Cryogenic Tanks Market Overview and Growth Factors:

The growth of the market can be attributed to the increasing demand for cryogenic tanks from various end-use industries such as chemicals, energy, food processing, healthcare, and others. Advancements in storage materials, insulation, and cooling efficiency are also expected to boost the demand for cryogenic tanks during the forecast period. However, high costs are expected to be a key challenge for the market growth. Here are some additional details about the market: The global cryogenic tanks market is segmented on the basis of type, application, and region. Based on type, the market is segmented into liquid nitrogen tanks, liquid oxygen tanks, liquid argon tanks, and others. Based on application, the market is segmented into chemicals, energy, food processing, healthcare, and others. The Asia Pacific region is expected to hold the largest share of the market during the forecast period. The key players operating in the cryogenic tanks market are Chart Industries, Cryofab, Linde Group, Praxair Technology, Air Liquide, and others.

Trends Influencing Cryogenic Tanks Market Growth:

• Growing use of advanced materials like aluminum alloys, 9% nickel steel, and austenitic stainless steel.
• Introduction of optimized tank designs reducing heat leaks and boil-off losses.
• Adoption of technologies like vacuum insulation and microtherm shields.
• Development of real-time tank monitoring systems and fill level sensors.
• Increasing R&D on new refrigeration techniques to improve efficiency.
  

Major Growth Drivers:

• Rising adoption across LNG storage, transportation, regasification, and distribution.
• Growth of industrial gas production and wider use across industries.
• Expanding food freezing, preservation, and processing applications.
• Rising biomedical usage for blood, stem cells, reproductive cells etc. storage.
• Surging helium demand owing to wider adoption in MRI machines, optical fibers etc.
  

Key Challenges in the Cryogenic Tanks Market:

• High capital and operating costs of cryogenic tank infrastructure.
• Temperature and pressure-related hazards requiring highly skilled personnel.
• Concerns regarding cryogenic liquid containment leakage and resulting accidents.
• Complexities in providing effective, low maintenance insulation solutions.
• Requirement of extensive site preparation and auxiliary equipment.
  

Check the detailed table of contents of the report @

https://www.acumenresearchandconsulting.com/table-of-content/cryogenic-tanks-market

Cryogenic Tanks Market Classification:

Based on the Raw Material

• Nickel alloy type
• Aluminum alloy type
• Steel type
• Other types

Based on the Cryogenic Liquid

• Argon type
• Nitrogen type
• Natural gas type
• Oxygen type
• Other type
  

Based on the Application

• Storage uses
• Transportation uses

Based on the End-User

• Power uses
• Manufacturing industries uses
• Metallurgy uses
• Oil & gas industry uses
• Healthcare uses
• Shipping uses
• Other uses
  

Regional Overview on the Cryogenic Tanks Market:

The Cryogenic Tanks Market is witnessing varied trends across different regions. Developed regions like Europe and North America are leading, driven by advanced technology adoption and stringent regulations regarding the storage and transportation of liquefied gases. These regions host numerous key players focusing on product innovation and maintaining safety standards. In contrast, the market in emerging regions like Asia-Pacific is experiencing substantial growth due to increasing demand for industrial gases and investments in energy and healthcare sectors. However, these regions face challenges related to infrastructure and adherence to safety norms. The Middle East and Africa are also observing growth, fueled by the oil and gas sector's requirements. Each region's market dynamics are shaped by its industrial needs, regulatory environment, and technological advancements.

Buy this premium research report –

https://www.acumenresearchandconsulting.com/buy-now/0/3386

Major Companies Offering Cryogenic Tanks Market:

Chart Industries, Cryofab Inc., INOX India Pvt. Ltd., Linde Plc, Air Products, Cryeng Group, Air Water Inc., Wessington Cryogenics, FIBA Technologies, Inc., Gardner Cryogenics, etc.

Browse More Research Topic on Construction Industries Related Reports:

The Worldwide Deep Hole Drilling Machines Market accounted for USD 627 Million in 2020 and is expected to reach USD 995 Million by 2028 with a considerable CAGR of 6% during the forecast period of 2021 to 2028.

The Scissor Lift Market accounted for USD 3,030 Million in 2020 with a considerable CAGR of 6.8% throughout the forecast period from 2021 to 2028.

The Global Electric Excavator Market accounted for USD 5,056.3 Million in 2020 with a considerable CAGR of 19% during the forecast period of 2021 to 2028.

Browse Our Official Website Press release:

https://www.acumenresearchandconsulting.com/press-releases/cryogenic-tanks-market

About Acumen Research and Consulting:

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

For Latest Update Follow Us on Twitter , Instagram and LinkedIn

Contact Us:

Mr. Richard Johnson

Acumen Research and Consulting

USA: +13474743864

India: +918983225533

E-mail: sales@acumenresearchandconsulting.com