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Cryogenic Tank Market – Segmented by Cryogenic Liquids, End User Industry and Geography (2019 to 2024)

Cryogenic Tank Market – Segmented by Cryogenic Liquids, End

The report published by Knowledge Sourcing Intelligence titled “Cryogenic Tank Market- Forecast From 2018 to 2023” studies the various factors affecting the demand for Cryogenic Tanks across the globe. The report has been segmented by type of cryogenic liquids (liquid nitrogen, liquefied natural gas, liquid hydrogen, liquid oxygen, and others), by end-user industry (medical, electronics, food and beverage, energy generation, and others), and by geography, covering five regions namely North America, South America, Europe, Middle East and Africa and the Asia Pacific, and some of the major economies in each of these regions.

Growing global cold chain industry is one of the leading drivers of the cryogenic tank market. Growing food and beverage, as well as pharmaceutical industries, is significantly boosting the demand for cryogenic tanks to transport and store cryogenic liquids. Stringent environmental regulations regarding workers’ safety and environment are further driving the growth of the cryogenic tank market. The rising volume of cryogenic gases being traded across the globe is another major driver of cryogenic tank market. According to the International Energy Agency (IEA), the global LNG demand is projected to grow by 45% by 2040. Burgeoning global LNG demand will, thus, continue to bolster the growth of the cryogenic tank market during the forecast period.

Liquid Nitrogen segment holds significant market share
By type of cryogenic liquids, Cryogenic Tank market is segmented into liquid nitrogen, liquefied natural gas, and liquid hydrogen, liquid oxygen, and others. Liquid Nitrogen segment accounted for a significant share of the global cryogenic tank market in 2017 owing to the rising demand across various industries including chemical, pharmaceutical, and food and beverage. The global rise in import and export activities across food and beverage and pharmaceuticals has resulted in the growing need for cold storage and transport facilities, thus augmenting the demand for cryogenic tanks. Growing usage of liquid nitrogen in metal fabrication to reduce the heat generated during metal manufacturing is further escalating the demand for liquid nitrogen across the globe, thus positively impacting the growth of the cryogenic tank market.

North America and Europe hold significant market share
Geographically, Cryogenic Tank market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Early adoption of new technologies and high growth of end-user industries in these regions is driving the growth of the cryogenic tank market. APAC will witness the significant CAGR between 2018 and 2023 owing to the rising demand for LNG across countries such as China and India.

This report also includes a study of strategies and product portfolios of some of the leading companies in the Cryogenic Tank market. It consists of company profiles of the leading companies- The Linde Group, Gardner Cryogenics, Cryogenic Vessel Alternatives, Inc., Wessington Cryogenics, FIBA Technolgies, Inc., Chart Industries, VRV S.p.A., and INOXCVA.

Request a sample or purchase the report: https://www.knowledge-sourcing.com/cryogenic-tank-market

Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

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