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