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Cryogenic Tanks Global Market Report 2024 - By Size, Share, Demand And Industry Analysis, Outlook By 2033
Cryogenic Tanks Market
As per the report, the cryogenic tanks market size has grown strongly in recent years. It will grow from $7.04 billion in 2023 to $7.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The cryogenic tanks market size is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
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Surge In LNG Demand Propels Cryogenic Tank Market Expansion
The rise in demand for liquefied natural gas (LNG) is significantly contributing to the growth of the cryogenic tank market going forward. Liquefied natural gas (LNG) is a form of natural gas that has been cooled down to a liquid state, which is more convenient and secure to transfer. Cryogenic tanks are used to store, and transport liquefied natural gas (LNG) from producers to customers safely and easily. For instance, in February 2023, according to data released by the International Energy Agency (IEA), a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the amount of LNG cargo shipped to Europe in 2022 surged by 63%. Therefore, a rise in demand for liquefied natural gas (LNG) will drive the cryogenic tank market.
Innovation In Lightweight Cryogenic Tank Technology Reshapes Market Dynamics
Technological advancement is the key trend gaining popularity in the cryogenic tank market. Major companies operating in the cryogenic tank market are focusing on making cryogenic tanks more durable and lightweight by using new materials and manufacturing techniques. For instance, in February 2022, Boeing, a US-based aircraft manufacturer, developed a new liner-less cryogenic fuel tank. The new lightweight cryogenic tank features composite technology that decreases the weight and adds 30 percent more payload for aerospace applications such as NASA's space launch system. The composite tank, which measures 4.3 meters (14 feet) in diameter, is of a similar size to the fuel tanks planned for utilization in NASA's Space Launch System (SLS) rocket's upper stage.
The cryogenic tanks market covered in this report is segmented -
1) By Cryogenic Liquid: Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other Cryogenic Liquids
2) By Raw Material: Steel, Nickel Alloy, Aluminum Alloy, Other Raw Materials
3) By Application: Storage, Transportation
4) By End-User: Manufacturing, Healthcare, Food Industry, Other End-Users
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Major companies operating in the cryogenic tanks market report are Linde Plc, Air Products And Chemicals Inc., Messer Group GmbH, Chart Industries Inc., Cryolor Asia Pacific Private Limited, INOX India Pvt. Ltd., UIG Holdings Inc., FIBA Technologies Inc., Taylor-Wharton International LLC, Air Water Inc., VRV Asia Pacific Private Limited, Acme Cryogenics Inc., Wessington Cryogenics, Auguste Cryogenics, Gardner Cryogenic Inc., Cryoquip Inc., Super Cryogenic Systems Pvt. Ltd., Technex Limited, Cryofab Inc., Cryomech Inc., Cryeng Group Pty Ltd., CryoVation LLC, Brymill Cryogenic Systems, Cryogas Equipment Private Limited, Herose GmbH, Isısan A.Ş., Cryostar SAS, Cryo Systems Manufacturing, Cryo Diffusion S.A., FNF Gas Technology Products Pvt. Ltd.
Contents of the report:
1. Executive Summary
2. Cryogenic Tanks Market Report Structure
3. Cryogenic Tanks Market Trends And Strategies
4. Cryogenic Tanks Market - Macro Economic Scenario
5. Cryogenic Tanks Market Size And Growth
…..
27. Cryogenic Tanks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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