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Cryogenic Tanks Market: Global Forecast, Key Players and Emerging Trends
Cryogenic Tanks Market
What Is The Projected Market Size Of The Global Cryogenic Tanks Market And Its Growth Rate?
The cryogenic tanks market is experiencing a robust growth rate.
• 2024 Market Size: $7.34 billion
• 2025 Market Size: $7.75 billion (5.6% CAGR)
• 2029 Market Size: $10.32 billion (7.4% CAGR)
The growth can be credited to a myriad of factors including expansion of long infrastructure, advents in space exploration, and escalation in biotechnology and pharmaceuticals, amongst others.
What Is Driving The Growth In The Cryogenic Tanks Market?
The surge in demand for liquefied natural gas (LNG) has been instrumental in driving the growth of the cryogenic tank market. LNG is a more feasible and secure form of transmitting natural gas and the use of cryogenic tanks in its storage and transportation has increasingly become crucial. Importantly, International Energy Agency's data reveals a 63% rise in LNG cargo shipped to Europe in 2022; this bodes well for the growth of the cryogenic tank market.
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Who Are The Key Players Driving Cryogenic Tanks Market Growth?
Key players dictating the directions of the cryogenic tanks market include,
• 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
What Are The Key Trends In The Cryogenic Tanks Market?
The decisive trends in the cryogenic tanks market are as follows,
• Technological innovations in tank design
• Advancements in healthcare technologies
• Improvements in tank insulation technologies
• Developments in lightweight materials
• Extending applications in medical and healthcare
What Are The Segments Of The Global Cryogenic Tanks Market?
The Cryogenic tanks market segments include -
• By Cryogenic Liquid: Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other Cryogenic Liquids
• By Raw Material: Steel, Nickel Alloy, Aluminum Alloy, Other Raw Materials
• By Application: Storage, Transportation
• By End-User: Manufacturing, Healthcare, Food Industry, Other End-Users
Which Region Leads The Cryogenic Tanks Market?
Asia-Pacific dominated the cryogenic tanks market in 2024, however, North America is expected to be the fastest-growing region during the projected period. The areas covered in the cryogenic tanks market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Cryogenic Tanks Market Global Market Report?
- Market Size Analysis: Analyze the Cryogenic Tanks Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cryogenic Tanks Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cryogenic Tanks Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cryogenic Tanks Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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