Press release
Emerging Growth Patterns Driving Expansion in the Cryogenic Tanks Market
Cryogenic Tanks Market
Projected Growth and Market Size of the Cryogenic Tanks Market
The cryogenic tanks sector is anticipated to expand robustly, reaching a market size of $10.82 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 7.4%. Factors supporting this upward trajectory include the rising adoption of hydrogen fuel, increased investments in clean energy, the growth of gas transportation infrastructure, innovations in advanced materials, and the broadening use of cryogenic tanks in space and aerospace applications. Key trends expected to influence the market during this period involve the development of LNG storage infrastructure, heightened demand for medical gases, growth in the hydrogen economy, adoption of next-generation insulation technologies, and expanded use in cryogenic transport.
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Prominent Players Dominating the Cryogenic Tanks Market
Several leading companies currently steer the cryogenic tanks market. Noteworthy players 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, 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, Is?san A.?., Cryostar SAS, Cryo Systems Manufacturing, Cryo Diffusion S.A., and FNF Gas Technology Products Pvt. Ltd.
Recent Acquisition Strengthening Market Position
In September 2024, TransTech Group, a US-based company specializing in industrial and energy infrastructure, acquired Cryogenic Technology Resources (CTR) in a deal with undisclosed financial details. This acquisition aims to enhance TransTech's capabilities in the cryogenic and high-pressure gas storage and transfer market. CTR brings particular expertise in cryogenic bulk-gas storage, transportation, automation and control, and maintenance services. This strategic move allows TransTech to broaden its end-to-end cryogenic service offerings, consolidating its market presence.
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Innovations Shaping the Cryogenic Tanks Industry
Leading market players are actively developing cutting-edge solutions such as cryogenic hydrogen tanks to meet increasing energy storage requirements, improve safety standards, and serve growing demand in transportation and industrial sectors. Cryogenic hydrogen tanks are specialized containers designed to store hydrogen gas at extremely low temperatures, typically below -253 degrees Celsius. These tanks are critical for applications like fuel cell vehicles and various industrial processes. For example, in June 2025, Airbus SE announced plans to build a dedicated facility at its Filton site in Bristol, United Kingdom, to develop a new cryogenic hydrogen tank for future aircraft models. The Zero Emission Development Centre (ZEDC) in Filton is focused on advancing this technology, aiming to deliver a cost-effective cryogenic fuel system essential for Airbus's ZEROe aircraft initiative.
Detailed Breakdown of Cryogenic Tanks Market Segments
This report segments the cryogenic tanks market as follows:
1) By Cryogenic Liquid: Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, and Other Cryogenic Liquids
2) By Raw Material: Steel, Nickel Alloy, Aluminum Alloy, and Other Raw Materials
3) By Application: Storage and Transportation
4) By End-User: Manufacturing, Healthcare, Food Industry, and Other End-Users
Further subcategories include:
- LNG Storage Tanks and LNG Transport Tanks under Liquefied Natural Gas
- Cryogenic Dewars and Bulk Storage Tanks under Liquid Nitrogen
- Medical Oxygen Tanks and Industrial Oxygen Tanks for Liquid Oxygen
- Cryogenic Hydrogen Tanks and Hydrogen Fuel Tanks under Liquid Hydrogen
- Other cryogenic liquids such as Liquid Helium, Liquid Argon, Liquid Ethylene, and Liquid Carbon Dioxide
This comprehensive segmentation reflects the diverse applications and materials used in the cryogenic tanks industry, supporting its ongoing growth and innovation.
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