Cryogenic Tanks Market Lead By Storage Application 2024

Global Cryogenic Tanks Market: Scope of the Report

The global cryogenic tanks market report by Transparency Market Research provides in-depth analysis of the cryogenic tanks market globally. The report segments the market on the basis of product type, application, and geography. The report analyzes the global cryogenic tanks market in terms of both cryogenic tanks sales volume (Units) and revenue (US$ Mn) for the years 2016–2024. For this research study, the base year is 2015, whereas the forecast is from 2016 to 2024. The report provides a comprehensive competitive landscape and features companies manufacturing cryogenic tanks. This report includes the key dynamics affecting the cryogenic tanks market globally. The analysis in the report provides detailed insights of the global cryogenic tanks market. The drivers, opportunities, and restraints of the market were analyzed in detail and are illustrated in the report. The report also provides a detailed industry analysis of the global cryogenic tanks with the help of the Porter’s Five Forces Analysis model.

Global Cryogenic Tanks Market: Segmentation

The research report is segmented into product type and application. Product type segment is further segmented into LNG, nitrogen, oxygen, and argon. Application segment is further segmented into storage and transportation (including distribution).

The global cryogenic tanks market has been segmented geographically into five regions and further into sub-segmented 15 unique country sub-segments. The regional segments are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The 15 countries which have been separately addressed in this report are the U.S., Canada, the U.K., Germany, France, China, India, Japan, Australia, Qatar, Oman, UAE, Egypt, Brazil, and Mexico.

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On the basis of product type, LNG is the dominant product type segment which accounted for 37.3% market share in terms of cryogenic tanks sales revenue in 2015. Nitrogen product type segment held 30.9% market share of the global cryogenic tanks market In terms of cryogenic tanks sales revenue in 2015. Increasing production capacity, consumption rate, and trade volume of LNG are some of the factors likely to boost the demand for cryogenic tanks for LNG product type segment during the forecast period.

On the basis of application, storage application dominated the global cryogenic tanks market with 85.5% market share. Cryogenic tanks are utilized for short term as well as long term storage of industrial gases and LNG among others. Increasing on-site production of industrial gases and planned (strategic) storage of LNG are some of the factors which are expected to boost storage application segment during the forecast period.

Manufacturers are increasingly focusing on ways to combat these challenges and exploit the vast growth opportunities that the market offers. Some of the key players in the market are Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., and FNF Gas Technology Products Private Ltd.

Demand across Asia Pacific to Continue to Contribute Bulk of Revenues

Transparency Market Research estimates that the global cryogenic tanks market will exhibit a healthy 7.7% CAGR over the period between 2016 and 2024. At this rate, the market, which valued at US$740.2 mn in 2015, is expected to reach US$1,433.0 mn in 2024. Geographically, the Asia Pacific market represents the dominant consumer of cryogenic tanks and is expected to remain the dominant contributor of revenue to the global market over the forecast period as well, exhibiting an 8.4% CAGR. In terms of application, the storage segment accounted for over 80% of the market in 2015 and is expected to retain dominance over the forecast period as well.

Rising Set of Applications of Industrial Gases to Fuel Demand

Design specifications of cryogenic tanks make them the most efficient and safest means of transportation and storage of liquefied form of several industrial gases such as nitrogen, liquefied natural gas (LNG), oxygen, and argon. Inland and offshore transportation and on-site and off-site storage of these gases constitute a big chunk of the overall revenue of the global cryogenic tanks market.

The market will also benefit over the forecast period from the continuous rise in the array of industrial gas applications. A vast rise in the number of production plants producing industrial gases such as nitrogen, oxygen, helium, argon, and carbon dioxide has been seen across the globe in the past few years. The number of on-site production plants for industrial gases is also on a rise globally. This factor will provide a huge boost to the global demand for a variety of cryogenic tanks, driving the global market.

High Manufacturing Costs and Improving Gas Pipeline Infrastructure to Hinder Growth

The cost of manufacturing cryogenic tanks is relatively higher as compared to a variety of other general-purpose tanks owing to the cutting-edge technology and the need for specific components and technical expertise. Stringent quality- and safety-related guidelines that need to be followed to manufacture and sell cryogenic tanks significantly add to the base cost of cryogenic tanks, restricting their adoption across numerous industries and applications. The high costs of cryogenic tanks are, therefore, expected to have a sizeable negative impact on the overall development of the global cryogenic tanks market in the next few years.

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Global Cryogenic Tanks Market: Geographical and Competitive Landscape

Asia Pacific dominated the global cryogenic tanks market in terms of cryogenic tanks sales volume and revenue, in 2015. It is expected to expand at a CAGR of 8.4% and 7.3% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively. North America followed Asia Pacific in terms of market share of the global cryogenic tanks market on the basis of cryogenic tanks sales volume and revenue, in 2015. Europe closely followed North America in terms of cryogenic tanks sales volume and revenue, in 2015. The market in Europe is expected to expand at a CAGR of 6.6% and 7.8% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively.

Some of the key market participants in the global cryogenic tanks market are Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., FNF Gas Technology Products Private Ltd., Gardner Cryogenics, INOX India Pvt. Ltd., Linde AG, and Suretank Group Ltd. The report provides an overview of these companies, followed by their financial details, business strategies, and SWOT analysis. The global cryogenic tanks market has been segmented as follows:

-North America

-The U.S.

-Canada

-Europe

-The U.K.

-Germany

-France

-Rest of Europe

-Asia Pacific

-China

-India

-Japan

-Australia

-Rest of Asia Pacific

-Middle East & Africa

-Qatar

-Oman

-UAE

-Egypt

-Rest of Middle East & Africa

-Latin America

-Brazil

-Mexico

-Rest of Latin America

Global Cryogenic Tanks Market: By Product Type

-Liquefied Natural Gas (LNG)

-Nitrogen

-Oxygen

-Argon

Global Cryogenic Tanks Market: By Application

-Storage

-Transportation

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