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Cryogenic Tanks Market Growing at a Healthy Rate 2016 - 2024
Cryogenic Tanks Market
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According to TMR, the global opportunity in the cryogenic tanks market will be worth US$1,433.0 mn in 2024 and witness a CAGR of 7.7% in the period from 2016 to 2024. On the basis of application, the market will be led by the storage segment, which also held the leading position in 2016. On the basis of application, the storage application segment accounted for over 80% of the market in 2015 on account of the increasing on site production of industrial gases and planned storage of LNG. Cryogenic tanks are being used for both short and long term storage of LNG and industrial gases, which will be a key factor driving the growth of this segment. The growing production volumes of industrial gas and LNG will fuel the demand for cryogenic tanks for transportation purpose. As cryogenic tanks are extremely suitable for the transportation of LNG and industrial gases, their demand is expected to soar in the transportation segment in the years to come.
By geography, Asia Pacific is anticipated to continue to lead in the market and display an 8.4% CAGR between 2016 and 2024. The growth in industrialization and increasing manufacturing facilities are some of the factors driving the growth of the Asia Pacific cryogenic tanks market. In addition to this, large players have fueled the sales of cryogenic tanks for liquid industrial gases in Asia Pacific in the recent past and this will augment the growth of the market. The growth in population and hence a rise in the increasing consumption of LNG cryogenic tanks will continue to drive the growth of the market in Asia Pacific.
The design specifications of cryogenic tanks are such, that they make for the safest and most efficient means of storing and transporting liquefied form of various industrial gases such as oxygen, nitrogen, argon, and liquefied natural gas (LNG). The offshore and inland transportation as well as the on-site and off-site storage of industrial gases is the major revenue generator for the global cryogenic tanks market.
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The cost of these tanks is high when compared to other tanks and this may deter their adoption. The need for very specific components and skilled technical expertise will also be some of the challenging factors. Manufacturers of cryogenic tanks are expected to follow various safety related guidelines and stringent quality measures are to be adhered to, in order to sell these tanks, adding up to the cost of manufacturing of these tanks, states a TMR analyst. Moreover, the growing preference for gas pipelines is estimated to have a sizeable impact on the global cryogenic tanks market in the forecast period. Gas pipelines have increased throughout Central Asia, North America, and Europe, which is affecting demand of cryogenic tanks.
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