Global Cryogenic Tanks Market Size To Worth USD 19.98 Billion by 2032 | CAGR of 6.1%
Category: Energy & PowerGlobal Cryogenic Tanks Market To Worth USD 19.98 Billion by 2032
According to a research report published by Spherical Insights & Consulting, The Global Cryogenic Tanks Market size is to grow from USD 11.05 billion in 2022 to USD 19.98 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period.
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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on "Global Cryogenic Tanks Market Size, Share, and COVID-19 Impact Analysis, By Cryogenic Liquid (Liquefied Natural Gas, Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, and Other), By Application (Storage and Transportation), End-User (Manufacturing, Healthcare, Food Industry, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/cryogenic-tanks-market .
Cryogenic tanks are specialized containers designed for the storage and transportation of liquefied gases at extremely low temperatures. Constructed using materials like stainless steel or aluminum, these tanks incorporate advanced thermal insulation techniques to minimize heat transfer and maintain the cryogenic temperatures required for substances such as liquid oxygen, nitrogen, helium, and argon. They find essential applications in industries like healthcare, aerospace, research, and industrial processes. Cryogenic tanks ensure the safe storage and distribution of liquefied gases, enabling their use in various applications where low-temperature conditions are crucial. These tanks play a critical role in maintaining the integrity and usability of cryogenic fluids across diverse sectors.
The transportation segment is expected to grow at a CAGR of around 5.8% during the forecast period
Based on application, the global cryogenic tanks market is segmented into storage and transportation. The transportation segment is projected to witness significant growth in the forecast period in the cryogenic tanks market. This growth can be attributed to the increasing demand for the transportation of liquefied gases, such as LNG and liquid oxygen, for various applications is driving the need for cryogenic tanks specifically designed for efficient and safe transport. Additionally, the expanding global trade of LNG and the development of LNG infrastructure are contributing to the growth of the transportation segment. Moreover, advancements in tank design, insulation materials, and safety measures are enhancing the transportation capabilities of cryogenic tanks, further boosting the prospects of the transportation segment.
The manufacturing segment held the largest market share with more than 31.7% in 2022.
Based on end-user, the global cryogenic tanks market is segmented into manufacturing, healthcare, food industry, and others. The manufacturing segment has claimed the largest market share in the cryogenic tanks industry. This dominance can be attributed to increasing demand for cryogenic tanks across various sectors, such as healthcare, electronics, and aerospace, has fueled the growth of the manufacturing segment. The advancements in manufacturing technologies and processes have enabled the production of high-quality and cost-effective cryogenic tanks. Additionally, the presence of established manufacturers with expertise in designing and producing cryogenic tanks has contributed to the segment's dominance. Furthermore, the manufacturing segment's ability to cater to the diverse needs of end-users and provide customized solutions has further solidified its position as the leading market share holder in the cryogenic tanks industry.
Asia-Pacific is predicted to grow at a higher CAGR of around 6.4% over the projected period
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Based on region, the Asia-Pacific region is anticipated to experience highest growth in the forecast period for several reasons, due to rapidly expanding industrial sector, including manufacturing, healthcare, and electronics, is driving the demand for cryogenic tanks. Additionally, the increasing adoption of liquefied natural gas (LNG) as a cleaner energy source in countries like China and India is boosting the need for storage and transportation infrastructure, thus driving the market growth. Moreover, government initiatives promoting the development of LNG terminals and supporting the use of cryogenic technologies further contribute to the market expansion. Furthermore, the presence of key market players and ongoing technological advancements in the region also play a crucial role in the anticipated growth of the Asia-Pacific cryogenic tanks market.
Some of the major players in the global cryogenic tanks market include Chart Industries, Cryofab, INOX India, Linde PLC, Air Products, Cryolor, Air Water Inc., Wessington Cryogenics, Super Cryogenic Systems Pvt. Ltd., FIBA Technologies, ISISAN, Suretank Group Ltd., and Eden Cryogenic LLC.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global cryogenic tanks market based on the below-mentioned segments:
Cryogenic Tanks Market, By Cryogenic Liquid
- Liquefied Natural Gas
- Liquid Nitrogen
- Liquid Oxygen
- Liquid Hydrogen
- Other
Cryogenic Tanks Market, By Application
- Storage
- Transportation
Cryogenic Tanks Market, By End-User
- Manufacturing
- Healthcare
- Food Industry
- Others
Cryogenic Tanks Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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