The global cryogenic tanks market size was valued at USD 5.7 billion in 2020 and is projected to expand at USD 7.6 billion by 2027 at a compound annual growth rate (CAGR) of 4.9% from 2020 to 2027. The growth can be attributed to the growing demand for low-temperature operations in various end-use industries such as metal processing, healthcare, food technology, and others. The cryogenic tanks are specially designed to be used for keeping away the heat contained in the vessel from the liquid. The growing healthcare industry across the globe coupled with high R&D spending in the pharmaceutical industry is expected to further fuel the market growth. However, factors such as concern regarding cryogenic leakages and high capital costs may restrain the growth.
The U.S. accounted for the majority share in the North America cryogenic tanks market and this trend is projected to continue till 2027. The U.S. emerged as one of the major countries utilizing the product, as the country has presence of manufacturing facilities of major industrial gas suppliers such as Linde, Air Liquide, Messer, and Air Products & Chemicals. These companies utilize these tanks for storing and transportation of industrial gases from their manufacturing facilities to the end users. The growing healthcare industry in the U.S coupled with rising R&D in the healthcare sector owing to a recent outbreak of pandemic is expected to propel the demand for liquid nitrogen cryogenic tanks in the U.S.
Liquefied nitrogen is expected to lead the market, as it accounts for the largest revenue share of over 30% in 2019. Liquid nitrogen is stored, shipped, and handled in several types of containers, depending upon the quantity required by the user. The typical types of containers in use are the Dewar, cryogenic liquid cylinder, and cryogenic storage tank.
Liquid nitrogen is used extensively in the manufacturing processes of electronic products. It is utilized to form a blanket over the metals being utilized to prevent their reaction with oxygen which might form unwanted oxides in the end products. The assembly of electronic products is done in a liquid nitrogen induced atmosphere to prevent any sort of oxidation.
Liquid nitrogen has an array of applications in the healthcare sector also. The gas is used in cryotherapy for the purpose of removing malignant skin. A scalpel cooled with the aid of liquid nitrogen is utilized to eliminate cancer tissues. Surgeries with the aid of liquid nitrogen are extremely effective and are able to cure the ailment treated permanently.
The Floating power plant market is segmented on the basis of cryogenic liquid, application, end-user and region. On the basis of cryogenic liquidLiquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other. On the basis of application Storage, Transportation. On the basis of end-user Manufacturing, Healthcare, Food Industry, Others.
The Asia Pacific held the largest market share of over 30% in terms of revenue, in 2019. The region is projected to register the fastest CAGR during the forecast period, owing to the rising demand for industrial gases from various end-use industries in economies such as China and India. The growing metal processing, electronic, and automobile industries in both developing and developed countries is expected to propel the demand in the manufacturing industry. Increasing use of liquid nitrogen for refrigeration of the electronic products throughout the manufacturing process is projected to drive the market in upcoming years.
A shift in production landscape towards emerging economies, particularly China and India is expected to positively influence market growth over the forecast period. The region is home to several rapidly expanding industries Asia pacific is the world’s biggest consumer of LNG, which drive the regional demand to store and transport LNG. This factor is expected to positively influence the market for cryogenic tanks.
Key companies are: Chart Industries; Cryofab; INOX India; Linde plc; Air Products; Wessington Cryogenics; FIBA Technologies; ISISAN
The U.S. accounted for the majority share in the North America cryogenic tanks market and this trend is projected to continue till 2027. The U.S. emerged as one of the major countries utilizing the product, as the country has presence of manufacturing facilities of major industrial gas suppliers such as Linde, Air Liquide, Messer, and Air Products & Chemicals. These companies utilize these tanks for storing and transportation of industrial gases from their manufacturing facilities to the end users. The growing healthcare industry in the U.S coupled with rising R&D in the healthcare sector owing to a recent outbreak of pandemic is expected to propel the demand for liquid nitrogen cryogenic tanks in the U.S.
Liquefied nitrogen is expected to lead the market, as it accounts for the largest revenue share of over 30% in 2019. Liquid nitrogen is stored, shipped, and handled in several types of containers, depending upon the quantity required by the user. The typical types of containers in use are the Dewar, cryogenic liquid cylinder, and cryogenic storage tank.
Liquid nitrogen is used extensively in the manufacturing processes of electronic products. It is utilized to form a blanket over the metals being utilized to prevent their reaction with oxygen which might form unwanted oxides in the end products. The assembly of electronic products is done in a liquid nitrogen induced atmosphere to prevent any sort of oxidation.
Liquid nitrogen has an array of applications in the healthcare sector also. The gas is used in cryotherapy for the purpose of removing malignant skin. A scalpel cooled with the aid of liquid nitrogen is utilized to eliminate cancer tissues. Surgeries with the aid of liquid nitrogen are extremely effective and are able to cure the ailment treated permanently.
The Floating power plant market is segmented on the basis of cryogenic liquid, application, end-user and region. On the basis of cryogenic liquidLiquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other. On the basis of application Storage, Transportation. On the basis of end-user Manufacturing, Healthcare, Food Industry, Others.
The Asia Pacific held the largest market share of over 30% in terms of revenue, in 2019. The region is projected to register the fastest CAGR during the forecast period, owing to the rising demand for industrial gases from various end-use industries in economies such as China and India. The growing metal processing, electronic, and automobile industries in both developing and developed countries is expected to propel the demand in the manufacturing industry. Increasing use of liquid nitrogen for refrigeration of the electronic products throughout the manufacturing process is projected to drive the market in upcoming years.
A shift in production landscape towards emerging economies, particularly China and India is expected to positively influence market growth over the forecast period. The region is home to several rapidly expanding industries Asia pacific is the world’s biggest consumer of LNG, which drive the regional demand to store and transport LNG. This factor is expected to positively influence the market for cryogenic tanks.
Key companies are: Chart Industries; Cryofab; INOX India; Linde plc; Air Products; Wessington Cryogenics; FIBA Technologies; ISISAN
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