July 21, 2024

Cryogenic Tanks Market Projected

Market Overview:

The global Cryogenic Tanks Market is estimated to be valued at US$ 6.51 Billion in 2022 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Cryogenic tanks are specially designed containers used to store and transport liquefied gases at extremely low temperatures. The market for cryogenic tanks is driven by the increasing demand for these tanks in various industries such as healthcare, aerospace, and energy. These tanks offer several advantages such as high storage capacity, safety, and efficient transportation of liquefied gases. The need for cryogenic tanks is associated with the growing demand for the storage and transportation of liquefied gases, especially in developed regions.

Market Key Trends:

One of the key trends in the cryogenic tanks market is the increased use of these tanks in the healthcare sector. Cryogenic tanks are extensively used for the storage and transportation of medical gases, including oxygen, nitrogen, and helium. With the growing demand for medical gases in hospitals and healthcare facilities, the need for efficient and safe storage solutions has become crucial. Cryogenic tanks provide a reliable and secure means of storing and transporting these gases, ensuring their availability in critical situations. Moreover, the development of advanced cryogenic tank technologies, such as vacuum-insulated tanks and cryogenic vessels with enhanced insulation properties, is further propelling the growth of the market. The healthcare sector is anticipated to be a major contributor to the overall demand for cryogenic tanks in the coming years.

Segment Analysis:

The cryogenic tanks market can be segmented based on product type, application, and end-use industry. Based on product type, the market can be divided into stationary and transportable cryogenic tanks. The stationary cryogenic tanks segment is expected to dominate the market during the forecast period. This can be attributed to their extensive use in various industries such as healthcare, aerospace, and electronics. Stationary cryogenic tanks are primarily used for the storage and transportation of liquefied gases like oxygen, nitrogen, and argon, among others. These tanks are preferred due to their ability to maintain low temperatures for an extended period, ensuring the safe and efficient storage of cryogenic substances.

Key Takeaways:

The global Cryogenic Tanks Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. This growth can be attributed to the increasing demand for cryogenic storage systems in various industries. The healthcare industry, in particular, is a major driver for the market. Cryogenic tanks are widely used in medical facilities for the storage of medical gases and cryogenic liquids. With the rising global population and the increasing incidence of chronic diseases, the demand for healthcare services and medical gases is expected to grow, thereby driving the demand for cryogenic tanks.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the cryogenic tanks market. This can be attributed to the presence of established pharmaceutical and biotechnology industries in the region, which require cryogenic tanks for the storage of biological samples and drugs. Additionally, the increasing demand for LNG (liquefied natural gas) in the region for various applications, such as power generation and transportation, is also driving the market. The Asia Pacific region is also expected to witness significant growth, owing to the growing industrial sector and the increasing investments in infrastructure development.

Key players operating in the cryogenic tanks market include ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang Group, Ansteel Group, Glencore, Sumitomo Metal Mining Company, Linde, INOX India Pvt., Cryofab, FIBA Technologies, Air Products and Chemicals, Inc., M1 Engineering, Chart Industries, Wessington Cryogenics, Isisan, Lapesa, Auguste Cryogenics, and Hoover Ferguson Group, Inc. These key players are focusing on strategic collaborations, mergers and acquisitions, and product innovations to gain a competitive edge in the market.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it