Cryogenic Tanks Market Analysis: Major Players, Lucrative Segments And Top Geographies
30 Jun, 2023
The global cryogenic tanks market size is expected to grow from $6.67 billion in 2022 to $7.04 billion in 2023 at a compound annual growth rate (CAGR) of 5.45%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global cryogenic tanks market size is expected to reach $8.96 billion in 2027 at a CAGR of 6.22%.
Global Cryogenic Tanks Market Key Driver
The increase in demand for liquefied natural gas (LNG) will considerably contribute to the future growth of the cryogenic tank market. Liquefied natural gas (LNG) is a type of natural gas that has been cooled to a liquid condition, making transportation more convenient and secure. Cryogenic tanks are used to safely and easily store and transport liquefied natural gas (LNG) from producers to customers.
Get a sample of the global cryogenic tanks market reportGlobal Cryogenic Tanks Market Segments
The global cryogenic tanks market is segmented:
1) By Cryogenic Liquid: Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other Cryogenic Liquids
2) By Raw Material: Steel, Nickel Alloy, Aluminium Alloy, Other Raw Materials
3) By Application: Storage, Transportation
4) By End-User: Manufacturing, Healthcare, Food Industry, Other End-Users
5) By Geography: The regions covered in the cryogenic tanks market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global cryogenic tanks market.
Major Cryogenic Tanks Industry Players
Air Products And Chemicals Inc., Air Water Inc., Chart Industries Inc., Cryofab Inc., Cryolor, FIBA Technologies Inc., INOX India Pvt. Ltd., ISISAN A.S, Linde Plc, Wessington Cryogenics, Cryogas Equipment Private Limited, Super Cryogenic Systems Pvt. Ltd., VRV, Cryoquip, Gardner Cryogenic
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Cryogenic Tanks Market Overview
Cryogenic tanks refer to specialized storage containers designed to hold cryogenic fluids at extremely low temperatures. Cryogenic tanks enable the supply or transport of cryogenic fluids and gases for an extended period of time.
Cryogenic Tanks Global Market Report 2023 provides data on the global cryogenic tanks market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cryogenic tanks market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.