According to a new report published by UnivDatos Markets Insights, the Cryogenic Tanks Market is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Liquid (Liquid Nitrogen, Liquid Hydrogen, Liquid Oxygen, Liquified Natural Gas, And Others); Application (Storage and Transportation); End-industry (energy generation, metal processing, manufacturing, water treatment, and others); Region/Country.
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The cryogenic tanks market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cryogenic tank market. The cryogenic tanks market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the cryogenic tanks market at the global and regional levels.
Market Overview
Cryogenic tanks are used to store and facilitate the storage of natural gases including argon, nitrogen, hydrogen, oxygen, and others. The interior temperature of the liquids or fuels is kept constant by the design of the cryogenic tanks. Cryogenic fuel has recently been in high demand worldwide due to growing demand from the aerospace industry, manufacturing, energy, biomedical & health industries, as well as other industries and subsequently, there is an increase in the demand for cryogenic tanks to ensure the maximum safety of the fuel. Stainless steel or alloys are used to make cryogenic tanks and preserve the liquids. Also, cryogenic tanks have efficient insulation and could be used in various modes such as static, mobile, and transport and are expected to propel the market in the coming time.
Factors such as technological advancement coupled with the growing number of industries and manufacturing units along with the new product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Wessington Cryogenics, Air Products and Chemicals Inc., Cryofab Inc., Chart Industries Inc, ISISAN A.S, INOX India Pvt. Ltd., Linde Plc, Air Water Inc, FIBA Technologies, Inc., and Auguste Cryogenics.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the manufacturing industry along with supply chain disruption, regulatory and policy changes, labor reliance, working capital management, and liquidity & solvency management. The cryogenic tanks market has been significantly affected during these times owing to the gap between supply and demand.
The global cryogenic tanks market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the market is categorized into storage and transportation. The storage segment is expected to register a significant CAGR during the forecast period owing to the storage of a large volume of gases including nitrogen, oxygen, helium, and hydrogen with others. The cryogenic tanks are made up of inner walls and outer walls which act as encasing for the store liquid/fuels and maintaining the desired temperature. Also, the increasing demand for LNG around the world and the requirement for cryogenic tanks to store the LNG are expected to support the market growth for the storage segment.
· Based on liquid, the market is segmented into liquid Nitrogen, liquid Hydrogen, liquid Oxygen, Liquified Natural Gas, and others. Liquid nitrogen is expected to witness significant growth during the forecast period owing to its extensive use in the manufacture the electronic products. Additionally, the healthcare industry uses liquid nitrogen extensively for cryotherapy to preserve cells and microorganisms as well as for snap-freezing tissue prior to cryostat sectioning or other analyses, which is projected to drive market growth. Additionally, because liquid nitrogen is noncorrosive, it can be utilized in a variety of applications, including the deflashing and grinding of specific materials like plastic and rubber, pulverization, food freezing, and others.
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Cryogenic tanks Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for industrial gas by developing economies such as China and India. Additionally, the increasing demand for metal processing, automotive industries, and energy & power generation is expected to propel the market growth for cryogenic fuel and subsequently increase the demand for cryogenic tanks. The increasing adoption of liquid nitrogen for the refrigeration of electronic products during the manufacturing process is expected to support market growth. Also, the increasing demand for natural gas and the government support for the reduction of diesel & coal-based power generation plants to gas-based power generation and to reduce the carbon emission. Moreover, the increasing adoption of cryogenic gas in the healthcare industry for the treatment of cryotherapy along with commercial, residential, and institutional development along with increasing adoption in the food & beverage industry.
The major players targeting the market include
· Wessington Cryogenics
· Air Products and Chemicals, Inc
· Cryofab Inc.
· Chart Industries Inc
· ISISAN A.S
· INOX India Pvt. Ltd.
· Linde Plc
· Air Water Inc
· FIBA Technologies, Inc.
· Auguste Cryogenics
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the cryogenic tanks market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the cryogenic tanks market?
• Which factors are influencing the cryogenic tanks market over the forecast period?
• What are the global challenges, threats, and risks in the cryogenic tanks market?
• Which factors are propelling and restraining the cryogenic tanks market?
• What are the demanding global regions of the cryogenic tanks market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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