Cryogenic Tanks Market Research Report
Global Cryogenic Tanks Market
The GMI Research expects that the Cryogenic Tanks Market will notice an augmentation in demand over the forecast period. This is mainly due to the enlarging healthcare industry, rising demand for low-temperature operations across various industries like metal processing, food, and growing research and development expenditure.
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Introduction of the Cryogenic Tanks Market
A cryogenic tank refers to a tank requires to store frozen biological material, which includes liquid hydrogen and oxygen. They are mainly gathered and transported as a liquid, and these tanks include multiple walls of two cylindrical vessels, a steel inner tank, and an outer part of carbon steel. It has the potential to sustain temperature to approximately-196 degrees Celsius.
Key Players of Market:
- ISISAN
- Chart Industries, Inc.
- Linde PLC
- INOX (India) Ltd.
- Gardner Cryogenic
- Wessington Cryogenics
- FIBA Technologies
- Cryolor SA
- Nikkiso Cryo
- Cryofab, Inc.
Cryogenic Tanks Market Dynamics
The augmenting demand for nitrogen in the food and beverage sector to store, protect, and freeze food items along with the increasing technological developments leading in the usage of these tanks to optimize the use of water for hydrofracturing applications are some of the factors supplementing the growth of the global cryogenic tanks market size. In addition, the surging demand for medical services across the developing countries accompanied by the surging Liquefied Natural Gas (LNG) demand throughout the nation will contribute to the market size. On the other hand, inflated value of raw material and operating costs will restrain the cryogenic tanks market size.
End-Use Segment Drivers
Based on the end-use industry, metal processing is projected to account for a larger market share over the coming years. The growth is primarily because of the extensive usage of tanks in this industry, primarily in the steel industry. Nitrogen is the massively consumed gas owing to its use as a blanketing gas which further bolsters the cryogenic tanks market opportunities.
Regional Drivers
Based on the regional coverage, Asia-Pacific is contemplated to lead the market over the forecast period mainly because of robust demand for domestic and less labor cost to produce cryogenic tanks. In addition, the increasing LNG infrastructure development in Japan, China, India, and Indonesia are responsible for the market share. In addition, the cryogenic tanks market report states that mounting investment in the energy sector and expanding development in power & technology and energy sector is impelling the market demand.
Cryogenic Tanks Market Segmentation:
Segmentation by Raw Material
Segmentation by Cryogenic Liquid
Segmentation by Application
- Storage
- Transportation
Segmentation by End-use Industry
- Metal Processing
- Energy Generation
- Electronics
- Medical Technology
- Food & Beverage
- Water Treatment
- Others
Segmentation by Region:
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
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