The global demand for Cryogenic Tanks Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% during the period of 2022-2028.
Cryogenic Tanks or Cryotanks are a special class of storage tanks used in the transport and storage of liquid fuels like nitrogen and oxygen at a specific temperature and pressure. These tanks form an integral part of the gas distribution for various industries. These tanks have a high-quality insulated coating and vacuum system for safe storage of hazardous materials. They are used in storing very cold fuels for use in food processing, water treatment plants, oilfields, electronics, medical and space applications. These tanks need to be inspected and monitored regularly based on certain criteria for the enhanced life span of the tank and environmental safety.
The cryotank market is largely driven by the high demand for liquid nitrogen in the food and beverages industry. The increased use of liquid nitrogen in the pharmaceutical industry will boost the growth of this market. The need for liquid hydrogen and oxygen for processing metals will further propel the market growth for these tanks since they enable efficient transport of these gases to manufacture plants. Increased investment in space technologies will greatly benefit this market as they are used in the storage of rocket fuels. COVID-19 pandemic has been a boon to this market since there is a great demand for oxygen cylinders in hospitals. The main challenge faced by this market is the hazardous nature of the materials stored in these tanks which demand continued monitoring as per regulated standards.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of cryogenic tanks.
The entire cryogenic tanks market has been sub-categorized into raw material, cryogenic liquid, application and end-use industry. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Raw Material
By Cryogenic Liquid
- Nickel Alloy
- Aluminum Alloy
By End-Use Industry
- Liquid Nitrogen
- Liquefied Natural Gas (LNG)
- Liquid Hydrogen
- Liquid Oxygen
- Metal Processing
- Energy Generation
- Medical Technology
- Food & Beverage
- Water Treatment
This section covers regional segmentation which accentuates on current and future demand for cryogenic tanks market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Cryogenic Tanks Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the cryogenic tanks market include Chart Industries, Cryofab, INOX India, Linde PLC, Air Products, Cryolor, Air Water, Wessington Cryogenics, FIBA Technologies, ISISAN. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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