The global cryogenic tanks market is expected to grow USD 7.31 Billion by 2027, at a CAGR of 7.6% from 2022 to 2027. The market is driven by factors such as increasing demand for LNG, expanding chemical and petrochemical industries, and rising demand for cryogenic gases in the healthcare sector.
Cryogenic tanks are specialized containers designed to store and transport materials at extremely low temperatures. They are critical in industries where the preservation of liquefied gases or cryogenic liquids, such as oxygen, nitrogen, and liquefied natural gas (LNG), is essential.
Executive Summary
The global cryogenic tanks market is experiencing significant growth, driven by the growing demand for cryogenic storage solutions in various industries, including healthcare, energy, and aerospace. This market report provides a comprehensive analysis of the global cryogenic tanks market, covering market size, trends, drivers, challenges, and the future outlook.
Market Size and Growth
The global cryogenic tanks market is substantial and is expected to continue expanding. Key factors contributing to this growth include:
• Growing Industrial Applications: Increased demand for cryogenic storage in industries such as healthcare, energy, and electronics.
• LNG Market Expansion: The growth of the liquefied natural gas market and the need for LNG storage.
• Space Exploration: Cryogenic tanks are critical for space exploration and research.
Key Players
Key players in the cryogenic tanks market include manufacturers, energy companies, healthcare institutions, and aerospace organizations. Prominent organizations in this market include:
• Linde AG
• Cryogas Equipment Private Ltd.
• Chart Industries, Inc.
• Cryoquip Australia
• Eden Cryogenics, LLC
• FIBA Technologies, Inc.
• Cryofab, Inc.
• Gardner Cryogenics
• INOX India Pvt. Ltd.
• Suretank Group Ltd.
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Recent Developments:
Here are some recent developments of companies in the global cryogenic tanks market, with year:
• Linde PLC: 2023 – Announced plans to invest $1 billion in a new cryogenic tank manufacturing facility in the United States.
• Air Products & Chemicals, Inc.: 2023 – Acquired Applied Cryo Technologies, a manufacturer of cryogenic tanks and other cryogenic equipment.
• Chart Industries, Inc.: 2022 – Launched a new line of cryogenic tanks that are designed to be more efficient and easier to maintain.
• Cryofab, Inc.: 2022 – Secured a contract to supply cryogenic tanks to a new liquefied natural gas (LNG) export facility in Qatar.
Attractive Investment Opportunities
The global cryogenic tanks market presents a number of attractive investment opportunities for investors. Some of the key areas of investment include:
• Development of new and innovative cryogenic tank technologies: There is a growing need for new and innovative cryogenic tank technologies that are more efficient, reliable, and affordable. Investors can invest in companies that are developing new cryogenic tank technologies.
• Manufacturing of cryogenic tanks: The demand for cryogenic tanks is expected to grow significantly in the coming years. Investors can invest in companies that are manufacturing cryogenic tanks.
• Deployment of cryogenic tanks: Cryogenic tanks are complex systems that require expertise to deploy and operate. Investors can invest in companies that provide cryogenic tank deployment and operation services.