The global market for cryogenic tanks was valued at USD 7.2 billion in 2022 and is projected to reach USD 11.6 billion by 2032, with a forecasted revenue compound annual growth rate (CAGR) of 5.5%. This growth is primarily attributed to the increasing demand for industrial gases such as Oxygen, Nitrogen, and Argon, as well as the use of Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) as cleaner fuel alternatives. Cryogenic tanks play a critical role in storing and transporting these gases and fuels, as they are designed to maintain extremely low temperatures, often below -150°C, to keep them in a liquid state.
The rising focus on sustainable energy sources and eco-friendly transportation is driving the demand for cryogenic tanks. Notably, LNG is gaining popularity as a maritime fuel due to its reduced greenhouse gas emissions and cost-effectiveness compared to other marine fuels. This has led to an increased need for cryogenic tanks in the marine industry, especially with the expansion of LNG bunkering infrastructure worldwide. Similarly, in the automotive industry, the growing adoption of Hydrogen as a fuel for fuel cell vehicles is also fueling the demand for cryogenic tanks.
Additionally, the healthcare sector is witnessing a rising demand for cryogenic tanks as they are used to store and transport medical gases like Oxygen, Nitrogen, and Argon. The prevalence of chronic diseases and the need for therapeutic medical gases are contributing to the growth of this market segment.
Stringent government regulations governing the transportation and storage of hazardous chemicals and gases are further propelling the need for cryogenic tanks with high safety standards. For example, the US Department of Transportation's Pipeline and Hazardous Materials Safety Administration (PHMSA) has established strict standards for the design, production, and testing of cryogenic tanks used in the transportation of hazardous goods.
However, there are certain factors that could hinder the revenue growth of the cryogenic tank market. The expensive cost of cryogenic tanks, along with the requirement for high-grade materials and complex manufacturing processes to withstand extremely low temperatures, may pose challenges. Additionally, the scarcity of qualified personnel capable of handling cryogenic tanks could also impede market growth to some extent.
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Major Companies and Competitive Landscape:
- Chart Industries
- Linde plc
- Air Products and Chemicals, Inc.
- INOXCVA
- Cryofab, Inc.
- Wessington Cryogenics
- Cryolor
- FIBA Technologies, Inc.
- Herose GmbH
- Taylor-Wharton
Driving Factors of Cryogenic Tank Market
The Cryogenic Tank Market is influenced by several driving factors that contribute to its growth and expansion. These key drivers include:
1. Increasing Demand for Industrial Gases: The rising need for industrial gases like Oxygen, Nitrogen, and Argon in various industries, including manufacturing, healthcare, and electronics, is a major factor fueling the demand for cryogenic tanks. These tanks are essential for storing and transporting these gases in their liquefied form, as they require extremely low temperatures to remain in liquid state.
2. Growth of Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) Markets: The use of LNG and LPG as cleaner and more efficient fuel alternatives is on the rise. Cryogenic tanks play a crucial role in the storage and distribution of these liquefied gases, leading to an increased demand for cryogenic tank solutions.
3. Shift Towards Sustainable Energy Sources: As the world moves towards more sustainable and environmentally friendly energy sources, the demand for cryogenic tanks for storing and transporting various alternative fuels, such as LNG and Hydrogen, is growing significantly.
4. Expansion of LNG Bunkering Infrastructure: With the increasing adoption of LNG as a marine fuel due to its lower emissions and cost-effectiveness, the demand for cryogenic tanks in the marine industry is witnessing substantial growth. The development of LNG bunkering infrastructure around the world further drives this demand.
5. Rising Demand in the Automotive Industry: Cryogenic tanks are becoming increasingly essential in the automotive industry, particularly for fuel cell vehicles that use Hydrogen as a clean energy source. This trend is contributing to the growth of the cryogenic tank market.
6. Healthcare Industry Applications: Cryogenic tanks are utilized in the healthcare sector for storing and transporting medical gases like Oxygen, Nitrogen, and Argon. The increasing prevalence of chronic diseases and the need for therapeutic medical gases are driving the demand for cryogenic tanks in this industry.
7. Stringent Government Regulations: Governments and regulatory bodies are imposing strict rules and standards regarding the transportation and storage of hazardous chemicals and gases. To comply with these regulations, industries are increasingly adopting cryogenic tanks with high safety requirements.
Despite these driving factors, there are some challenges to be considered, such as the high cost of cryogenic tanks due to the need for advanced materials and manufacturing processes capable of withstanding extremely low temperatures. Additionally, a shortage of qualified personnel proficient in handling cryogenic tanks may also pose hurdles to market growth. Nevertheless, the overall outlook for the cryogenic tank market remains positive, driven by the increasing demand for cryogenic solutions in various industries and the shift towards more sustainable energy practices.
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Segments covered in the report:
Segments covered by Application Outlook, End-use Industry, Regional Outlook
Type Outlook (Revenue, USD Billion; 2019-2032)
- Stationary
- Portable
Application Outlook (Revenue, USD Billion; 2019-2032)
- Storage
- Transportation
End-use Outlook (Revenue, USD Billion; 2019-2032)
- Energy & Power
- Healthcare
- Food & Beverage
- Electronics
- Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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