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Growing adoption of clean energy sources Such as LNG and increasing investment in healthcare infrastructure are propelling the cryogenic tank market growth.
According to SNS Insider report provides that the Cryogenic Tank Market was valued at USD 6.87 Billion in 2023 and is Projected to reach USD 10 Billion by 2031, growing at a CAGR of 4.86% over the forecast period of 2024-2031. This growth is attributed to the increasing demand for clean energy solutions and the expanding healthcare sector globally.
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Some of the Major Key Players in this Report:
- VRV S.p.A
- Cryogas Equipment Private Ltd.
- Eden Cryogenics LLC
- Cryoquip Australia
- Cryofab Inc.
- INOX India Pvt. Ltd.
- Gardner Cryogenics
- Suretank Group Ltd.
- Linde AG
- FNF Gas Technology Products Private Ltd.
Growing Demand Across Industries to Bolster Cryogenic Tank Market Value
The cryogenic tank market is Growing with significant growth due to Various factors, the Industrial gases such as nitrogen, hydrogen, helium, oxygen, and argon are extensively used in various manufacturing processes. Cryogenic tanks play an Important role in the safe storage and transportation of these gases. The consistently Growing of manufacturing sector worldwide is Drive the demand for cryogenic tanks.
In the healthcare sector, cryosurgery or cryotherapy is employed for various procedures. The growing expenditure on expanding healthcare infrastructure is projected to Drive the cryogenic tanks market in the forecast Years. Cryogenic liquids necessitate specialized equipment for storage and transportation due to the potential hazards associated with leakage, including extreme cold, asphyxiation, fire, or explosion. Cryogenic tanks are specifically designed to withstand rapid temperature changes and extreme pressure variations, ensuring the safe storage and transportation of these liquids. The rising focus on clean energy adoption is fostering the use of LNG across power plants. This, in turn, is increasing the demand for cryogenic LNG storage tanks for efficient LNG management. the cryogenic tanks are employed in the healthcare sector to store and transport medical supplies Such as biopharmaceuticals, plasma, organs, and vaccines. The Medical gases are extensively used in various healthcare settings Such as hospitals, clinics, and cryotherapy spas. Cryogenic storage tanks are instrumental in regulating temperatures and maintaining environments ideal for storing vaccines, transplant organs, blood, stem cells, reproductive cells, etc. The Increasing demand for helium in MRI machines and CT scanners in hospitals is contributing to the growth of the cryogenic tanks market.
Recent Developments in the Cryogenic Tank Market
January 2023: Air Liquide collaborated with TotalEnergies to design a hydrogen station network, aiming to install over 100 hydrogen stations across major European highways.
April 2022: Cryospain initiated production of two innovative flat-bottom cryogenic tanks for storing higher volumes of LNG and liquid oxygen in Morocco and Egypt.
September 2022: Blue Energy Motors, in collaboration with Iveco Group, launched the first green 5528 4×2 vehicle powered by LNG in Pune, India. This vehicle utilizes a 1000-liter cryogenic tank and FPT N67 NG engine, catering to light, medium, and heavy-duty trucks.
June 2022: Airbus announced the development of a new cryogenic hydrogen tank for its next-generation aircraft and the construction of a manufacturing plant in the UK. The Zero Emission Development Center (ZEDC) is spearheading the development of a “cost-competitive cryogenic fuel system” for Airbus’ ZEROe aircraft.
Segment Analysis
By Cryogenic Liquid, The Liquefied Nitrogen segment is dominance in the cryogenic tank market, with capturing over 29% of the revenue share. This leadership stems from its extensive applications across various industries. Liquid nitrogen is stored and transported in different containers such as Dewars, cryogenic liquid cylinders, and cryogenic storage tanks depending on the required volume. In the electronics manufacturing sector, liquid nitrogen plays a Important role. It creates an inert atmosphere around the metals being processed, preventing unwanted oxidation that can compromise the final product’s quality. Additionally, liquid nitrogen finds application in cryotherapy, a medical procedure that utilizes extreme cold to remove malignant skin tissues. The burgeoning demand for Liquefied Natural Gas (LNG) is propelling the cryogenic tank market. As countries Such as Oman, Qatar, China, and India witness a surge in natural gas consumption, the need for efficient LNG storage and transportation solutions is rising.
- Liquid Nitrogen
- Liquefied Natural Gas (LNG)
- Liquid Hydrogen
- Liquid Oxygen
- Others
By Application, The Storage segment holds the largest share of cryogenic tank market, accounting for over 68% of the revenue share. This dominance can be attributed to the widespread storage needs of liquefied natural gas and industrial gases at various facilities. Cryogenic tanks are extensively employed at trading terminals, liquefaction facilities, and on-site industrial locations for safe and efficient storage of these gases.
- Storage
- Transportation
Based on End-use industry:
- Metal Processing
- Energy Generation
- Electronics
- Medical Technology
- Food & Beverage
- Water Treatment
- Others
Based on raw material:
- Steel
- Nickel Alloy
- Aluminum Alloy
- Others
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The growing trend of on-site storage facilities for LNG and industrial gases is expected to further fuel the demand for cryogenic storage tanks. Manufacturers are constantly innovating and improving the design of these tanks to expand their application scope and cater to diverse storage requirements.
Impact of Russia-Ukraine War on Cryogenic Tank Market
The Russia is a significant supplier of raw materials Such as nickel, used in cryogenic tank construction. The war has disrupted supply chains, leading to a shortage of these materials and a consequent Increase in prices. This can potentially hinder cryogenic tank production and inflate manufacturing costs.
The war has caused significant volatility in the global energy market, with natural gas prices experiencing a surge. This has increased the demand for alternative energy sources such as LNG. Consequently, the need for LNG storage and transportation solutions, including cryogenic tanks, is expected to rise in regions seeking to reduce dependence on Russian gas.
Economic Slowdown and the Cryogenic Tank Market
An economic downturn can Result to a decline in industrial activity across various sectors that rely on cryogenic tanks, such as manufacturing, electronics, and healthcare. This could Reduce the demand for cryogenic tanks used in these industries. During economic downturns, companies often adopt a cautious approach to investments. This could lead to delays or cancellations of new projects requiring cryogenic tank infrastructure, impacting market growth.
Key Regional Developments
The Asia Pacific region holds the dominant market share of cryogenic tank market of more than 28% share in 2023. This is driven by the growing industrial sectors in economies such as China and India, economic powerhouses in the region, boast rapidly growing industrial sectors such as metal processing, electronics, and automobiles. Asia Pacific region is Become a world’s biggest consumer of LNG. As countries within the region strive to meet their growing energy demands, the need for efficient LNG storage and transportation solutions is paramount. This translates to a heightened demand for cryogenic tanks specifically designed for LNG.
Key Takeaways from the Cryogenic Tank Market Report
The cryogenic tank market is poised for significant growth, driven by factors like increasing demand for clean energy solutions, expanding healthcare infrastructure, and the burgeoning industrial sector in Asia Pacific.
The transportation segment is projected to experience substantial growth, fuelled by the increasing demand for on-site delivery of cryogenic liquids.
The Russia-Ukraine war and potential economic slowdowns pose challenges to the market in terms of supply chain disruptions, fluctuating energy prices, and reduced industrial activity. However, the long-term growth drivers remain strong.
The Asia Pacific region is expected to maintain its dominance due to its booming industrial sector and high LNG consumption.
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