Industries Engaged in Production and Storage of Gases Seek Cutting-edge Technology in Cryogenic Tanks Market; Its Valuation to Witness CAGR of More Than 7% from 2019 to 2027 TMR
- Versatile use of Liquefied Natural Gas (LNG) has spurred the application of cryogenic tanks; Segment accounted for more than 35% share in 2018
- Rise in transportation of industrial gases in numerous economies to spur activities related to retrofitting and leasing of cryogenic tanks; Asia Pacific to hold the sway till 2027
ALBANY, N.Y., July 22, 2020 /PRNewswire/ -- Cryogenic tanks are suitable for storing oxygen, liquid nitrogen, liquid argon, liquefied natural gas (LNG) at different pressure. They are prominently used in transporting a wide range of industrial gases produced in developing and developed regions in large volumes.
The valuation of cryogenic tanks market will clock a CAGR of more than 7% during 2019 – 2027. In 2018, its worth equaled to US$ 900.0 Mn.
Asia Pacific was the leading regional market in 2018, and a large chunk of revenues has come from sales of cryogenic tanks for liquid industrial gases in its economies, notes analyst at TMR.
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Key Findings of Cryogenic Tanks Market Report
- Of all products where cryogenic tanks are used, LNG accounted for the top market share of more than 35.0% in 2018
- The LNG segment is followed by nitrogen, which is trailed by oxygen and argon
- Among the various applications, storage was by far the dominant one, accounting for more than 80% share in cryogenic tanks market
- Of the various regions, Asia Pacific was leading market in 2018 and it is likely to retain its lead throughout assessment period; in 2018, its share was more than 30%
- Opportunities in North America to expand at moderate pace during 2019 – 2027; production of natural gas in U.S. key to the regional market growth
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Cryogenic Tanks Market: Key Driving Factors and Promising Avenues
- Strides made by LNG trade worldwide are stirring revenue generation for stakeholders in the cryogenic tanks market. A large part of the recent rise in demand has come from the use of LNG for transportation.
- Over the past several years, cryogenic tanks have been used extensively in the pharmaceutical, biotechnology and oil and gas businesses for the storage of gases.
- Proliferating demand for the transportation of industrial gases has spurred the sales in the cryogenic tanks market.
- Advances in design parameters have led to product performance, thereby paving ay for innovations in the market.
- LNG are also being utilized in cleaner option such as natural gas energy, especially for businesses serving off-grid consumers. This has bolstered the commercial scope of cryogenic tanks in transporting of LNG.
- Strides in manufacturing industries, most notably in Asia Pacific, has helped spur opportunities in the cryogenic tanks market. Rapidly growing production of industrial gases in the region has boosted the growth.
- However, emerging markets are seeing substantial revenue prospects on the back of extensive research and development on raw materials. Incorporation of composites such as carbon fiber will pave way for innovations in the cryogenic tanks market.
Notable Impediments to Cryogenic Tanks Market Stakeholders