Cryogenic Tank Market worth $11.09 billion by 2029 - Exclusive Report by Brandessence Market Research

LONDON, Jan. 3, 2023 /PRNewswire/ -- The Global Cryogenic Tank Market is anticipated to accumulate a valuation of USD 11.09 billion by 2029 from USD 7.27 billion in 2022, registering a CAGR of 6.21% over the assessment duration of 2022-2029.

Cryogenic tanks are predominantly used to facilitate the storage of natural gases and other industrial materials at an ideal temperature and pressure. The inner part of these tanks is made of stainless steel while the outer structure is made of carbon steel. This enables the vessel to function efficiently at extreme low temperature levels. Numerous inches of insulating materials are integrated into these tanks which limits heat transfer. These tanks can be used to store gases, food, blood samples, and tissue samples, among others.

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Global Cryogenic Tank Market Outlook (2022-2029)

The widespread industrialization, booming healthcare sector, and technological advancements in the field are primarily augmenting the outlook of this business vertical.

Further, growing R&D investments in the field, rising environmental concerns leading to the adoption of LNG as ship fuel, along with increasing efforts of manufacturers to develop advanced products in the field are creating lucrative opportunities for this industry sphere to prosper.

Moreover, elevating demand for light weight tanks, increasing healthcare expenditure, and the growing adoption of these tanks in the space sector are adding momentum to the progression of the Global Cryogenic Tank Market.

On the flipside, high capital costs pertaining to the manufacturing and installation of these tanks coupled with the growing concerns associated with cryogenic leakages are hindering the remuneration scope of this business sphere.

The emergence of the COVID-19 pandemic had a mixed impact on this industry. Most of the industrial and commercial activities were halted due to lockdown impositions. This in turn decreased the production rates of these tanks while limiting their adoption. On the other hand, there was a steep rise in the deployment of cryogenic tanks in the healthcare sector. Due to rising number of patients affected with Coronavirus, the need for liquid oxygen increased. Hence, it necessitated the adoption of efficient liquid oxygen storage mediums. Cryogenic tanks are equipped with the ability to effective store liquid oxygen at an ideal temperature level. This in turn escalated product demand in the healthcare sector.