Global Cryogenic Tanks Market to Reach $7.4 Billion by 2026

Cryogenic tanks store various materials at low temperatures, below -150 degrees Fahrenheit. They are vacuum tanks designed especially for storing and transporting liquefied gases, under pressure. Increased demand for low temperature operations across industries such as food technology, healthcare and metal processing among others constitute the major growth driver for the market. The tanks are designed to suit the specific needs of these industries where they are used for critical jobs such as keeping away heat contained in vessels from liquids. Increase in demand for LNG worldwide created a strong demand growth scenario for the tanks as these are required for LNG`s storage and transportation. Growing LNG trade and increasing investments in metal processing healthcare, food & beverage and chemical industries is expected to boost deployment of cryogenic tanks. Cryogenic liquid nitrogen and liquid oxygen find extensive use in storing and preserving human organs and blood. Growing number of government initiatives for providing better healthcare services to public would create strong demand for the tanks from the healthcare sector.

Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.3 Billion in the year 2020, is projected to reach a revised size of US$7.4 Billion by 2026, growing at a CAGR of 5.8% over the analysis period. Liquid Nitrogen, one of the segments analyzed in the report, is projected to record a 6.5% CAGR and reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period. Liquid Nitrogen segment dominates market share as liquid nitrogen is increasingly used in metal processing, electronics manufacturing, health care and food and beverage industries. Increase in demand for LNG worldwide created a strong demand growth scenario for cryogenic tanks, as these are required for LNG`s storage and transportation.

The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $731 Million by 2026

The Cryogenic Tanks market in the U.S. is estimated at US$1.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$731 Million by the year 2026 trailing a CAGR of 7.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR. The US is a major regional market for the due to the significant presence of some of the world-leading suppliers of industrial gases. Such facilities require cryogenic tanks for storing and transporting the gases. Cryogenic tanks are also extensively used by the US healthcare industry. Demand for the tanks from the healthcare sector has increased considerably in the recent months due to the COVID-19 outbreak. Europe constitutes another important market for cryogenic tanks. Growth in this region stems from the factors of extensive investments in development of natural gas powered power generation plants and rapid development of liquefied natural gas infrastructure. Asia-Pacific region`s growth will be fueled by factors such as strong demand for industrial gases from different end-use industries, especially in fast emerging countries such as India and China. Significant rise in LNG consumption in the region also contributes to its dominance in the market.

Liquid Hydrogen Segment to Reach $1.4 Billion by 2026

Cryogenics plays a critical part in space missions. Initially, cryogenics was used to manage liquid hydrogen in rocket fuel applications. In the global Liquid Hydrogen segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$660.9 Million in the year 2020 will reach a projected size of US$949.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$271.6 Million by the year 2026, while Latin America will expand at a 7.2% CAGR through the analysis period.