Global Cryogenic Tank Market - Growth, Trends, and Forecast (2022 - 2030)

The abundance of natural gas, coupled with its increasing application across various end-use industries, is expected to spur the growth of global natural gas consumption. Cryogenic tanks are of huge importance to LNG transportation and storage, due to its property of handling liquids and gases safely at 150 degrees Fahrenheit. The increase in natural gas and industrialization in emerging economies of the world is expected to fuel up the demand for cryogenic tanks, consequently boosting the market.

Increasing Consumption of Natural Gas across Various Industries is driving the Market
To curb emissions, countries, such as China and the United Kingdom, have started to shift from coal to natural gas. With the advent of efficient gas turbines and inherent environmental benefits, associated with natural gas, (natural gas emissions are, at most, one-third of coal or petrol), current power generation accounts for more than half of the demand growth in natural gas. Moreover, the global natural gas consumption is expected to reach 485 bcf/d by 2040, growing from 340 bcf/d in 2015, with the major demand coming from Asia-Pacific and the Middle East. Natural gas consumption of China and the United States is expected to be among the highest in the world. Therefore, these countries are expected to create a huge demand for cryogenic tanks during the forecast period.

Europe has an Increasing Demand for Cryogenic Tanks
The growth of cryogenic tanks market in Europe can be attributed to factors, such as increasing investments in the energy sector and substantial growth in other end-user industries, such as food & beverage and electronics, amongst others, in this region. The countries in Europe have a strict regulation governing the use of inland LNG-fueled ships. Moreover, Europe is expected to capture a sizeable market share over the forecast period, owing to the substantial application across industries, to store materials at minimal temperature requirements. Liquefied nitrogen gas (LNG), being a low-emission fuel, is favored by the European government, as it addresses environmental concerns. The increasing consumption of LNG in the region is expected to drive the demand for cryogenic tanks.

Norway is an Emerging Market for Cryogenic Tanks
The Norwegian economy is said to be a mixed one, where the government holds a majority stake in the strategic industries. Industrial and services sectors are the backbone of the economy and about 80% of the work force of the country are employed in these two sectors. The cryogenic tanks market also serves these two sectors in various ways. The production of natural gas is sufficiently large for cryogenic handling to be a profit-making industry in the country. The major export goods of the country are petroleum and petroleum products, machinery and equipment, metals, chemicals, marine ships, and fish. The importance of cryogenic equipment is the maximum for exporting these goods and hence, there is a huge potential for the cryogenic equipment industry in the country

Notable Developments in the Market

January 2018: Chart Industries, Inc. acquired Skaff Cryogenics and Cryo-Lease, LLC. The acquisition is expected to expand the company’s direct regional presence, for service and aftermarket support, in the Northeast United States.

Major Players: Chart Industries, Cryofab Inc., Cryogas Equipment Private Ltd, Cryoquip Australia, Eden Cryogenics, LLC, FIBA Technologies, Inc., Gardner Cryogenic, INOX India Pvt. Ltd, Linde AG, Suretank Group Ltd, VRV SpA, and Wessington Cryogenics, amongst others.

Reasons to Purchase the Report

• Current and future market outlook for the global cryogenic tanks
• Various perspectives on the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• The latest developments, market shares, and strategies employed by the major market players
• 3 month analyst support, along with the Market Estimate Sheet (in excel)

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