Cryogenic Tanks Market Is Estimated To Witness High Growth Owing To Increasing Demand For Cryogenic Tanks For Storage And Transportation Of Liquefied Gases.
The market is estimated to be valued at US$ 6.51 Billion in 2022 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryogenic tanks are designed to store and transport substances at extremely low temperatures. These tanks are widely used in industries such as healthcare, food and beverage, electronics, and energy. The demand for cryogenic tanks is driven by the growing need for the storage and transportation of liquefied gases such as nitrogen, oxygen, argon, and LNG. These tanks are also used in the pharmaceutical industry for cryopreservation of biological samples.
Market Dynamics:
The cryogenic tanks market is primarily driven by the rising demand for cryogenic gases in various end-use industries. Growing investments in the healthcare industry for the development of advanced cryogenic storage and transport systems are further fueling market growth. Additionally, the increasing adoption of LNG as a cleaner and more efficient fuel is expected to create significant growth opportunities for the cryogenic tanks market. However, the high cost of cryogenic tanks and the risk associated with the handling and storage of cryogenic gases may hinder market growth to some extent. Nonetheless, ongoing technological advancements and innovations in cryogenic tank designs are anticipated to drive market growth in the coming years.
Segment Analysis:
One segment of the cryogenic tanks market is the healthcare industry. The healthcare industry dominates this segment due to the increasing demand for cryogenic tanks for storing and transporting medical gases, such as liquid oxygen and nitrogen. These gases are used in various medical applications, including surgeries, respiratory therapy, and cryosurgery. The healthcare industry requires cryogenic tanks with specific features, such as high reliability, safety, and precise temperature control, to ensure the integrity of these gases. As a result, healthcare companies prefer to purchase specialized cryogenic tanks from key players in the market, such as Linde and Chart Industries, who have a strong reputation for delivering high-quality products to the healthcare sector.
PEST Analysis:
Political: The political factors influencing the cryogenic tanks market include government regulations and policies regarding safety and environmental standards. Governments across the globe are imposing stringent regulations to ensure the safe handling, storage, and transportation of cryogenic substances.
Economic: The economic factors impacting the market include the growth of industries that depend on cryogenic tanks, such as healthcare, chemicals, and electronics. The increasing investments in infrastructure development and industrialization in emerging economies also contribute to the growth of the market.
Social: The social factors include the increasing awareness about the importance of cryogenic technologies in various industries, such as healthcare and energy. The demand for clean energy sources and the growing healthcare industry drive the adoption of cryogenic tanks.
Technological: Technological advancements, such as the development of advanced insulation materials and improved safety features in cryogenic tanks, drive the growth of the market. Moreover, the integration of IoT and automation technologies in cryogenic systems enhances efficiency and reliability.
Key Takeaways:
The global Cryogenic Tanks Market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period (2023-2030), due to increasing demand from industries such as healthcare, chemicals, and electronics. The healthcare segment dominates the market due to the rising demand for cryogenic tanks for medical applications.
The Asia-Pacific region is the fastest-growing and dominating region in the cryogenic tanks market. The region's rapid industrialization, increasing healthcare infrastructure, and the presence of key players such as Linde and Chart Industries contribute to its growth.
Key players operating in the cryogenic tanks market include ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang Group, Ansteel Group, Glencore, Sumitomo Metal Mining Company, Linde, INOX India Pvt., Cryofab, FIBA Technologies, Air Products and Chemicals, Inc., M1 Engineering, Chart Industries, Wessington Cryogenics, Isisan, Lapesa, Auguste Cryogenics, and Hoover Ferguson Group, Inc. These players have a strong presence in the market and offer a wide range of cryogenic tanks to cater to the diverse needs of industries.
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