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Cryogenic Tank Market worth over USD 13 Bn by 2032
- Published Date: February 24, 2023
Cryogenic Tank Market size is set to surpass USD 13 billion by 2032, according to a new research report by Global Market Insights Inc.
Increasing foreign direct investment (FDI) across emerging economies and intensifying expenditure toward the expansion of manufacturing capabilities will offer a boost to business growth. Concerns over climate change and efforts to curb carbon dioxide have elevated the demand for cleaner fuel alternatives and related storage infrastructure. For example, in March 2022, India's largest manufacturer of Industrial & Medical Gases, INOX Air Products (INOXAP) revealed plans to construct its new cryogenic air separation unit at the Steel Authority of India Bokaro plant, as part of a Greenfield Oxygen Plant project.
Robust demand for specialty chemicals and a shift toward processed food consumption have resulted in new investments in the food and beverage sector, fostering product deployment. Moreover, a surge in investments toward the development of basic healthcare facilities across rural and urban areas will prompt the demand for cryogenic tanks for storing liquid oxygen.
High strength and durability features of steel cryogenic tanks
In terms of raw material, the cryogenic tank market form steel segment is forecast to grow at more than 5% CAGR from 2023 to 2032. This growth is attributed to the various advantages associated with steel cryogenic tanks such as high strength, durability, and toughness. These traits make these tanks ideal for transportation and storage purposes. In addition, steel has emerged as a preferred material for the manufacturing of cryogenic tanks, particularly for the chemical, power, oil & gas, and food & beverage industries.
Growing demand for liquid nitrogen in the aerospace and healthcare sector
In terms of cryogenic liquid, the nitrogen segment in the cryogenic tank market is slated to register more than 5% growth rate through 2032. The rapid uptake of liquid nitrogen in the aerospace and aviation sectors is driving demand for cryogenic tanks to carry and store nitrogen. Farmers, animal reproductive scientists, artificial insemination professionals, veterinarians, sperm banks, and researchers utilize liquid nitrogen cryogenic tanks on a daily basis. Furthermore, with the ongoing development of embryo transfer technology in several species, product demand for the storage of frozen embryos is expected to surge, propelling the segment growth.
Development activities in the healthcare sector to impel product uptake
Cryogenic tank market value from the healthcare end-user segment valued at over USD 1.2 billion in 2022. Governing authorities worldwide are introducing various health schemes and plans to offer healthcare services to the lower income level groups. Robust demand for liquid oxygen in healthcare settings to undertake various treatments should stimulate the demand for cryogenic tanks. Continuous development toward the improvement of hospital facilities and services by the government and private players has led to positive business scenarios.
Browse key industry insights spread across 520 pages with 699 market data tables & 35 figures & charts from the report, “Cryogenic Tanks Market Size by Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User (Oil & Gas Industry, Power, Food & Beverage, Chemicals, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Expanding aerospace sector to shape industry growth across Europe
Europe cryogenic tank market accounted for more than 20% share in 2022, driven by the ongoing development of gas-fired power plants and rising financial support in the improvement of the aerospace sector including military, commercial, and space programs offering potential opportunities for businesses. For instance, in November 2022, H2FLY, a developer of hydrogen fuel cell technologies from Stuttgart, Germany started integrating a liquid hydrogen storage tank system into its HY4 aircraft as an important step forward for Project HEAVEN, which intends to design, manufacture, and integrate a powertrain based on high-power fuel cell and cryogenic technology into an existing aircraft for in-flight testing.
Strategic partnerships to define the competitive landscape of cryogenic tank market
Key participants operating in the global cryogenic tank industry are Chart Industries, Air Liquide, SHENGJIE CRYOGENIC EQUIPMENT PUBLIC LIMITED COMPANY, Air Products and Chemicals, Inc., FIBA Technologies, Inc., Cryogas Equipment Private Limited, Linde plc, Wessington Cryogenics, INOX India Limited, SURETANK, and Auguste Cryogenics. These businesses frequently engage in strategic projects to increase their market shares, such as collaborations and service portfolio expansions.
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