July 24, 2024
Cryogenic Tanks Market

Global Cryogenic Tanks Market Is Estimated To Witness High Growth Owing To Increasing Demand from the Healthcare and Energy Industry

The global cryogenic tanks 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 to 2030.

Market Overview:

Cryogenic tanks are specialized containers designed to store and transport materials at extremely low temperatures. These tanks are extensively used in various industries, including healthcare, energy, food and beverage, electronics, and aerospace. The healthcare industry, in particular, relies heavily on cryogenic tanks for the storage and transportation of medical gases, such as liquid oxygen, nitrogen, and argon, used in medical treatments and surgeries.

Market Dynamics:

Driver 1: Increasing demand from the healthcare industry

The healthcare industry is witnessing a growing demand for cryogenic tanks due to the increasing need for medical gases in various medical procedures. Cryogenic tanks provide a safe and efficient storage solution for these gases, ensuring their availability in healthcare facilities.

Driver 2: Growing demand from the energy industry

The energy industry is another major driver for the cryogenic tanks market. Cryogenic tanks are used to store and transport liquefied natural gas (LNG), which is gaining popularity as a cleaner and more efficient fuel source. The increasing demand for LNG as an alternative to traditional fuels is driving the need for cryogenic tanks.

SWOT Analysis:

– Strengths:

Advanced technology and engineering capabilities of key players

Well-established distribution network

– Weaknesses:

High initial investment cost

Limited storage capacity compared to conventional tanks

– Opportunities:

Increasing adoption of cryogenic tanks in emerging economies

Growing demand for cryogenic tanks in the healthcare industry

– Threats:

Stringent regulations and safety concerns

Competition from alternative storage solutions, such as compressed gas cylinders.

Key Takeaways:

Market size-related content:

The global cryogenic tanks market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand from the healthcare and energy industries.

Regional analysis:

North America is expected to dominate the cryogenic tanks market, followed by Europe and Asia Pacific. This can be attributed to the presence of key players and well-developed healthcare infrastructure in these regions.

Key players-related content:

Key players operating in the global cryogenic tanks market are 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 companies are focusing on technological advancements and expanding their product portfolios to stay competitive in the market.

In conclusion, the global cryogenic tanks market is set to experience significant growth in the coming years, driven by the increasing demand from the healthcare and energy industries. The market is highly competitive, with key players striving to innovate and expand their presence in emerging economies. The North American region is expected to dominate the market, supported by a well-developed healthcare infrastructure.