NEW YORK, July 25, 2022 /PRNewswire/ — The “Cryogenic Tanks Market by Product and Geography – Forecast and Analysis 2021-2025” report by Technavio expects the market size to grow by USD 393.99 million between 2020 and 2025, expanding at a CAGR of 7.07% during the forecast period. According to the report, the market will observe the highest incremental growth in APAC and the region will account for 44% of the market share. The influx of high investments in developing economies such as India and Indonesia is fueling the demand for storage-based cryogenic equipment like tanks, valves, and pipes, thereby creating significant growth opportunities for market players. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. Download a Sample PDF Report Here
The cryogenic tanks market is concentrated with the presence of a few vendors operating in the competitive landscape. Vendors operating in the market seek opportunities for long-term agreements with governments and private companies. They are also investing in product innovations and expanding their service segments.
Technavio identifies Air Products and Chemicals Inc., Air Water Inc., Chart Industries Inc., Cryofab Inc., FIBA Technologies Inc., INOX India Pvt. Ltd., L Air Liquide SA, Linde AG, VRV Srl, and Wessington Cryogenics as some of the major market participants.
Although the increased demand for nitrogen from the food processing industry, the growing brewery industry in APAC, and the growing demand from the healthcare industry will offer immense growth opportunities, supply chain disruptions due to COVID-19, the growing demand for re-engineered cryogenic equipment, and the requirement for careful selection of raw materials for cryogenic tanks will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Understand the scope of the full report. Request a Sample Report Now
The cryogenic tanks market is segmented as below:
The LNG segment will have the largest share in the market. The surging demand for LNG from emerging economies and the commissioning of new facilities on the US coast are driving the growth of the segment.
- North America
- South America
About 44% of the market growth will originate from APAC during the forecast period. The region accounts for more than half of world steel production and consumption. This coupled with the increasing efforts for adequate oxygen supply in the region will drive the growth of the cryogenic tanks market in APAC.
Cryogenic Tanks Market 2021-2025: Vendor Analysis
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. We provide a detailed analysis of around 25 vendors operating in the cryogenic tanks market. Backed with competitive intelligence and benchmarking, our research report on the cryogenic tanks market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support. Download PDF Sample Report Now
Cryogenic Tanks Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist cryogenic tanks market growth during the next five years
- Estimation of the cryogenic tanks market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the cryogenic tanks market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of cryogenic tanks market vendors