Enjoy complimentary customisation on priority with our Enterprise License!
The cryogenic tanks market share is expected to increase by USD 393.99 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.07%.
This cryogenic tanks market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cryogenic tanks market segmentation by product (LNG, nitrogen, and others) and geography (APAC, Europe, North America, and South America). The cryogenic tanks market report also offers information on several market vendors, including 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 among others.
Download the Free Report Sample to Unlock the Cryogenic Tanks Market Size for the Forecast Period and Other Important Statistics
Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increased demand for nitrogen from food processing industry is notably driving the cryogenic tanks market growth, although factors such as supply chain disruptions due to covid-19 may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cryogenic tanks industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cryogenic Tanks Market Driver
The growing brewery industry in APAC is the major driver influencing the cryogenic tanks market growth. LN is used in beer processing as it helps to displace the oxygen, thereby increasing the shelf life. In addition, it helps in enhancing the taste of the beer. The factors that are creating new patterns of consumption in APAC are the following: Key growth factors of beer consumption in APACChanges in spending habitsRapid economicRising wagesThese factors are expected to increase the demand for beer in APAC. The alcoholic beverage market in APAC, especially beer, has experienced growth across the region. Thus, the use of liquid nitrogen in beer processing is likely to increase with the increase in beer production, which is expected to drive the market for cryogenic tanks during the forecast period.
Key Cryogenic Tanks Market Trend
Technological advances enhance the scope of cryogenics is the major trend influencing the cryogenic tanks market growth. Cryogenic technology has improved at a rapid rate in recent years. Intense research on cryogenics worldwide has led to technological advances that have broadened the scope of cryogenics in all major end-users, such as medical, industrial, energy, and food processing. In recent years, technologies such as hydrofracturing have boosted oil and gas production to new heights. However, the environmental impact of this process has laid down concerns regarding the future of this technology. Researchers in the US have discovered a breakthrough technology; wherein water can be replaced with cryogenic fluids such as LN or liquid CO . This technology can reduce water consumption in many processes, resulting in reduced groundwater pumping and the elimination of flowback disposal that leads to induced seismicity. In addition, it reduces formation damage that occurs due to capillary trapping. Technavio expects that this technology would be a major breakthrough in the oil and gas industry in replacing hydrofracturing techniques.In another breakthrough, Indian scientists at ISRO have developed an indigenous cryogenic engine that will aid in carrying heavier payloads. This would increase the scope of cryogenics in space applications. Increased demand for remote sensing data and communication platforms is expected to drive the demand for cryogenic equipment in space applications.
Key Cryogenic Tanks Market Challenge
Supply chain disruptions due to COVID-19 are the major hindrance to the cryogenic tanks market growth. Although the demand for medical oxygen has been increasing since the advent of the COVID-19 pandemic, the demand for non-medical oxygen and LNG decreased in 2020 due to transportation restrictions and stringent lockdowns. These factors declined the demand for cryogenic tanks from the food and beverage, construction, and other associated industries. Major industries such as food & beverage, construction, cosmetics were significantly affected by the pandemic. However, from Q1 of 2021, economic activities resumed across the regions. The increasing demand for food & beverage products, resumption of construction projects, and increasing demand for logistics and transportation of health-oriented products are expected to boost the growth of the cryogenic market during the forecast period. Vendors in the industry are focusing on expanding their manufacturing facilities and their business operations across the globe. These factors are expected to increase the growth of the cryogenic market during the forecast period.
This cryogenic tanks market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes global cryogenic tanks market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cryogenic tanks market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cryogenic tanks market encompasses successful business strategies deployed by the key vendors. The cryogenic tanks market is concentrated and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cryogenic tanks market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cryogenic tanks market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.