Cryogenic Tanks Market: Key Highlights
·
In terms
of value, the global cryogenic tanks market was stood around US$
900.0 Mn in 2018 and is anticipated to expand at a
CAGR of more than 7% from 2019 to 2027
·
LNG
product segment accounted for the largest share of the cryogenic tanks market
in terms of volume and value with more than 35.0% share in 2018.
Nitrogen was the second largest product segment of cryogenic tanks followed by
oxygen and argon
·
Based on
application, storage was the major application of cryogenic tanks and accounted
for more than 80% of the total cryogenic tanks usage in 2018.It
is projected to exhibit significant growth rate during the forecast
period 2019 to 2027
·
Based on
region, Asia Pacific held major share in 2018 and is expected
to grow at significant rate of more than 7% compared to other
region between 2019 to 2027. Increasing in
consumption of LNG and industrial gases in Asia Pacific is expected to be major
factor driving the demand for cryogenic tanks in Asia Pacific.
·
The
cryogenic tanks market in North America is expected to exhibit moderate growth
rate during the forecast period. Increase in production of natural gas in U.S.
is the major factor which propel the demand for cryogenic tanks for storage and
transportation application
·
Rise in
production of LNG followed by increase in application of industrial gases is
the major factor that drives the market
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High Manufacturing Cost and Lack of Skilled
Manpower May Hamper Overall Demand of Cryogenic Tanks
·
The
manufacturing costs of cryogenic tank is relatively high as compared to other
general tanks
Cryogenics is a cutting-edge technology which requires certain specific
components and technical expertise for manufacturing. Stringent regulations
must be followed to manufacture and sell cryogenic tanks in the market. Thus,
high manufacturing costs have increased the price of cryogenic tanks which has
led to retrofitting and leasing of cryogenic tanks. This is one of the major
factor which may restrict the sales of cryogenic tanks during the forecast
period 2019 to 2027
·
Furthermore,
construction, manufacturing, and engineering of cryogenic tanks is a highly
skilled and technical job which requires technically expert employees to carry
out the job. There is a dearth of employees with such skills and technical
expertise. Shortage of skilled manpower has increased the wages of available
manpower
·
This is
also major factor which may hamper the overall demand for cryogenic tanks during
the forecast period 2019 to 2027
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Asia Pacific Expected to be Highly Lucrative Region
of Global Cryogenic Tanks Market
·
In terms
of volume and value, Asia Pacific accounted for major share of more than 30.0% of
the global cryogenic tanks market in 2018. It is likely to remain
the dominant market during the forecast period 2019 to 2027.
China’s LNG consumption has grown rapidly in 2018 and is
considered as one of the world’s most robust natural gas and LNG (Liquified
Natural Gas) market. Also, import of LNG has been increased from other
Asian countries which makes Asia Pacific highly lucrative region for cryogenic
tanks market.
·
Apart
from Asia Pacific, North America is expected to grow at moderate rate compared
to other region. North America is expected to grow at CAGR of more than 6.0% between 2019 and 2027.
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Global Cryogenic Tanks Market -Key Developments
·
In 2018,
Chart Industries, Inc. global manufacturer of highly engineered equipment for
the industrial gas, energy, and biomedical industries has acquired VRV S.r.l.
and its subsidiaries to achieve significant cost synergies related to
operational efficiencies and sourcing
·
To meet
the design goal for lightweight vehicles, carbon fiber composite are being
explored by manufacturers for cryogenic tank application. NASA and Boeing has
already built and test all-composite cryogenic tank to reduce cost
Global Cryogenic Tanks Market: Competition
Landscape
·
The
cryogenic tanks market is global market but most of the companies in this
market operate at regional level. Notable players operating in the global
cryogenic tanks market include Cryogas Equipment Private Ltd., VRV S.p.A,
Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., FNF Gas Technology
Products Private Ltd., Gardner Cryogenics, INOX India Pvt. Ltd., Linde AG, and
Suretank Group Ltd.
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