Global Cryogenic Tank Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing demand for liquefied natural gas (LNG), rising demand for lightweight tanks, and growing number of government initiatives for providing better healthcare services are some of the major factors driving the growth of the Market.
Global Cryogenic Tank Market is valued at USD 6.81 Billion in 2021 and expected to reach USD 9.88 Billion by 2028 with a CAGR of 5.47% over the forecast period.
A cryogenic tank or cryotank is a tank used to store materials at extremely low temperatures. The term cryogenic tank refers to the storage of ultra-cold fuels, such as liquid oxygen and liquid hydrogen. Cryogenic tanks and cryogenics can be seen in many sci-fi movies, but they are still underdeveloped. The cryogenic tank is exposed to serious aerodynamic heating and various heat leaks, and all the environmental physical properties change with height. It can also be used in space travel and to protect human life in general. The problem with this is that when the human body is frozen, ice crystals form in the cells. The ice crystals then continue to expand, rupturing the cell wall and destroying or destroying the integrity of the cell. Cryogenic tanks are used to store natural gases such as argon, oxygen, nitrogen, helium, hydrogen, and other materials. Tanks can store materials at the right temperature and pressure for transportation
The Covid-19 pandemic has also impacted the growth of the global cryogenic tank market. Covid-19 has increased the demand for essential resources, including medical supplies such as oxygen. Hospitals store liquid oxygen in cryogenic tanks and self-evaporate to supply pipe systems. Commercial liquid oxygen plants must replace tanks periodically. Transportation was a critical factor in oxygen delivery to hospitals during the Covid-19 outbreak because commercial plants are far from medical facilities and have limited cryogenic tankers.
The global cryogenic tank market is segmented based on the raw material, cryogenic liquid, application, end-use and region & country level. Based on raw material, the global market is segmented into steel, aluminum alloy, nickel alloy, and others. By cryogenic liquid, the global market is segmented into liquid hydrogen, LNG, liquid nitrogen, and others. By application, the global market is segmented into transportation and storage. By end-use, the global market is segmented into medical technology, metal processing, energy generation, food & beverages, electronics, water treatment, and others.
The regions covered in the global cryogenic tank market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global cryogenic tank is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
One of the major factors driving the growth of the cryogenic tank market is the increasing demand for liquefied natural gas (LNG). Cryogenic tanks can be constructed with single, double, or triple wall dewars to provide the best insulation from ambient heat. Liquid oxygen, liquid nitrogen, liquid argon, LNG, and other products are stored in cryogenic tanks at different pressure levels. The increase in production and consumption of LNG has increased the demand for cryogenic tanks required to store and transport LNG. The solution is to cool the natural gas to extremely cold temperatures to increase its density. At -260°F, the gas can be transported efficiently and safely as LNG. Cryogenic tanks are designed to keep gas in a cold and liquid state. For instance; on April 11th , 2022; total Energies launched Cameron LNG's expansion to increase liquefied natural gas production.
In addition, the rising demand for lightweight tanks is also boosting the growth of the cryogenic tank market. Current rockets rely on tanks, just the pressurized containers needed to store the fuel. These tanks are made of aluminum alloy or steel or use metal as lining, which makes them heavy. Cryogenic propellant tanks for space applications must be lightweight but strong enough to naturally push a heavy gas such as helium into the supply line. Tanks also require insulation to prevent cryogenic fuel from evaporating. Future rockets could fly with lightweight carbon fiber reinforced plastic tanks, which would make cryogenic propellants possible. A tank made entirely of CFRP is much lighter than metal, requires fewer parts, and is faster and cheaper to manufacture.
Moreover, the growing number of government initiatives for providing better healthcare to the public will create strong demand for tanks from the healthcare sector. Strong investment in improving healthcare infrastructure can be seen in countries around the world, especially in the wake of the emergence of the Covid-19 pandemic. Governments in developing countries are also focusing their attention on enhancing healthcare infrastructure in rural areas, which is expected to further foster the market growth.
However, the increasing raw material cost and high operating cost associated with cryogenic tanks may hinder the growth of the global cryogenic tank market. Despite that, increasing demand from the healthcare industry may create more opportunities for the further growth of the market.
Geographically, Asia Pacific is expected to show a fastest growth in the global cryogenic tank market within the forecast period due to the increasing number of cryogenic tank manufacturers, and rising demand for liquefied natural gas (LNG) in this regions. For instance; on June 2nd, 2021; Megha Engineering and Infrastructures Limited (MEIL), which is bridging the gap between demand and supply of medical oxygen in the fight against the Covid pandemic, has imported three cryogenic oxygen tanks from Singapore. In addition, the rising demand for LNG is also supplementing the market growth in this region. For instance; according to the international trade administration, on January 7th, 2022; Japan is the world's largest LNG buyer, importing 74,463,881 tonnes in 2020.
On June 1st, 2022; Airbus announced that it is opening a facility in the United Kingdom, it developed a new cryogenic hydrogen tank for its next-generation aircraft. The company recently shared an Airbus News statement that the Zero Emission Development Center (ZEDC) has already started working on the development of a cryogenic hydrogen tank. Among the top goals has a focus on developing what the aerospace company calls a "cost-competitive cryogenic fuel system" needed for its ZEROe aircraft.
On December 1st, 2020; HAL delivered the biggest cryogenic propellant tank (C32 LH2) ever fabricated by the company to ISRO much ahead of the contractual schedule at a programme recently.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2021:||USD 6.81 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||5.47%|
|Market Size Expected in 2028:||USD 9.88 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||VRV Srl, Air Products and Chemicals Inc., Chart Industries Inc., FIBA Technologies Inc., Air Water Inc., Cryofab Inc., INOX India Pvt. Ltd., Wessington Cryogenics, L Air Liquide SA, Linde AG, and others.|
|Segments Covered||By Raw Material, By Cryogenic Liquid, By Application, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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