Cryogenic Tanks Global Market Report 2023

(MENAFN- GlobeNewsWire - Nasdaq) New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cryogenic Tanks Global Market Report 2023" -
Ltd., VRV Cryoquip and Gardner Cryogenic.
The global cryogenic tanks market is expected to grow from $6.67 billion in 2022 to $7.04 billion in 2023 at a compound annual growth rate (CAGR) of 5.45%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cryogenic tanks market is expected to reach $8.96 billion in 2027 at a CAGR of 6.22%.
The cryogenic tank market consists of sales of inner vessels, outer vessels, and insulation.Values in this market are "factory gate" values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cryogenic tanks refer to specialized storage containers designed to hold cryogenic fluids at extremely low temperatures. Cryogenic tanks enable the supply or transport of cryogenic fluids and gases for an extended period of time.
Asia-Pacific was the largest region in the cryogenic tanks market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of cryogenic tanks are by cryogenic liquid, including liquefied natural gas (LNG), liquid nitrogen, liquid oxygen, liquid hydrogen, and other cryogenic liquids.Liquefied natural gas (LNG) refers to natural gas that has been cooled to around -260 degrees Fahrenheit and transformed into liquid form for ease and safety of transportation through cryogenic tanks.
They are manufactured by raw materials such as steel, nickel alloy, aluminum alloy, and other raw materials applied for storage and transportation in various sectors such as manufacturing, healthcare, the food industry, and other end users.
The rise in demand for liquefied natural gas (LNG) is significantly contributing to the growth of the cryogenic tank market going forward.Liquefied natural gas (LNG) is a form of natural gas that has been cooled down to a liquid state, which is more convenient and secure to transfer.
Cryogenic tanks are used to store and transport liquefied natural gas (LNG) from producers to customers safely and easily.For instance, in February 2023, according to data released by the International Energy Agency (IEA), a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the amount of LNG cargo shipped to Europe in 2022 surged by 63%.
Therefore, a rise in demand for liquefied natural gas (LNG) will drive the cryogenic tank market.
Technological advancement is the key trend gaining popularity in the cryogenic tank market.Major companies operating in the cryogenic tank market are focusing on making cryogenic tanks more durable and lightweight by using new materials and manufacturing techniques.
For instance, in February 2022, Boeing, a US-based aircraft manufacturer, developed a new liner-less cryogenic fuel tank.The new lightweight cryogenic tank features composite technology that decreases the weight and adds 30 percent more payload for aerospace applications such as NASA's space launch system.
The composite tank, which measures 4.3 meters (14 feet) in diameter, is of a similar size to the fuel tanks planned for utilization in NASA's Space Launch System (SLS) rocket's upper stage.
In November 2021, Plug Power, a US-based hydrogen fuel cell manufacturing company, acquired Applied Cryo Technologies Inc. for an undisclosed amount. Through this acquisition, Plug Power aims to expand its green hydrogen ecosystem and reduce the cost of hydrogen infrastructure and logistics networks with the addition of Applied Cryo Technologies' product portfolio, which includes a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling. Applied Cryo Technologies Inc. is a US-based manufacturer of cryogenic equipment such as cryogenic tanks and cryogenic pumps.
The countries covered in the cryogenic tanks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cryogenic tanks market research report is one of a series of new reports that provides cryogenic tanks market statistics, including global market size, regional shares, competitors with a cryogenic tanks market share, detailed cryogenic tanks market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic tanks industry. This cryogenic tanks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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