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Published Date: 2016-11-22Number of Pages: 146

Cryogenic Tanks Market (Product Type - LNG, Nitrogen, Oxygen, and Argon; Application - Storage and Transportation) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024

Global Cryogenic Tanks Market: Snapshot

The global market for cryogenic tanks has witnessed a significant rise in demand owing to the increased array of application of a number of industrial gases and the vast rise in production and consumption of liquefied natural gas (LNG). In the next few years as well, the rising production of LNG will remain a key driver of the global cryogenic tanks market. According to Transparency Market Research, the market was valued at US$740.2 mn in 2015 and is expected to reach US$1,433.0 mn in 2024, expanding at a CAGR of 7.7% between 2016 and 2024.

Usage of Cryogenic Tanks for Storage Application to Rake in Bulk of Revenue

On the basis of application, the global cryogenic tanks market has been examined for storage and transportation. Of these, the storage application dominated the global cryogenic tanks market, accounting for a more than 80% of the overall market in 2015. Cryogenic tanks are utilized for short term as well as long term storage of industrial gases and LNG among others. Increasing on-site production of industrial gases and planned (strategic) storage of LNG are some of the factors expected to boost the demand for cryogenic tanks for storage purposes during the forecast period.

The transportation segment witnessed an increased demand for liquefied industrial gas and LNG cryogenic tanks in the past few years owing to the vast rise in production volumes across established and emerging oil and gas producing countries and the fast pace of industrialization across emerging economies. Considered to be the best option for the transportation and distribution of a variety of liquefied gases and LNG, the demand for cryogenic tanks across the transportation sector is expected to exhibit a promising rise in the next few years as well.

cryogenic tanks market

 

Asia Pacific to Retain Dominance, Thanks to Promising Pace of Industrialization

On the basis of geography, Asia Pacific dominated the global cryogenic tanks market in terms of cryogenic tanks sales volume and revenue contribution of the regional market to the global market in 2015. The region accounted for more than 30% of the total number of cryogenic tanks sold across the globe in 2015. In terms of revenue, North America and Europe collectively accounted for more than 45% of the global market in the same year.

Asia Pacific is expected to remain the dominant regional market for cryogenic tanks throughout the forecast period as well. Expanding at a promising CAGR of 8.4% in terms of value between 2016 and 2024, the Asia Pacific market for cryogenic tanks is expected to account for a larger share in the pie by 2024. A promising pace of industrialization and the presence of manufacturing facilities of some of the market’s most prominent players have augmented the sales of cryogenic tanks for liquid industrial gases in the region. A significant rise in the consumption of LNG has also boosted the sales of LNG cryogenic tanks in the region in the past few years.

The cryogenic tanks market in Middle East & Africa will also exhibit 8.4% CAGR over the period between 2016 and 2024. The rising production of LNG in Middle East countries and increased production in Africa will boost the sales of LNG cryogenic tanks in the MEA region over the said period.

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.

Global Cryogenic Tanks Market: Scope of the Report

The global cryogenic tanks market report by Transparency Market Research provides in-depth analysis of the cryogenic tanks market globally. The report segments the market on the basis of product type, application, and geography. The report analyzes the global cryogenic tanks market in terms of both cryogenic tanks sales volume (Units) and revenue (US$ Mn) for the years 2016–2024. For this research study, the base year is 2015, whereas the forecast is from 2016 to 2024. The report provides a comprehensive competitive landscape and features companies manufacturing cryogenic tanks. This report includes the key dynamics affecting the cryogenic tanks market globally. The analysis in the report provides detailed insights of the global cryogenic tanks market. The drivers, opportunities, and restraints of the market were analyzed in detail and are illustrated in the report. The report also provides a detailed industry analysis of the global cryogenic tanks with the help of the Porter’s Five Forces Analysis model.

Global Cryogenic Tanks Market: Segmentation

The research report is segmented into product type and application. Product type segment is further segmented into LNG, nitrogen, oxygen, and argon. Application segment is further segmented into storage and transportation (including distribution).

The global cryogenic tanks market has been segmented geographically into five regions and further into sub-segmented 15 unique country sub-segments. The regional segments are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The 15 countries which have been separately addressed in this report are the U.S., Canada, the U.K., Germany, France, China, India, Japan, Australia, Qatar, Oman, UAE, Egypt, Brazil, and Mexico.

On the basis of product type, LNG is the dominant product type segment which accounted for 37.3% market share in terms of cryogenic tanks sales revenue in 2015. Nitrogen product type segment held 30.9% market share of the global cryogenic tanks market In terms of cryogenic tanks sales revenue in 2015. Increasing production capacity, consumption rate, and trade volume of LNG are some of the factors likely to boost the demand for cryogenic tanks for LNG product type segment during the forecast period.

On the basis of application, storage application dominated the global cryogenic tanks market with 85.5% market share. Cryogenic tanks are utilized for short term as well as long term storage of industrial gases and LNG among others. Increasing on-site production of industrial gases and planned (strategic) storage of LNG are some of the factors which are expected to boost storage application segment during the forecast period.

Global Cryogenic Tanks Market: Geographical and Competitive Landscape

Asia Pacific dominated the global cryogenic tanks market in terms of cryogenic tanks sales volume and revenue, in 2015. It is expected to expand at a CAGR of 8.4% and 7.3% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively. North America followed Asia Pacific in terms of market share of the global cryogenic tanks market on the basis of cryogenic tanks sales volume and revenue, in 2015. Europe closely followed North America in terms of cryogenic tanks sales volume and revenue, in 2015. The market in Europe is expected to expand at a CAGR of 6.6% and 7.8% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively.

Some of the key market participants in the global cryogenic tanks market are 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. The report provides an overview of these companies, followed by their financial details, business strategies, and SWOT analysis. The global cryogenic tanks market has been segmented as follows:

Global Cryogenic Tanks Market: Regional Analysis

  • North America 
    • The U.S.
    • Canada 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe 
  • Asia Pacific 
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia Pacific 
  • Middle East & Africa 
    • Qatar
    • Oman
    • UAE
    • Egypt
    • Rest of Middle East & Africa 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Global Cryogenic Tanks Market: By Product Type

  • Liquefied Natural Gas (LNG)
  • Nitrogen
  • Oxygen
  • Argon

Global Cryogenic Tanks Market: By Application

  • Storage
  • Transportation
 


 
 
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