Cryogenic Tanks Market

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Global Cryogenic Tanks Market Is Estimated To
Witness High Growth Owing To Rising Demand for
LNG Storage Solutions
Cryogenic Tanks Market
The global cryogenic tanks market is estimated to
be valued at US 6.51 billion in 2022 and is
expected to exhibit a CAGR of 5.0 over the
forecast period 2023 to 2030.
A) Market Overview Cryogenic tanks are
specialized storage containers used to store and
transport cryogenic liquids such as liquefied
natural gas (LNG), liquid nitrogen, and liquid
oxygen. These tanks are designed to maintain
extremely low temperatures, typically below -150
degrees Celsius, to keep the cryogenic liquids in
their liquid state. They are utilized in various
industries including energy, healthcare, food and
beverage, electronics, and aerospace. The
increasing demand for LNG storage solutions for
energy production and the growing use of
cryogenic gases in medical procedures are driving
the growth of the cryogenic tanks market.
B) Market Dynamics
Driver 1 Growing demand for LNG storage solutions
The rising demand for natural gas as a cleaner
alternative to traditional fossil fuels is
driving the demand for LNG storage solutions.
Cryogenic tanks play a vital role in storing and
transporting LNG, which is used extensively in
power generation, industrial heating, and as a
fuel for transportation. The growing adoption of
LNG as a fuel for marine vessels and heavy-duty
trucks is further fueling the demand for
cryogenic tanks.
Driver 2 Increasing use of cryogenic gases in
medical procedures
Cryogenic gases such as liquid nitrogen and
liquid oxygen are widely used in medical
applications, including cryosurgery,
cryopreservation, and cryotherapy. These gases
enable precise temperature
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control for medical procedures and facilitate the
preservation of biological samples and tissues.
The growing use of cryogenic gases in various
medical treatments and research activities is
contributing to the market growth of cryogenic
tanks.
C) Segment Analysis
The cryogenic tanks market is segmented based on
product type, application, and end-use industry.
In terms of product type, the flat-bottom
cryogenic tanks segment is dominating the market
due to its cost- effectiveness and high storage
capacity. Among the applications, the storage
segment holds the largest market share, as
cryogenic tanks are primarily used for the
storage of cryogenic liquids. In terms of end-
use industry, the energy sector is the major
consumer of cryogenic tanks, driven by the
increasing demand for LNG storage solutions.
D) PEST Analysis
1. Political Government regulations and policies
regarding the safe handling and transportation of
cryogenic liquids play a crucial role in the
cryogenic tanks market. Compliance with safety
standards and obtaining permits for the
installation and operation of cryogenic tank
facilities are essential for market players.
2. Economic The growing energy sector and
increasing investments in LNG infrastructure are
driving the demand for cryogenic tanks. Economic
factors such as the availability of affordable
and reliable energy sources and the need for
efficient storage solutions are influencing the
market growth.
3. Social The increasing awareness about
environmental concerns and the need for cleaner
energy sources are driving the adoption of LNG as
a fuel. Moreover, advances in medical technology
and the growing demand for cryogenic gases in
healthcare facilities are contributing to the
market growth.
4. Technological Technological advancements in
cryogenic tank materials, insulation techniques,
and safety features are improving the efficiency
and reliability of cryogenic storage solutions.
Innovations such as vacuum super insulation and
advanced monitoring systems are enhancing the
performance of cryogenic tanks.
E) Key Takeaways
Market size related content The global cryogenic
tanks market is expected to witness high growth,
exhibiting a CAGR of 5.0 over the forecast
period, due to the increasing demand for LNG
storage solutions and the growing use of
cryogenic gases in medical procedures.
Regional analysis The Asia Pacific region is
expected to be the fastest-growing and dominating
region in the cryogenic tanks market. The rapid
industrialization and urbanization in countries
like China and India, coupled with the increasing
investments in energy infrastructure, are driving
the market growth in this region.
Key players Key players operating in the global
cryogenic tanks market include ArcelorMittal,
China Baowu Group, Nippon Steel Corporation,
POSCO, Shagang Group, Ansteel Group, Glencore,
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