Selbyville, Delaware, June 08, 2020 (GLOBE NEWSWIRE) —
Global Cryogenic Tanks Market is anticipated to cross USD 9 billion by 2026, as reported in the latest study by Global Market Insights, Inc. Increasing LNG trade along with growing investments across chemical, healthcare and food & beverage industry will boost the deployment of these tanks.
Increasing demand for natural gas on account of development of gas-based power generation plants along with increasing use of gas across heating and transportation sector will propel the cryogenic tanks industry size. Increasing investments across manufacturing and MSME sector including food & beverage, chemicals, rubber, and agriculture will provide favourable opportunities business expansion. In addition, the industry players are widely deploying the tanks for storing and transportation of liquids owing to their low heat loss characteristics.
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Increasing spending by both public and private companies along with government initiatives to provide health services to all people will positively influence the business outlook. The cryogenic liquid including nitrogen and oxygen are being used to store and preserve human blood, organs, and to provide oxygen to the patients. In addition, the robust investments in the development healthcare infrastructure primarily owing to COVID-19 pandemic has propelled the industry growth. Furthermore, the shifting government focus to provide basic healthcare infrastructure to its people in remote and rural areas will augment the industry expansion.
Key findings of the cryogenic tanks market study report:
- Increasing investments toward chemical and healthcare industry
- The growing demand for LNG owing to paradigm shift toward gas-based electricity generation
- Key industry players operating across the cryogenic tanks market includes Linde Plc, Air Liquide, Cryofeb, Chart Industries, GTS Group and Air Products
- Liquid nitrogen will witness an upsurge in demand on account of increasing use across food packaging industry and in freezing of biological samples.
- Rapid development of industrial areas primarily across the emerging economies will substantially enhance the demand for cryogenic liquids.
Browse key industry insights spread across 340 pages with 468 market data tables & 43 figures & charts from the report, “Cryogenic Tanks Market Statistics By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), Raw Material (Steel, Nickel Alloy, Aluminium Alloy), Application (Storage, Distribution), By End-User (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Europe cryogenic tanks market is set to witness over 4% CAGR through 2026. Ongoing development of LNG infrastructure along with extensive investments toward development of natural gas-powered generation systems will spur the business growth. Low heat loss, longer service life and minimum maintenance cost are some of key features which will boost the product adoption. Progressive initiatives by EU and respective government authorities and increasing FDI have provided opportunities for the development of chemical, healthcare and other manufacturing industries across the region. In addition, the revival of economies post coronavirus pandemic has also led the governments to invest heavily on development sustainable infrastructure which will encourage the product demand.
The ability of the argon cryogen to be used alone or mixed with other gases including helium, oxygen, nitrogen, carbon dioxide, and hydrogen to meet the specific customer requirement will fuel the product demand. In addition, the argon-oxygen decarburizing process is a common method for refining stainless steel on account of its ability to reduce the oxidation of molten metals and alloys which will also attribute to the industry growth.
Introduction of several government regulations for environmental protection will subsequently increase the adoption of LNG as a ship fuel, which in turn will foster the demand for cryogenic tanks across shipping industry. The increase in the import and export of merchandise and commodities including ores, crude oil, and minerals will stimulate the demand for bunkering services. Respective governments are also providing funding to promote the adoption of LNG across bunkering hubs thereby providing favorable business scenario for cryogenic tanks market expansion.
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Browse Related Reports:
Cryogenic Equipment Market By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), Product (Tanks, Valves, Vaporizers, Pumps, Pipe), Application (Storage, Distribution), End-User (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
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