About Cryogenic Storage Tanks
Cryogenic tanks are used for the transportation and storage of gases in its liquid form. Meanwhile, the tanks are produced to store the liquefied gas, at -196ºC or below, they are designed like large, oversized ‘Thermos’ bottles, since even a small amount of heat inlet will return the products to their gaseous state. Cryogenic storage tanks are provided under positive pressure to avoid contamination of the inner vessel during storage and shipment before its commissioning. Further, the cryogenic liquid storage tanks are designed to minimize the transfer of heat into the tank. The heat transfer or ‘inleak’ is the transition of thermal energy from a hotter mass to a cooler one, a procedure that is inevitable and can only be slowed.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 7.1% |
Cryogenic Storage Tanks is a fragmented market due to the presence of several regional and international players. The players are focusing on planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Cryogenic Storage Tanks market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Inox India Private Limited (India), Cryofab Inc. (United States), Linde AG (Germany), Chart Industries (United States), VRV SPA (Italy), Suretank Group Ltd. (Ireland), Eden Cryogenics LLC (United States), Cryoquip Australia (Australia), Gardner Cryogenics (United States) and Worthington Industries (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Cryogas Equipment Private Ltd. (India) and Fiba Technologies (United States).
Segmentation Overview
AMA Research has segmented the market of Global Cryogenic Storage Tanks market by Type (LNG, LPG, Nitrogen, Oxygen, Argon and Others), Application (Storage and Transportation) and Region.
On the basis of geography, the market of Cryogenic Storage Tanks has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Material, the sub-segment i.e. Stainless Steel will boost the Cryogenic Storage Tanks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Food Freeing will boost the Cryogenic Storage Tanks market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Application of Natural Gas across Different End-Use Industries
Market Growth Drivers:
Increasing Demand and Popularity for the Usage of Several Industrial Gases and Massive Growth in Consumption and Production of LNG (Liquefied Natural Gas)
Challenges:
Rising Raw Material Price
Restraints:
High Operating Cost of Cryogenic Storage Tank
Opportunities:
Consistent Innovation and Improving Design of Cryogenic Storage Tanks
Market Leaders and their expansionary development strategies
In August 2023, Cryogenic tank maker Inox India files draft papers with sebi for IPO. Cryogenic tank maker Inox India Ltd has filed preliminary papers with capital market regulator Sebi to mop up funds through an initial public offering. The Initial Public Offering (IPO) is entirely an Offer for Sale (OFS) of up to 2.21 crore shares by its existing shareholders and promoters.
In February 2023, Inox to set up cryogenic tank facility at Vadodara. Cryogenic liquid storage tanks maker, Inox has set up a new cryogenic tank manufacturing facility at Savli in Vadodara. The company announced signing of Memorandum of Understanding (MoU) with Government of Gujarat to set up the new facility with an investment of ₹200 crore.
Key Target Audience
Manufacturers of Cryogenic Storage Tank, Suppliers of Raw Materials, Distributors of Cryogenic Storage Tank, Food Industry, Governmental Bodies and Research Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.