Cryogenic Tanks Market: Key Highlights
· In termsof value, the global cryogenic tanks market was stoodaround US$ 900.0 Mn in 2018 and isanticipated to expand at a CAGR of more than 7% from 2019 to 2027
· LNGproduct segment accounted for the largest share of the cryogenic tanks marketin terms of volume and value with more than 35.0% share in 2018.Nitrogen was the second largest product segment of cryogenic tanks followed byoxygen and argon
· Based onapplication, storage was the major application of cryogenic tanks and accountedfor more than 80% of the total cryogenic tanks usage in 2018.Itis projected to exhibit significant growth rate during the forecastperiod 2019 to 2027
· Based onregion, Asia Pacific held major share in 2018 and is expectedto grow at significant rate of more than 7% compared to otherregion between 2019 to 2027. Increasing inconsumption of LNG and industrial gases in Asia Pacific is expected to be majorfactor driving the demand for cryogenic tanks in Asia Pacific.
· Thecryogenic tanks market in North America is expected to exhibit moderate growthrate during the forecast period. Increase in production of natural gas in U.S.is the major factor which propel the demand for cryogenic tanks for storage andtransportation application
· Rise inproduction of LNG followed by increase in application of industrial gases isthe major factor that drives the market
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High Manufacturing Cost and Lack of SkilledManpower May Hamper Overall Demand of Cryogenic Tanks
· Themanufacturing costs of cryogenic tank is relatively high as compared to othergeneral tanks
Cryogenics is a cutting-edge technology which requires certain specificcomponents and technical expertise for manufacturing. Stringent regulationsmust be followed to manufacture and sell cryogenic tanks in the market. Thus,high manufacturing costs have increased the price of cryogenic tanks which hasled to retrofitting and leasing of cryogenic tanks. This is one of the majorfactor which may restrict the sales of cryogenic tanks during the forecastperiod 2019 to 2027
· Furthermore,construction, manufacturing, and engineering of cryogenic tanks is a highlyskilled and technical job which requires technically expert employees to carryout the job. There is a dearth of employees with such skills and technicalexpertise. Shortage of skilled manpower has increased the wages of availablemanpower
· This isalso major factor which may hamper the overall demand for cryogenic tanksduring the forecast period 2019 to 2027
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Asia Pacific Expected to be Highly Lucrative Regionof Global Cryogenic Tanks Market
· In termsof volume and value, Asia Pacific accounted for major share of more than 30.0% ofthe global cryogenic tanks market in 2018. It is likely to remainthe dominant market during the forecast period 2019 to 2027.China’s LNG consumption has grown rapidly in 2018 and isconsidered as one of the world’s most robust natural gas and LNG (LiquifiedNatural Gas) market. Also, import of LNG has been increased from otherAsian countries which makes Asia Pacific highly lucrative region for cryogenictanks market.
· Apartfrom Asia Pacific, North America is expected to grow at moderate rate comparedto other region. North America is expected to grow at CAGR of more than 6.0% between 2019 and 2027.
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Global Cryogenic Tanks Market -Key Developments
· In 2018,Chart Industries, Inc. global manufacturer of highly engineered equipment forthe industrial gas, energy, and biomedical industries has acquired VRV S.r.l.and its subsidiaries to achieve significant cost synergies related tooperational efficiencies and sourcing
· To meetthe design goal for lightweight vehicles, carbon fiber composite are beingexplored by manufacturers for cryogenic tank application. NASA and Boeing hasalready built and test all-composite cryogenic tank to reduce cost
Global Cryogenic Tanks Market: CompetitionLandscape
· Thecryogenic tanks market is global market but most of the companies in thismarket operate at regional level. Notable players operating in the globalcryogenic tanks market include Cryogas Equipment Private Ltd., VRVS.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., FNF GasTechnology Products Private Ltd., Gardner Cryogenics, INOX India Pvt. Ltd.,Linde AG, and Suretank Group Ltd.
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