Analysis of Cryogenic Storage Tank Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to a new industry report released by Fact.MR, revenue from the global cryogenic storage tank market is estimated at US$ 7.59 billion in 2024 and has been evaluated to increase at a CAGR of 5.1% to achieve a value of US$ 12.47 billion by the end of 2034.
Growth in LNG infrastructure is opening doors for new opportunities in this market for players. There is a growing demand for cryogenic storage tanks, mainly in the South Asia & Pacific, East Asia, and Western Europe regions. Because LNG is kept in a liquid form and stored at very low temperatures, high-quality cryogenic storage tanks are needed.
Asian and European countries are building new LNG export terminals and storage facilities. Such initiatives cater to the ever-increasing energy needs of a region and drive growth in the market.
Hydrogen is increasingly used as a clean source of energy, especially in liquid form (LH2). To transport and store liquid hydrogen safely, cryogenic storage tanks are becoming essential. The development of the hydrogen economy in different countries is further increasing demand for these tanks.
Several companies operating in this market are introducing cryogenic tank technologies to facilitate economical, safe, and effective storage of liquid hydrogen.
Recent insulation technologies, such as advanced multilayer insulation (MLI) are significantly improving the efficiency of cryogenic storage tanks through reduced energy consumption and extended lifespan. Another beneficiary impact of automation and remote monitoring is real-time tracking of critical parameters of the tank, such as temperature and pressure. This reduces the risk of operating the tanks and enhances tank management.
According to research by Fact.MR,
| Report Attribute | Detail |
|---|---|
| Cryogenic Storage Tank Market Size (2024E) | US$ 7.59 Billion |
| Forecasted Market Value (2034F) | US$ 12.47 Billion |
| Global Market Growth Rate (2024 to 2034) | 5.1% CAGR |
| North America Market Share (2024E) | 29.8% |
| East Asia Market Value (2024E) | US$ 2.15 Billion |
| South Asia & Pacific Market Growth Rate (2024 to 2034) | 7.7% CAGR |
| Horizontal Segment Value (2034F) | US$ 7.82 Billion |
| Stainless Steel Segment Value (2034F) | US$ 5.86 Billion |
| Key Companies Profiled | The Linde Group; Cryofab; Chart Industries; Lapesa; VRV S.p.A.; Taylor-Wharton; INOX India Pvt. Ltd.; GTS Maintenance Limited; Punj Lloyd Ltd; Cryoquip Australia; Cryogas Equipment Private Ltd. |
Cryogenic storage tanks are specially designed vacuum tanks for the storage of liquefied gases under pressure, whose boiling points are lower than room temperature. A cryogenic storage tank consists of one vessel inside another with thermal insulation between the two; the annular space between the two vessels is evacuated to a high vacuum to protect the gases from boiling off.
Cryogenic storage tanks are built both, horizontally with support cradles and anchoring to the ground and vertically with legs or skirting. Cryogenic storage tanks are usually used to store industrial gases such as liquid nitrogen, liquid helium, liquid oxygen, liquid argon, and other gases whose boiling temperature is lower than standard room temperature.
Cryogenic storage tanks find widespread application in pharmaceutical, oil & gas, petrochemical, and food & beverage industries as these sectors require the transportation and storage of goods at cryogenic temperatures.
The cryogenic storage tanks market is experiencing significant demand with the increased usage of storage tanks to store and transport industrial gases. Cryogenic industrial gases find widespread industrial applications and require constant supply and transportation of pharmaceuticals, foods & beverages, chemicals, and industrial gases.
The food & beverage industry has been witnessing an increase in the usage of liquid nitrogen for the storage and transportation of beverages, frozen foods, juices, and fruits, which in turn is driving the growth of the cryogenic storage tanks market. Pharmaceutical labs and chemical plants are expected to continue to register significant growth and the growth of these industries will provide impetus to the growth of the cryogenic storage tanks market.
With the ever-increasing demand for natural gas all over the world, especially in countries, such as Japan, China, and India, transportation and storage of Liquefied Natural Gas (LNG) are expected to increase, resulting in greater demand for cryogenic storage tanks.
On the other hand, inflation and the increasing cost of raw materials required for the construction of cryogenic storage tanks could pose a challenge to the growth of the cryogenic storage tanks market. Also, the high cost of maintenance and operation of cryogenic storage tanks could restrain the growth of the market.
Despite these hurdles, the cryogenic storage tanks market is anticipated to register significant growth as the drivers are expected to offset the challenges.
In the Asia-Pacific region, India and Japan are developing large-scale LNG infrastructure projects to meet the growing demand for industrial and commercial segments. China’s LNG market is expected to grow significantly owing to the growing population in the country.
These factors are expected to drive the growth of the cryogenic storage tanks market in Asia-Pacific during the forecast period. North America is expected to register significant growth in the cryogenic storage tanks market due to the increased R&D activities in the pharmaceutical industry and the high demand from the frozen food segment.
With no major developments in Latin America, the cryogenic storage tanks market in the region is not expected to register any significant growth. The Western Europe cryogenic storage tanks market is expected to grow at a significant rate during the forecast period as the demand for LNG, frozen food, pharmaceuticals, and chemicals has been increasing at a stable rate.
Africa is not expected to register any notable growth in the cryogenic storage tanks market as there are no major developments in the region.
Examples of some of the market participants in the global cryogenic storage tanks market identified across the value chain include:
This analytical research study imparts an all-inclusive assessment of the market while propounding historical intelligence, actionable insights, and industry-validated & statistically upheld market forecasts. A verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study.
Information and analysis on key market segments incorporated in the report have been delivered in weighted chapters. A thorough analysis has been offered by the report on
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessments by leading industry experts and inputs from opinion leaders & industry participants around the value chain.
Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. The qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
What is the forecasted growth rate for the cryogenic storage tank market?
The global cryogenic storage tank market is forecasted to expand at 5.1% through 2034.
Which factors are driving growth opportunities for cryogenic storage tank manufacturers?
Increasing use of storage tanks to transport and store industrial gases is projected to drive growth opportunities.
Table 1: Global Market US$ Mn Forecast by Region
Table 2: Global Market US$ Mn Forecast by Type
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Table 4: Global Market US$ Mn Forecast by Material
Table 5: North America Market US$ Mn Forecast by Country
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Table 9: Latin America Market US$ Mn Forecast by Country
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Table 12: Latin America Market US$ Mn Forecast by Material
Table 13: Western Europe Market US$ Mn Forecast by Country
Table 14: Western Europe Market US$ Mn Forecast by Type
Table 15: Western Europe Market US$ Mn Forecast by Application
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Table 17: Eastern Europe Market US$ Mn Forecast by Country
Table 18: Eastern Europe Market US$ Mn Forecast by Type
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Table 20: Eastern Europe Market US$ Mn Forecast by Material
Table 21: Asia Pacific Market US$ Mn Forecast by Country
Table 22: Asia Pacific Market US$ Mn Forecast by Type
Table 23: Asia Pacific Market US$ Mn Forecast by Application
Table 24: Asia Pacific Market US$ Mn Forecast by Material
Table 25: East Asia Market US$ Mn Forecast by Country
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Table 27: East Asia Market US$ Mn Forecast by Application
Table 28: East Asia Market US$ Mn Forecast by Material
Table 29: MEA Market US$ Mn Forecast by Country
Table 30: MEA Market US$ Mn Forecast by Type
Table 31: MEA Market US$ Mn Forecast by Application
Table 32: MEA Market US$ Mn Forecast by Material
Figure 1: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 2: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 3: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 4: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 5: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 6: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 7: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 8: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 9: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 10: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 11: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 12: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 14: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 15: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 16: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 17: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 18: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 19: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 20: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 21: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 22: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 23: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 24: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 25: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 26: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 27: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 28: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 29: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Type
Figure 30: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 31: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Material
Figure 32: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Cryogenic Storage Tank Market