Cryogenic Storage Tanks Market: Introduction
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.
Cryogenic Storage Tanks Market: Dynamics
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 application 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 for the growth of the cryogenic storage tanks market. Also, the high cost of maintenance and operation of cryogenic storage tanks could also 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.
Cryogenic Storage Tanks Market: Segmentation
On the basis of type, the global cryogenic storage tanks market has been segmented as:
On the basis of application, the global cryogenic storage tanks market has been segmented as:
On the basis of material, the global cryogenic storage tanks market has been segmented as:
- Stainless steel
- Nickel Alloy
- Aluminum Alloy
Cryogenic Storage Tanks Market: Regional Overview
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 register any notable growth in the cryogenic storage tanks market as there are no major developments in the region.
Global Cryogenic Storage Tanks Market: Market Participants
Examples of some of the market participants in the global cryogenic storage tanks market identified across the value chain include:
- The Linde Group
- Chart Industries
- VRV S.p.A.
- INOX India Pvt. Ltd.
- GTS Maintenance Limited
- Punj Lloyd Ltd
- Cryoquip Australia
- Cryogas Equipment Private Ltd.
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- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
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- Eastern Europe (Poland, Russia)
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