Tag: Cryogenic Tanks Market

Cryogenic Tanks Market – Global Industry Analysis, Size, Forecast | 2024

Cryogenic Tanks Market – Global Industry Analysis, Size, Forecast | 2024

Global Cryogenic Tanks Market: Scope of the Report

The global cryogenic tanks market report by Transparency Market Research provides in-depth analysis of the cryogenic tanks market globally. The report segments the market on the basis of product type, application, and geography. The report analyzes the global cryogenic tanks market in terms of both cryogenic tanks sales volume (Units) and revenue (US$ Mn) for the years 2016–2024. For this research study, the base year is 2015, whereas the forecast is from 2016 to 2024.

The report provides a comprehensive competitive landscape and features companies manufacturing cryogenic tanks. This report includes the key dynamics affecting the cryogenic tanks market globally. The analysis in the report provides detailed insights of the global cryogenic tanks market. The drivers, opportunities, and restraints of the market were analyzed in detail and are illustrated in the report. The report also provides a detailed industry analysis of the global cryogenic tanks with the help of the Porter’s Five Forces Analysis model.

 

This 146 page report gives readers a comprehensive overview of the Cryogenic Tanks Market . Browse through to unlock the hidden opportunities in this market @

http://www.transparencymarketresearch.com/cryogenic-tanks-market.html

 

Global Cryogenic Tanks Market: Segmentation

The research report is segmented into product type and application. Product type segment is further segmented into LNG, nitrogen, oxygen, and argon. Application segment is further segmented into storage and transportation (including distribution).

The global cryogenic tanks market has been segmented geographically into five regions and further into sub-segmented 15 unique country sub-segments. The regional segments are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The 15 countries which have been separately addressed in this report are the U.S., Canada, the U.K., Germany, France, China, India, Japan, Australia, Qatar, Oman, UAE, Egypt, Brazil, and Mexico.

On the basis of product type, LNG is the dominant product type segment which accounted for 37.3% market share in terms of cryogenic tanks sales revenue in 2015. Nitrogen product type segment held 30.9% market share of the global cryogenic tanks market In terms of cryogenic tanks sales revenue in 2015. Increasing production capacity, consumption rate, and trade volume of LNG are some of the factors likely to boost the demand for cryogenic tanks for LNG product type segment during the forecast period.

On the basis of application, storage application dominated the global cryogenic tanks market with 85.5% market share. Cryogenic tanks are utilized for short term as well as long term storage of industrial gases and LNG among others. Increasing on-site production of industrial gases and planned (strategic) storage of LNG are some of the factors which are expected to boost storage application segment during the forecast period.

 

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Global Cryogenic Tanks Market: Geographical and Competitive Landscape

Asia Pacific dominated the global cryogenic tanks market in terms of cryogenic tanks sales volume and revenue, in 2015. It is expected to expand at a CAGR of 8.4% and 7.3% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively. North America followed Asia Pacific in terms of market share of the global cryogenic tanks market on the basis of cryogenic tanks sales volume and revenue, in 2015. Europe closely followed North America in terms of cryogenic tanks sales volume and revenue, in 2015. The market in Europe is expected to expand at a CAGR of 6.6% and 7.8% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively.

Some of the key market participants in the global cryogenic tanks market are Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., FNF Gas Technology Products Private Ltd., Gardner Cryogenics, INOX India Pvt. Ltd., Linde AG, and Suretank Group Ltd.

Cryogenic Tanks Market – Global Industry Analysis, Size, Share, Forecast | 2024

Cryogenic Tanks Market – Global Industry Analysis, Size, Share, Forecast | 2024

Global Cryogenic Tanks Market: Scope of the Report

The global cryogenic tanks market report by Transparency Market Research provides in-depth analysis of the cryogenic tanks market globally. The report segments the market on the basis of product type, application, and geography. The report analyzes the global cryogenic tanks market in terms of both cryogenic tanks sales volume (Units) and revenue (US$ Mn) for the years 2016–2024. For this research study, the base year is 2015, whereas the forecast is from 2016 to 2024.

This 146 page report gives readers a comprehensive overview of the Cryogenic Tanks Market. Browse through to unlock the hidden opportunities in this market @

http://www.transparencymarketresearch.com/cryogenic-tanks-market.html

The report provides a comprehensive competitive landscape and features companies manufacturing cryogenic tanks. This report includes the key dynamics affecting the cryogenic tanks market globally. The analysis in the report provides detailed insights of the global cryogenic tanks market. The drivers, opportunities, and restraints of the market were analyzed in detail and are illustrated in the report. The report also provides a detailed industry analysis of the global cryogenic tanks with the help of the Porter’s Five Forces Analysis model.

Global Cryogenic Tanks Market: Segmentation

The research report is segmented into product type and application. Product type segment is further segmented into LNG, nitrogen, oxygen, and argon. Application segment is further segmented into storage and transportation (including distribution).

The global cryogenic tanks market has been segmented geographically into five regions and further into sub-segmented 15 unique country sub-segments. The regional segments are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The 15 countries which have been separately addressed in this report are the U.S., Canada, the U.K., Germany, France, China, India, Japan, Australia, Qatar, Oman, UAE, Egypt, Brazil, and Mexico.

On the basis of product type, LNG is the dominant product type segment which accounted for 37.3% market share in terms of cryogenic tanks sales revenue in 2015. Nitrogen product type segment held 30.9% market share of the global cryogenic tanks market In terms of cryogenic tanks sales revenue in 2015. Increasing production capacity, consumption rate, and trade volume of LNG are some of the factors likely to boost the demand for cryogenic tanks for LNG product type segment during the forecast period.

Get accurate market forecast and analysis on the Cryogenic Tanks Market. Request a sample to stay abreast on the key trends impacting this market @

http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2142

On the basis of application, storage application dominated the global cryogenic tanks market with 85.5% market share. Cryogenic tanks are utilized for short term as well as long term storage of industrial gases and LNG among others. Increasing on-site production of industrial gases and planned (strategic) storage of LNG are some of the factors which are expected to boost storage application segment during the forecast period.

Global Cryogenic Tanks Market: Geographical and Competitive Landscape

Asia Pacific dominated the global cryogenic tanks market in terms of cryogenic tanks sales volume and revenue, in 2015. It is expected to expand at a CAGR of 8.4% and 7.3% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively. North America followed Asia Pacific in terms of market share of the global cryogenic tanks market on the basis of cryogenic tanks sales volume and revenue, in 2015. Europe closely followed North America in terms of cryogenic tanks sales volume and revenue, in 2015. The market in Europe is expected to expand at a CAGR of 6.6% and 7.8% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively.

Some of the key market participants in the global cryogenic tanks market are Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., FNF Gas Technology Products Private Ltd., Gardner Cryogenics, INOX India Pvt. Ltd., Linde AG, and Suretank Group Ltd. The report provides an overview of these companies, followed by their financial details, business strategies, and SWOT analysis.

Global Cryogenic Tanks Market: Usage in Storage Application to Bring in Significant Revenue, says TMR

Global Cryogenic Tanks Market: Snapshot

Presence of a copious number of OEMs and raw material suppliers has made the competitive landscape in the global market for cryogenic tanks highly fragmented. However, at the regional levels, the market is consolidated due to the presence of one or two dominant players. Driving the demand in the market has been the increased applications of a number of industrial gases and the massive increase in production and consumption of liquefied natural gas (LNG). The growing production of LNG will continue stimulating growth in the market in the next couple of years as well.

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Posing a roadblock to the growth in the global market for cryogenic tanks is the relatively steep manufacturing costs on account of the use of cutting-edge technology, specific components, and skilled manpower. Strict quality and safety related guidelines pertaining to manufacture and sale of cryogenic tanks also adds to their cost, thereby crimping their swift uptake.

A report by Transparency Market Research forecasts the global market for cryogenic tanks to expand at a healthy CAGR of 7.7% from 2016 to 2024 to attain a value of US$1.433 bn in 2024 from US$0.74 bn in 2015.

Use of Cryogenic Tanks in Transportation Seeing Steady Upswing due to Rapid Industrialization

The different types of cryogenic tanks available in the market are liquefied natural gas (LNG), oxygen, nitrogen, and argon.  Of these, the LNG segment dominates the market. In 2015, it accounted for a significant 37.3% share in the overall sales revenue. This is primarily on account of substantial upswing in production, consumption, and trade in LNG. The nitrogen segment came in the second position by accounting for a share of 30.9% in terms of sales revenue.

Depending upon application again, the global market for cryogenic tanks can be split into storage and transportation. Among the two, the storage application segment leads the market because of the widespread use of cryogenic tanks for both short term and long term storage of industrial gases and LNG. In fact, the segment accounted for a mammoth 80.0% share in the market in 2015.

The transportation segment, however, has been witnessing an upsurge in demand on account of burgeoning production of LNG across established and emerging oil and gas producing countries and the swift pace of industrialization, particularly in developing economies. Considered to be the best option for the transportation and distribution of different types of liquefied gases and LNG, the future of the transportation application of cryogenic tanks looks promising.

Marked Rise in LNG Consumption Makes Asia Pacific Market Leader

From a geographical standpoint, Asia Pacific accounts for a dominant position in the global market for cryogenic tanks in terms of sales volume and revenue. In 2015, the region accounted for over 30% of the total number of cryogenic tanks sold worldwide. Revenue-wise, North America and Europe together contributed over 45% of the overall revenue globally in the same year.

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Going forward, Asia Pacific is slated to increase its dominant share in the global market for cryogenic tanks by clocking a robust CAGR of 8.4% from 2016 to 2024. This is mainly on account of rapid industrialization, mushrooming of manufacturing facilities for cryogenic tanks, and a marked rise in the consumption of LNG. The Middle East and Africa are other key markets that will likely exhibit a healthy 8.4% CAGR between 2016 and 2024. The increasing production of LNG in the countries of the Middle East as well as in Africa will boost the sales of LNG cryogenic tanks in the region.