Cryogenic Tanks Market by Product and Geography — Forecast and Analysis 2020–2024 | Technavio
The cryogenic tanks market size has the potential to grow by USD 393.99 million during 2020–2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (LNG, nitrogen, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Air Products and Chemicals Inc., Air Water Inc., Chart Industries Inc., Cryofab Inc., FIBA Technologies Inc., INOX India Pvt. Ltd., L Air Liquide SA, Linde AG, VRV Srl, and Wessington Cryogenics.
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The increased demand for nitrogen from the food processing industry is one of the major factors that will influence cryogenic tanks market growth. With the increased usage of nitrogen by the food processing industry for preserving and freezing foods, there is a rising replacement of conventional refrigerants such as ammonia and fluorocarbons by nitrogen-cooled freezers. Additionally, high-capacity meat grinding machines generate heat during the process, which can melt fats. This will increase the adoption of LNG that can be directly injected into the product through controlled injection. With the exponential increase in the consumption of meat across the world, such applications will consequently drive the growth of the cryogenic storage tanks market.
Technological advancements that resulted in the usage of liquid nitrogen or liquefied oxygen in processes such as hydrofracturing that increase the production of oil and gas can significantly reduce the consumption of water. Moreover, cryogenic technology has also found significance in space applications where scientists at the Indian Space Research Organization (ISRO) have developed an indigenous cryogenic engine that will aid in carrying heavier payloads. Such advancements will increase the applications of cryogenic technology in several other end-user industries, in turn, fueling the growth of the market for liquid nitrogen storage tanks. Such factors will drive cryogenic tanks market growth at a CAGR of over 7% during the forecast period.
