ALBANY, N.Y., July 22, 2020
- Versatile use of Liquefied Natural Gas (LNG) has spurred the application of cryogenic tanks; Segment accounted for more than 35% share in 2018
- Rise in transportation of industrial gases in numerous economies to spur activities related to retrofitting and leasing of cryogenic tanks; Asia Pacific to hold the sway till 2027
ALBANY, N.Y., July 22, 2020 /PRNewswire/ -- Cryogenic tanks are suitable for storing oxygen, liquid nitrogen, liquid argon, liquefied natural gas (LNG) at different pressure. They are prominently used in transporting a wide range of industrial gases produced in developing and developed regions in large volumes.
The valuation of cryogenic tanks market will clock a CAGR of more than 7% during 2019 – 2027. In 2018, its worth equaled to US$ 900.0 Mn.
Asia Pacific was the leading regional market in 2018, and a large chunk of revenues has come from sales of cryogenic tanks for liquid industrial gases in its economies, notes analyst at TMR.
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Key Findings of Cryogenic Tanks Market Report
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Cryogenic Tanks Market: Key Driving Factors and Promising Avenues
Notable Impediments to Cryogenic Tanks Market Stakeholders
The fact that cryogenics is a high-end technology for various regions. As a result of this, their manufacturing need highly skilled labors, which may not widely present in still- developing economies. This has restrained the prospects of the cryogenic tanks market. In many markets, the trend has spurred the demand for retrofitting and leasing of cryogenic tanks. The lack of availability of specific components is another constraint.
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Cryogenic Tanks Market: Competitive Landscape
The cryogenic tanks market has prominent presence of regional players. Top players are focusing on achieving substantial cost synergies by engaging in collaborations and partnerships.
Some of the well-entrenched players in the cryogenic tanks market are The Linde Group, Gardner Cryogenics, FNF Gas Technology Products Private Ltd., Eden Cryogenics LLC, Cryoquip Australia, VRV S.p.A, and Cryogas Equipment Private Ltd.
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The Cryogenic Tanks Market can be segmented as follows:
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