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The global cryogenic tank market size was USD 7.2 billion in 2022 and is expected to reach USD 11.6 Billion in 2032.

NEW YORK CITY, NEW YORK, UNITED STATES, July 21, 2023/EINPresswire.com/ -- Cryogenic Tank Market Overview

In 2022, the global cryogenic tank market was valued at USD 7.2 billion. It is projected to grow significantly and reach USD 11.6 billion by 2032, with a compound annual growth rate (CAGR) of 5.5% throughout the forecast period. The market's growth is primarily attributed to the escalating demand for Industrial Gases such as Oxygen, Nitrogen, and Argon, as well as the rising popularity of clean fuels like Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG).
Cryogenic tanks play a critical role in this market as they enable the storage and transportation of these gases and fuels while maintaining extremely low temperatures, often below -150°C, to keep them in a liquid state.
The increasing adoption of sustainable energy sources and the focus on environmentally friendly transportation are additional driving factors for the demand of cryogenic tanks. For instance, LNG is gaining popularity as a maritime fuel due to its lower greenhouse gas emissions and cost-effectiveness compared to other marine fuels.

Cryogenic Tank Market Segments

The global battery technology market has witnessed significant growth over the years, with substantial revenue expected to be generated from 2019 to 2032. The market can be segmented based on outlooks, applications, and end-use industries.
Outlook: The battery technology market is divided into two main categories: stationary and portable batteries. In 2019, the revenue for stationary batteries amounted to USD X billion, and this figure is projected to increase steadily over the forecast period, reaching USD Y billion by 2032. On the other hand, portable batteries also demonstrated impressive growth, starting from USD A billion in 2019 and expected to reach USD B billion by 2032.
Application Outlook: Within the battery technology market, various applications are driving its expansion. These applications include storage and transportation. In 2019, the storage segment accounted for USD P billion in revenue, and it is foreseen to maintain steady growth, hitting USD Q billion by 2032. Likewise, the transportation segment is anticipated to exhibit substantial progress, starting from USD C billion in 2019 and soaring to USD D billion by 2032.
End-use Outlook: The battery technology market caters to a diverse range of end-use industries, with each showcasing remarkable potential for revenue generation during the forecast period. The energy & power sector is projected to be one of the leading contributors, with revenues estimated at USD E billion in 2019 and anticipated to rise to USD F billion by 2032. Healthcare is also a significant player, starting at USD G billion in 2019 and projected to grow to USD H billion by 2032.

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Cryogenic Tank Market: Strategic Developments

• In 2021, Chart Industries announced that it had completed the acquisition of Cryogenic Gas Technologies (Cryo Technologies), a supplier of cryogenic equipment and services in Europe. The acquisition was aimed at strengthening Chart Industries' position in the global cryogenic equipment market.
• In 2020, Linde plc announced that it had signed a memorandum of understanding with China National Offshore Oil Corporation (CNOOC) to jointly develop the hydrogen energy industry in China. The agreement includes the construction of a new hydrogen liquefaction plant and cryogenic storage facilities in China, which would further strengthen Linde's position in the global cryogenic tank market.
• In 2020, INOXCVA announced that it had signed a memorandum of understanding with Suzhou Hengjin Technology Co., Ltd. to jointly develop cryogenic storage and transportation equipment for the Chinese market. The collaboration is expected to enhance INOXCVA's presence in the Asia-Pacific region.

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Cryogenic Tank Market: Competitive landscape

The global cryogenic tank market is characterized by a high level of consolidation, with a handful of prominent companies dominating the majority of market revenue. Among these key players are industry giants such as Chart Industries, Linde plc, Air Products and Chemicals, Inc., INOXCVA, and Cryofab, Inc. Additionally, notable contenders in the market landscape include Wessington Cryogenics, Cryolor, FIBA Technologies, Inc., Herose GmbH, and Taylor-Wharton.
To maintain a competitive edge and further strengthen their market positions, these companies have been employing a range of strategic initiatives. One of the primary tactics utilized is the execution of mergers and acquisitions, allowing them to expand their market presence and integrate complementary resources. Through strategic partnerships and collaborations, these companies have been able to leverage each other's expertise and technologies, driving innovation and enhancing their product portfolios.

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