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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Cryogenic Tanks market. Market segmentation includes Cryogenic Liquid (Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Other Cryogenic Liquids); Application (Storage, Transportation); End-Use (Manufacturing, Healthcare, Food & Beverage, Other End-Uses).

Find Out More About Regions, Brands, Dominant, Active & Niche Companies Covered in the Report

5 November 6:30 p.m., California- According to the new market research report, the global market for Cryogenic Tanks is projected to grow at a CAGR of 5.8% reach US$7.9 Billion by 2027, supported by rising need for low temperature operations in varied end-use industries. The global Cryogenic Tanks market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Liquid Nitrogen, one of the segments analyzed and sized in this study, is forecast to grow at over 6.5% and reach a market size of US$2.8 billion by the end of the analysis period. The United States is forecast to readjust to a 5.5% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$334.8 million growing at a CAGR of 4.3% over the next couple of years. In addition, over US$124.7 million worth of projected demand in the region will come from Rest of European markets. In Japan, the Liquid Nitrogen segment will reach a market size of US$197.5 million by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Liquid Nitrogen segment in this country against this backdrop will grow at a CAGR of 8.2% over the next couple of years to create an addressable market opportunity worth US$350.8 million by the year 2027.

Cryogenic tanks store various materials at low temperatures, below -150 degrees Fahrenheit. They are vacuum tanks designed especially for storing and transporting liquefied gases, under pressure. These cryogens have boiling point below room temperature. Given the safety hazards associated with Cryogens, storage and transportation vessels used for cryogens for are designed in such a way so as to minimize associated risks. Increased demand for low temperature operations across industries such as food technology, healthcare and metal processing among others constitute the major growth driver for the market for cryogenic tanks at the global level. The tanks are designed to suit the specific needs of these industries where they are used for critical jobs such as keeping away heat contained in vessels from liquids. The healthcare industry has been growing at a steady pace and with the emergence of the COVID-19 pandemic, industry growth rate had only increased. The pharmaceutical industry which is one of the major end-user industries for cryogenic tends is currently spending aggressively on research and development, which is anticipated to fuel market growth over the coming years. Liquid nitrogen, liquid oxygen, LNG (liquefied natural gas) and liquid argon are some of the products stored at various pressure levels in cryogenic tanks. Increase in demand for LNG worldwide created a strong demand growth scenario for the tanks as these are required for LNG's storage and transportation. Further, increasing use of industrial gases in varied applications in different industries is driving demand for cryogenic tanks used for storing and transporting the gases.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 497. Among this pool, 99 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 22 unique participations, a total of 11 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Linde AG (The Linde Group)
Chart Industries, Inc.
Cryofab Inc.
Cryoquip Australia
Wessington Cryogenics Ltd.
Inox India Pvt. Ltd,
Vrv S.P.A
FIBA Technologies, Inc.
Gardner Cryogenics
Eden Cryogenics, LLC
Suretank Group Ltd.

Segments Covered in the Report -
Cryogenic Liquid (Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Other Cryogenic Liquids)
Application (Storage, Transportation)
End-Use (Manufacturing, Healthcare, Food & Beverage, Other End-Uses)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Spain
Russia
Rest of Europe
Asia-Pacific
Australia
India
South Korea
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East
Iran
Israel
Saudi Arabia
UAE
Rest of Middle East
Africa.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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