Canada Cryogenic Tanks Market Size & Outlook, 2019-2027
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Canada cryogenic tanks market highlights
- The Canada cryogenic tanks market generated a revenue of USD 146.7 million in 2019 and is expected to reach USD 208.5 million by 2027.
- The Canada market is expected to grow at a CAGR of 4.5% from 2020 to 2027.
- In terms of segment, liquid natural gas (lng) was the largest revenue generating cryogenic liquid in 2019.
- Liquefied Nitrogen is the most lucrative cryogenic liquid segment registering the fastest growth during the forecast period.
Cryogenic tanks market data book summary
| Market revenue in 2019 | USD 146.7 million |
| Market revenue in 2027 | USD 208.5 million |
| Growth rate | 4.5% (CAGR from 2019 to 2027) |
| Largest segment | Liquid natural gas (lng) |
| Fastest growing segment | Liquefied Nitrogen |
| Historical data | 2016 - 2018 |
| Base year | 2019 |
| Forecast period | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Liquefied Nitrogen, Liquid Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen |
| Key market players worldwide | Chart Industries Inc, INOX India Pvt Ltd, Linde PLC, Air Products & Chemicals Inc, Cryolor, Air Water Inc, Wessington Cryogenics, Cryofab, Super Cryogenic Systems, FIBA Technologies, Inc., Suretank Group, Eden Cryogenics |
Other key industry trends
- In terms of revenue, Canada accounted for 2.6% of the global cryogenic tanks market in 2019.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In North America, U.S. cryogenic tanks market is projected to lead the regional market in terms of revenue in 2027.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 1,690.0 million by 2027.
Liquid natural gas (lng) was the largest segment with a revenue share of 33.4% in 2019. Horizon Databook has segmented the Canada cryogenic tanks market based on liquefied nitrogen, liquid natural gas (lng), liquid hydrogen, liquid oxygen covering the revenue growth of each sub-segment from 2016 to 2027.
The large and small cryogenic tanks are used in the pharmaceutical industry on a large scale in both medical research laboratories as well as for the storage of pharmaceutical products. The Canadian healthcare industry is growing with a rise in collaborations among established vendors in the country.
Moreover, the recent spread of the COVID-19 pandemic in Canada is expected to drive the demand for oxygen in hospitals, which is expected to propel the demand for cryogenic tanks for the transportation and storage of liquid oxygen.
The petrochemical industry also accounted for a major market share of the cryogenic tank market in Canada. The implementation of standards and codes by the Canadian government regarding the operation and maintenance of above-ground storage tanks for petroleum and allied petroleum products has resulted in tank operators replacing their old storage tanks with new ones.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Eden Cryogenics | View profile | - | Plain City, Ohio, United States, North America | https://edencryogenics.com/ |
| Suretank Group | View profile | 101-250 | Dunleer, Louth, Ireland, Europe | http://www.suretank.com |
| FIBA Technologies, Inc. | View profile | 251-500 | Littleton, Massachusetts, United States, North America | http://fibatech.com |
| Super Cryogenic Systems | View profile | 11-50 | Noida, Uttar Pradesh, India, Asia | https://www.supercryo.in |
| Cryofab | View profile | 51-100 | Kenilworth, New Jersey, United States, North America | http://www.cryofab.com/ |
| Cryolor | View profile | 251-500 | Ennery, Picardie, France, Europe | https://www.cryolor.com |
| INOX India Pvt Ltd | View profile | 251-500 | Vadodara, Gujarat, India, Asia | http://www.inoxindia.com |
| Wessington Cryogenics | View profile | 101-250 | Houghton Le Spring, Durham, United Kingdom, Europe | https://wessingtoncryogenics.com/ |
| Linde PLC | View profile | 66195 | 10 Riverview Drive, Danbury, CT, United States, 06810 | https://www.linde.com |
| Air Water Inc | View profile | 26566 | 12-8, Minami Semba 2-chome, Chuo-ku, Osaka, Japan, 542-0081 | http://www.awi.co.jp |
| Chart Industries Inc | View profile | 11637 | 2200 Airport Industrial Drive, Suite 100, Ball Ground, GA, United States, 30107 | https://www.chartindustries.com |
| Air Products & Chemicals Inc | View profile | 23000 | 1940 Air Products Boulevard, Allentown, PA, United States, 18106-5500 | https://www.airproducts.com |
Canada cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
Canada Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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