Global Cryogenic Tanks Market Size & Outlook, 2019-2027
Global cryogenic tanks market, 2016-2027 (US$M)
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Global cryogenic tanks market highlights
- The global cryogenic tanks market generated a revenue of USD 5,693.2 million in 2019 and is expected to reach USD 8,325.8 million by 2027.
- The market is expected to grow at a CAGR (2020 - 2027) of 4.9% by 2027.
- In terms of segment, liquid natural gas (lng) accounted for a revenue of USD 1,862.9 million in 2019.
- Liquefied Nitrogen is the most lucrative cryogenic liquid segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2019.
- Country-wise, UK is expected to register the highest CAGR from 2020 to 2027.
Global data book summary
| Market revenue in 2019 | USD 5,693.2 million |
| Market revenue in 2027 | USD 8,325.8 million |
| Growth rate | 4.9% (CAGR from 2019 to 2027) |
| Largest segment | Liquid natural gas (lng) |
| Fastest growing segment | Liquefied Nitrogen |
| Historical data covered | 2016 - 2018 |
| Base year for estimation | 2019 |
| Forecast period covered | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Liquefied Nitrogen, Liquid Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen |
Other key industry trends
- In terms of revenue, the North America accounted for 24.9% of the global cryogenic tanks market in 2019.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2027.
- By country, UK is the fastest growing regional market and is projected to reach USD 272.8 million by 2027.
Liquid natural gas (lng) was the largest segment with a revenue share of 32.72% in 2019. Horizon Databook has segmented the Global 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 cryogenic tanks are specially designed tanks used to keep heat away from the liquid that is contained in the vessel. Growing healthcare industry across the globe coupled with high spending in the pharmaceutical industry is expected to further fuel the market for in coming years. Cryogenic tanks have an array of applications in the healthcare sector.
Various cryogenic gases such as liquid nitrogen is stored in cryogenic tanks which are used in cryotherapy for the purpose of removing malignant skin. scalpel cooled with the aid of liquid nitrogen is utilized to eliminate cancer tissues. Surgeries with the aid of liquid nitrogen are extremely effective and are able to cure the ailment treated permanently.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
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Global cryogenic tanks market size, by regions, 2016-2027 (US$M)
Top 10 countries: Cryogenic tanks market size, 2019 (US$M)
Global cryogenic tanks market share, by cryogenic liquid, 2019 & 2027 (%, US$M)
Cryogenic tanks market: Opportunity assessment by country
Global cryogenic tanks market, by region, 2019 (US$M)
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