Australia Cryogenic Tanks Market Size & Outlook, 2019-2027
Australia cryogenic tanks market, 2016-2027 (US$M)
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Australia cryogenic tanks market highlights
- The Australia cryogenic tanks market generated a revenue of USD 191.4 million in 2019 and is expected to reach USD 310.7 million by 2027.
- The Australia market is expected to grow at a CAGR of 6.2% 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 191.4 million |
| Market revenue in 2027 | USD 310.7 million |
| Growth rate | 6.2% (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, Australia accounted for 3.4% 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 Asia Pacific, China cryogenic tanks market is projected to lead the regional market in terms of revenue in 2027.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,437.5 million by 2027.
Liquid natural gas (lng) was the largest segment with a revenue share of 31.92% in 2019. Horizon Databook has segmented the Australia 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 expansion of end-use industries, including healthcare, manufacturing, and food & beverages, is projected to promote the demand for cryogenic tanks for the storage and transportation of cryogenic liquids, which is likely to drive the market growth in Australia.
Medical is the fastest-growing application segment in the Australia cryogenic tanks market, followed by manufacturing and food & beverages. The Australian medical industry is driven by the rising aging population that has led to increased demand for healthcare-related technologies.
This is anticipated to have a positive impact on the demand for cryogenic tanks. The growing use of cryogenic tanks in the healthcare industry is, therefore, anticipated to propel market growth over the forecast period.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
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Australia cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
Australia Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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