Canada Cryogenic Tanks Market Size & Outlook, 2019-2027

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. These factors have led to the growth of the storage tank market, which eventually drives the demand for cryogenic tanks in the country.