China Cryogenic Tanks Market Size & Outlook, 2019-2027
China cryogenic tanks market, 2016-2027 (US$M)
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China cryogenic tanks market highlights
- The China cryogenic tanks market generated a revenue of USD 819.3 million in 2019 and is expected to reach USD 1,437.5 million by 2027.
- The China market is expected to grow at a CAGR of 7.3% 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 819.3 million |
| Market revenue in 2027 | USD 1,437.5 million |
| Growth rate | 7.3% (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, China accounted for 14.4% 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 42.01% in 2019. Horizon Databook has segmented the China 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.
China is a major consumer of cryogenic tanks in the world. Despite the current slowdown in the Chinese economy, the region is still a lucrative market for investments as compared to Western economies. Continuous investments in the country’s industrial sector are expected to sustain economic growth.
The demand for industrial gases is directionally proportional to the economic growth, thus the growing manufacturing and other industries in China are likely to propel the consumption of industrial gas and natural gas over the forecast period, thus driving the demand for the storage of cryogenic liquids. China is also recognized as a hub for the manufacturing of electronic products.
The growing electronic industry in the country can be attributed to supportive government policies coupled with strong domestic demand and increasing opportunities in international markets. Thus, the growing electronics industry in China is expected to drive the demand for liquid nitrogen and other cryogenic liquid, which is expected to eventually drive the demand for cryogenic tanks for the storage and transportation of these liquids.
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Cryogenic Tanks Market Scope
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China cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
China Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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