Europe Cryogenic Tanks Market Size & Outlook, 2019-2027

Liquefied nitrogen was the largest segment with a revenue share of 30.78% in 2019. Horizon Databook has segmented the Europe 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.

In terms of revenue, Europe was the third-largest cryogenic tanks market in the world in 2019. Germany holds the largest share in the European cryogenic tanks market, followed by, Russia, UK, and Italy. Cryogenic tanks are majorly used in electronics, healthcare, food & beverages, and other industries, including petrochemicals. Strong manufacturing and distribution channels of the key industrial gas manufacturers have resulted in high penetration of cryogenic tanks in Europe.

For instance, Messer Group has manufacturing plants across Europe, including Belgium, France, Austria, Switzerland, Serbia, and Hungary. Increasing demand for cryogenic tanks in the European region is positively influencing market growth owing to high rate of establishment of new facilities, coupled with technological advancements in the transportation and storage of industrial gases and natural gas.

Moreover, the growing demand for ready-to-eat food owing to high disposable income and rising standard of living of consumers is expected to further propel market growth. Supportive government initiatives for cryogenic tanks production are projected to foster market growth.