Europe Cryogenic Tanks Market Size & Outlook, 2019-2027
Europe cryogenic tanks market, 2016-2027 (US$M)
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Europe cryogenic tanks market highlights
- The Europe cryogenic tanks market generated a revenue of USD 1,115.9 million in 2019.
- The market is expected to grow at a CAGR of 3.9% from 2020 to 2027.
- In terms of segment, liquefied nitrogen 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.
- Country-wise, Germany is expected to register the highest CAGR from 2020 to 2027.
Europe data book summary
| Market revenue in 2019 | USD 1,115.9 million |
| Market revenue in 2027 | USD 1,512.5 million |
| Growth rate | 3.9% (CAGR from 2019 to 2027) |
| Largest segment | Liquefied nitrogen |
| 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 |
| 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, Europe region accounted for 19.6% of the global cryogenic tanks market in 2019.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,107.2 million by 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.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
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Europe cryogenic tanks market size, by country, 2016-2027 (US$M)
Europe Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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