India Cryogenic Tanks Market Size & Outlook, 2019-2027

Liquid natural gas (lng) was the largest segment with a revenue share of 34.76% in 2019. Horizon Databook has segmented the India 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.

India is recognized as one of the fastest-growing economies in Asia Pacific and in the world. Increasing foreign direct investments in the country and a rise in the number of foreign companies entering the Indian market are expected to boost the growth of the manufacturing industries. In addition, changing lifestyles and preferences are projected to promote the growth of industries such as food & beverages, electronics, and healthcare.

Cryogenic tanks are expected to witness growth for the storage of industrial gases such as CO2 in food processing operations in the food & beverages industry. CO2 is of vital importance in food processing as it helps in preserving packaged food by inhibiting the growth of bacteria and by lowering pH value. Rise in urbanization, preference for branded products, modernization in the retail sector, and favorable government initiatives are some factors contributing to the growth of the Indian food processing sector, which is expected to drive the demand for cryogenic tanks to store these cryogenic liquids.