India Cryogenic Tanks Market Size & Outlook, 2019-2027
India cryogenic tanks market, 2016-2027 (US$M)
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India cryogenic tanks market highlights
- The India cryogenic tanks market generated a revenue of USD 416.0 million in 2019 and is expected to reach USD 704.0 million by 2027.
- The India market is expected to grow at a CAGR of 6.8% 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 416.0 million |
| Market revenue in 2027 | USD 704.0 million |
| Growth rate | 6.8% (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, India accounted for 7.3% 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 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.
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Cryogenic Tanks Market Scope
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India cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
India Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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