Middle East & Africa Cryogenic Tanks Market Size & Outlook
Middle East & Africa cryogenic tanks market, 2016-2027 (US$M)
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MEA cryogenic tanks market highlights
- The MEA cryogenic tanks market generated a revenue of USD 729.2 million in 2019.
- The market is expected to grow at a CAGR of 3.6% 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, UAE is expected to register the highest CAGR from 2020 to 2027.
MEA data book summary
| Market revenue in 2019 | USD 729.2 million |
| Market revenue in 2027 | USD 968.4 million |
| Growth rate | 3.6% (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, MEA region accounted for 12.8% 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 31.66% in 2019. Horizon Databook has segmented the Middle East & Africa 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.
The rising oil & gas activities in the Middle East & Africa is anticipated to promote the demand for various technologies, including EOR and Improved Oil Recovery (IOR), which is projected to propel the market growth over the forecast period.
In addition, the growing demand for oil & gas across the globe is projected to promote the expansion of the industry in the Middle East & Africa, thereby benefitting the market growth. The growing demand for packaged & frozen food owing to the unfavorable climatic conditions in the region is likely to promote the use of refrigeration and cooling, which is expected to drive the market for cryogenic tanks.
In addition, the unavailability of agricultural land in the region is further projected to boost the demand for frozen food and grains, which, in turn, is anticipated to benefit market growth. Growing health awareness among the individuals of the region is anticipated to promote the expansion of the healthcare industry, which further stimulates the use of cryogenic tanks for various medical purposes.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
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MEA cryogenic tanks market size, by country, 2016-2027 (US$M)
Middle East & Africa Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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