Middle East & Africa Cryogenic Tanks Market Size & Outlook

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. However, rising health issues such as diabetes and obesity are expected to limit the demand for packaged foods, thereby restricting market growth over the forecast period.