North America Cryogenic Tanks Market Size & Outlook

Liquid natural gas (lng) was the largest segment with a revenue share of 40.75% in 2019. Horizon Databook has segmented the North America 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.

Countries considered under North America include the U.S., Canada, and Mexico. In 2019, the U.S. accounted for the largest market share in the North American cryogenic tanks market and is projected to record the highest CAGR over the forecast period. 

The growing healthcare industry across the region is likely to promote the market for cryogenic tanks in the North American region. Moreover, the expansion of the industrial sector in the region is anticipated to further fuel the cryogenic tanks market. 

Growth in the market is also anticipated on account of the growing demand from various end-use industries, such as metallurgy and petrochemicals, coupled with the implementation of various favorable government policies to support the manufacturing sector.