North America Cryogenic Tanks Market Size & Outlook
North America cryogenic tanks market, 2016-2027 (US$M)
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North America cryogenic tanks market highlights
- The North America cryogenic tanks market generated a revenue of USD 1,417.9 million in 2019.
- The market is expected to grow at a CAGR of 4.6% 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.
- Country-wise, U.S. is expected to register the highest CAGR from 2020 to 2027.
North America data book summary
| Market revenue in 2019 | USD 1,417.9 million |
| Market revenue in 2027 | USD 2,033.2 million |
| Growth rate | 4.6% (CAGR from 2019 to 2027) |
| Largest segment | Liquid natural gas (lng) |
| 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, North America region accounted for 24.9% 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.
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.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
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North America cryogenic tanks market size, by country, 2016-2027 (US$M)
North America Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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