Saudi Arabia Cryogenic Tanks Market Size & Outlook
Saudi Arabia cryogenic tanks market, 2016-2027 (US$M)
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Saudi Arabia cryogenic tanks market highlights
- The Saudi Arabia cryogenic tanks market generated a revenue of USD 271.7 million in 2019 and is expected to reach USD 359.3 million by 2027.
- The Saudi Arabia 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.
Cryogenic tanks market data book summary
| Market revenue in 2019 | USD 271.7 million |
| Market revenue in 2027 | USD 359.3 million |
| Growth rate | 3.6% (CAGR from 2019 to 2027) |
| Largest segment | Liquefied nitrogen |
| 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, Saudi Arabia accounted for 4.8% 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 Middle East & Africa, Saudi Arabia cryogenic tanks market is projected to lead the regional market in terms of revenue in 2027.
- UAE is the fastest growing regional market in Middle East & Africa and is projected to reach USD 326.3 million by 2027.
Liquefied nitrogen was the largest segment with a revenue share of 31.65% in 2019. Horizon Databook has segmented the Saudi Arabia 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.
Growing demand for refinery products is expected to drive oil & gas production in the region over the long term. An increase in demand for crude oil and natural gas in Saudi Arabia is further anticipated to boost global onshore projects over the long term.
Harsh conditions, such as dry environment, desert topography, and extreme temperatures, have compelled industry participants to come up with innovative lubricants and cooling agents to protect equipment and also to increase their lifespan.
Increasing onshore oil & gas exploration in the country is anticipated to propel the demand for EOR technologies over the forecast period. The rapid expansion of the oil & gas refineries in Saudi Arabia is, therefore, projected to propel market growth.
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Cryogenic Tanks Market Scope
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Saudi Arabia cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
Saudi Arabia Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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