Saudi Arabia Cryogenic Tanks Market Size & Outlook

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. Food & beverages is also among promising end-use segments for cryogenic tanks market in Saudi Arabia.

The country’s soft drinks sector accounts for approximately two-thirds of the Gulf Cooperation Council (GCC) region’s soft drinks segment. CO2 is largely used in carbonated drinks. The consumption of carbonated drinks has steadily increased in the country owing to increased spending by consumers.