UAE Cryogenic Tanks Market Size & Outlook, 2019-2027
UAE cryogenic tanks market, 2016-2027 (US$M)
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UAE cryogenic tanks market highlights
- The UAE cryogenic tanks market generated a revenue of USD 240.8 million in 2019 and is expected to reach USD 326.3 million by 2027.
- The UAE market is expected to grow at a CAGR of 3.9% 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 240.8 million |
| Market revenue in 2027 | USD 326.3 million |
| Growth rate | 3.9% (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, UAE accounted for 4.2% 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 32.18% in 2019. Horizon Databook has segmented the UAE 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 cryogenic tanks market in the UAE is anticipated to witness growth owing to the expansion of the healthcare industry. With growing population, the demand for higher quality healthcare has also evolved rapidly.
This has resulted in increased consumption of cryogenic tanks for various medical and pharmaceutical applications. The food industry in the UAE is also witnessing high use of cryogenic tanks. With majority of the country’s population constituting working expatriates from the Western and Asian countries, the trend for frozen foods has gained significance.
The rising oil & gas production in the UAE is likely to be dependent on the EOR technology, which makes use of industrial gas, thus driving the need for cryogenic storage. In 2018, the Abu Dhabi National Oil Company (ADNOC) announced plans to expand the capture, storage, and utilization of CO2 in order to increase the oil yield.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
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UAE cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
UAE Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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