UAE Cryogenic Tanks Market Size & Outlook, 2019-2027

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. The increasing use of cryogenic tanks in the oil & gas industry is anticipated to grow over the forecast period and is projected to benefit market growth.