UK Cryogenic Tanks Market Size & Outlook, 2019-2027
UK cryogenic tanks market, 2016-2027 (US$M)
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UK cryogenic tanks market highlights
- The UK cryogenic tanks market generated a revenue of USD 214.8 million in 2019 and is expected to reach USD 272.8 million by 2027.
- The UK market is expected to grow at a CAGR of 3% 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 214.8 million |
| Market revenue in 2027 | USD 272.8 million |
| Growth rate | 3% (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, UK accounted for 3.8% 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 Europe, Germany cryogenic tanks market is projected to lead the regional market in terms of revenue in 2027.
- Germany is the fastest growing regional market in Europe and is projected to reach USD 362.4 million by 2027.
Liquefied nitrogen was the largest segment with a revenue share of 29.98% in 2019. Horizon Databook has segmented the UK 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 UK is one of the key markets in the European region owing to growth in primary industry i.e. manufacturing, food & beverages, and pharmaceutical industries. Increasing utilization of cryogenic tanks in manufacturing and healthcare applications is driving the demand for cryogenic tanks in the country.
The healthcare segment is the fastest-growing segment in the region. In 2018, the country contributed 9.8% of its GDP to health expenditure. High demand for high-purity and noble gases is projected because of increasing requirements in manufacturing applications such as metal fabrication, chemical production, and welding & cutting. All these factors are expected to propel the demand for cryogenic tanks in the UK.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
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UK cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
UK Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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