U.S. Cryogenic Tanks Market Size & Outlook, 2019-2027

Liquid natural gas (lng) was the largest segment with a revenue share of 43% in 2019. Horizon Databook has segmented the U.S. 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 U.S. accounted for majority share in the North American cryogenic tanks market and the trend is projected to continue till 2027. The U.S. emerged as one of the major countries utilizing cryogenic tanks, as the country has the presence of manufacturing facilities of a number of major industrial gas suppliers such as Linde, Air Liquide, Messer, and Air Products & Chemicals. 

These companies utilize cryogenic tanks for storage and transportation of industrial gases from their manufacturing facilities to the end users. The growing healthcare industry in the U.S., coupled with growing R&D in the healthcare sector owing to the recent outbreak of the COVID-19 pandemic, is expected to propel the demand for liquid nitrogen cryogenic tanks in the U.S. 

Presence of major food & beverages, metals & fabrication, and electronics companies in the U.S. is one of the major reasons driving the demand for cryogenic tanks, since these companies require cryogenic tanks to store industrial gases such as carbon dioxide and nitrogen in their premises for application in their manufacturing facilities.