Global Cryogenic Tanks Market: Usage in Storage Application to Bring in Significant Revenue, says TMR
The competitive landscape of the global market for cryogenic tanks appears to be largely fragmented on a whole owing to the presence of a large number of OEMs and raw material suppliers. However, it is a notably consolidated market in regional pockets as most of the dominant players operate at regional levels, observes a recent report by Transparency Market Research. The considerable backlog of orders with OEMs indicate that the market is experiencing stagnancy and significant growth challenges. High manufacturing costs, sensitive raw material costs, and a lack of affordable skilled labor are further intensifying growth challenges in the market.
Manufacturers are increasingly focusing on ways to combat these challenges and exploit the vast growth opportunities that the market offers. Some of the key players in the market are Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., and FNF Gas Technology Products Private Ltd.
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Demand across Asia Pacific to Continue to Contribute Bulk of Revenues
Transparency Market Research estimates that the global cryogenic tanks market will exhibit a healthy 7.7% CAGR over the period between 2016 and 2024. At this rate, the market, which valued at US$740.2 mn in 2015, is expected to reach US$1,433.0 mn in 2024. Geographically, the Asia Pacific market represents the dominant consumer of cryogenic tanks and is expected to remain the dominant contributor of revenue to the global market over the forecast period as well, exhibiting an 8.4% CAGR. In terms of application, the storage segment accounted for over 80% of the market in 2015 and is expected to retain dominance over the forecast period as well.
Rising Set of Applications of Industrial Gases to Fuel Demand
Design specifications of cryogenic tanks make them the most efficient and safest means of transportation and storage of liquefied form of several industrial gases such as nitrogen, liquefied natural gas (LNG), oxygen, and argon. Inland and offshore transportation and on-site and off-site storage of these gases constitute a big chunk of the overall revenue of the global cryogenic tanks market.
The market will also benefit over the forecast period from the continuous rise in the array of industrial gas applications. A vast rise in the number of production plants producing industrial gases such as nitrogen, oxygen, helium, argon, and carbon dioxide has been seen across the globe in the past few years. The number of on-site production plants for industrial gases is also on a rise globally. This factor will provide a huge boost to the global demand for a variety of cryogenic tanks, driving the global market.
High Manufacturing Costs and Improving Gas Pipeline Infrastructure to Hinder Growth
The cost of manufacturing cryogenic tanks is relatively higher as compared to a variety of other general-purpose tanks owing to the cutting-edge technology and the need for specific components and technical expertise. Stringent quality- and safety-related guidelines that need to be followed to manufacture and sell cryogenic tanks significantly add to the base cost of cryogenic tanks, restricting their adoption across numerous industries and applications. The high costs of cryogenic tanks are, therefore, expected to have a sizeable negative impact on the overall development of the global cryogenic tanks market in the next few years.
Along with this, the market is also expected to bear the brunt of the increased preference of industries to gas pipelines as an easier and safer mode of storing and transporting several gases. Across the globe, gas pipelines have significantly expanded in the past few years across key regional markets such as Europe, North America, and Central Asia. Many countries in Asia Pacific are taking measures to improve and expand the gas pipeline infrastructure so as to accommodate the mounting demand for natural gas. This factor is expected to have a notable impact on the overall development of the market over the forecast period.
Global Cryogenic Tanks Market: By Product Type
Liquefied Natural Gas (LNG)
Nitrogen
Oxygen
Argon
Global Cryogenic Tanks Market: By Application
Storage
Transportation
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
Manufacturers are increasingly focusing on ways to combat these challenges and exploit the vast growth opportunities that the market offers. Some of the key players in the market are Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., and FNF Gas Technology Products Private Ltd.
Get PDF Brochure for more Professional and Technical industry insights : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2142
Demand across Asia Pacific to Continue to Contribute Bulk of Revenues
Transparency Market Research estimates that the global cryogenic tanks market will exhibit a healthy 7.7% CAGR over the period between 2016 and 2024. At this rate, the market, which valued at US$740.2 mn in 2015, is expected to reach US$1,433.0 mn in 2024. Geographically, the Asia Pacific market represents the dominant consumer of cryogenic tanks and is expected to remain the dominant contributor of revenue to the global market over the forecast period as well, exhibiting an 8.4% CAGR. In terms of application, the storage segment accounted for over 80% of the market in 2015 and is expected to retain dominance over the forecast period as well.
Rising Set of Applications of Industrial Gases to Fuel Demand
Design specifications of cryogenic tanks make them the most efficient and safest means of transportation and storage of liquefied form of several industrial gases such as nitrogen, liquefied natural gas (LNG), oxygen, and argon. Inland and offshore transportation and on-site and off-site storage of these gases constitute a big chunk of the overall revenue of the global cryogenic tanks market.
The market will also benefit over the forecast period from the continuous rise in the array of industrial gas applications. A vast rise in the number of production plants producing industrial gases such as nitrogen, oxygen, helium, argon, and carbon dioxide has been seen across the globe in the past few years. The number of on-site production plants for industrial gases is also on a rise globally. This factor will provide a huge boost to the global demand for a variety of cryogenic tanks, driving the global market.
High Manufacturing Costs and Improving Gas Pipeline Infrastructure to Hinder Growth
The cost of manufacturing cryogenic tanks is relatively higher as compared to a variety of other general-purpose tanks owing to the cutting-edge technology and the need for specific components and technical expertise. Stringent quality- and safety-related guidelines that need to be followed to manufacture and sell cryogenic tanks significantly add to the base cost of cryogenic tanks, restricting their adoption across numerous industries and applications. The high costs of cryogenic tanks are, therefore, expected to have a sizeable negative impact on the overall development of the global cryogenic tanks market in the next few years.
Along with this, the market is also expected to bear the brunt of the increased preference of industries to gas pipelines as an easier and safer mode of storing and transporting several gases. Across the globe, gas pipelines have significantly expanded in the past few years across key regional markets such as Europe, North America, and Central Asia. Many countries in Asia Pacific are taking measures to improve and expand the gas pipeline infrastructure so as to accommodate the mounting demand for natural gas. This factor is expected to have a notable impact on the overall development of the market over the forecast period.
Global Cryogenic Tanks Market: By Product Type
Liquefied Natural Gas (LNG)
Nitrogen
Oxygen
Argon
Global Cryogenic Tanks Market: By Application
Storage
Transportation
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
Contact
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com