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Albany, New York, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Cryogenic tanks are utilized in transport and storage of liquefied gases for example, liquefied natural gas (LNG), liquid oxygen, and liquid nitrogen. Low temperature and high pressure conditions are required to store these gases in the tanks. Increasing demand for these gases in several sectors such as food and beverages, and petrochemicals is boosting the global cryogenic tanks market.
According to a recent report by Transparency Market Research, the global cryogenic tanks market is prognosticated to grow at a steady 7.7% CAGR within the forecast period from 2016 to 2024. In 2015, the cryogenic tanks market was worth US$ 740.2 Mn. This figure is foreseen to reach around US$1,433.0 Mn by the end of forecast period.
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High Demand in Food and Beverage Sector to Fuel Market Growth
The TMR report recognizes a surging demand regarding nitrogen from the food processing sector to be one of the main aspects that will positively affect the development of the cryogenic tanks market in the forthcoming years. With the expanded utilization of nitrogen by the food sector for freezing and preserving food items, there is a surge in replacement of traditional refrigerants for example, fluorocarbons and ammonia by the nitrogen-cooled coolers. Also, the high-limit meat chopping machines produce heat during the procedure, which can dissolve fats. This factor is foreseen to increase the popularity of LNG that can be legitimately infused into the product via controlled infusion. With the exponential growth in the utilization of meat over the world, such applications will subsequently drive the development of the cryogenic tanks market in the span of coming years.
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Advancements in technology have resulted in utilization of liquefied oxygen and liquid nitrogen in hydro fracturing procedures. This reduces the utilization of water in such applications. In addition, cryogenic innovations have additionally discovered centrality in space applications where researchers at the Indian Space Research Organization (ISRO) have built up an indigenous cryogenic motor that will help in lifting heavier payloads. Such innovations will expand the use of cryogenics in various other end-client businesses, thusly, fueling growth of the cryogenic market in the forthcoming years.
In terms of application, the storage segment in 2015, led the global cryogenic tanks market, holding around over 80% of the entire market. Cryogenic tanks are used in short term and long term storage of LNG and industrial gases among others. Rising production of on-site industrial gases and strategic storing of LNG are among the major aspects likely to fuel the demand in global cryogenic tanks market for the purpose of storing in future.
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Asia Pacific Held Leading Position in 2015 in Terms of Revenue
Based on geography, Asia Pacific led the global cryogenic tanks market as far as cryogenic tank sales revenue and volume are concerned, in 2015, for the regional market. It registered over 30% of cryotanks sold in that year. As per revenue, Europe and North America cumulatively held over 45% of the entire market in 2015.
The global cryogenic tanks market is marked by the emergence of various players and is majorly led by century old vendors for example, Linde and Chart Industries, coupled with other well-established players such as INOX India, VRV, and Cryofab. With the rising number of applications of cryogenics, makers are focusing on increasing their global presence in different industries like, cold logistics, automobiles, food and beverage, and semiconductors.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Cryogenic Tanks Market (Product Type–Liquefied Natural Gas (LNG), Nitrogen, Oxygen, and Argon; Application - Storage and Transportation) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016–2024”.
The global cryogenic tanks market is segmented based on:
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