According to ResearchAndMarkets.com, the cryogenic tank market is projected to grow at a CAGR of 6.8% to reach US$2.015 billion by 2023, from US$1.358 billion in 2017.
Cryogenic tanks are used to store and transport liquefied gases such as liquid oxygen, LNG and liquid nitrogen. These gases are stored at extremely high pressures and low temperatures. High demand for these gases across different industries including pharmaceuticals, petrochemical and food and beverage is fuelling the demand for cryogenic tanks.
Geographically, rising demand for LNG in countries like China and India will bolster the growth of APAC Cryogenic Tank market during the forecast period.
Major industry players profiled as part of the report are Eden Cryogenics, The Linde Group, Gardner Cryogenics, Cryogenic Vessel Alternatives and Wessington Cryogenics, among others.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06112018/global-cryogenic-tank-market-projected-to-exceed-2-billion-dollars-by-2023/