Global cryogenic tanks market to reach US$1.5 billion by 2027
Published by Lydia Woellwarth,
The ‘Cryogenic Tanks - Global Market Trajectory & Analytics’ report has been added to ResearchAndMarkets.com's offering. The publisher brings years of research experience to this 7th edition of the report. The 275-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Amid the COVID-19 crisis, the global market for cryogenic tanks estimated at US$956.3 million in the year 2020, is projected to reach a revised size of US$1.5 billion by 2027, growing at a CAGR of 6.5% over the analysis period 2020 - 2027.
LNG, one of the segments analysed in the report, is projected to grow at a 6.8% CAGR to reach US$597.1 million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Nitrogen segment is readjusted to a revised 6.7% CAGR for the next seven year period. This segment currently accounts for a 31.9% share of the global cryogenic tanks market.
The US accounts for over 27.1% of global market size in 2020, while China is forecast to grow at a 9.9% CAGR for the period of 2020 - 2027
The cryogenic tanks market in the US is estimated at US$258.8 million in the year 2020. The country currently accounts for a 27.06% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$320.8 million in the year 2027 trailing a CAGR of 9.9% through 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 5.8% respectively over the 2020 - 2027 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$320.8 million by the year 2027.
Other segments segment corners a 28.6% share in 2020
In the global Other Segments segment, US, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$206.8 Million in the year 2020 will reach a projected size of US$297.1 million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$201.6 million by the year 2027, while Latin America will expand at a 7% CAGR through the analysis period.
Competitors identified in this market include, among others:
Chart Industries, Inc.; Cryofab Inc.; Cryoquip Australia; Eden Cryogenics, LLC; FIBA Technologies, Inc.; Gardner Cryogenics; Inox India Pvt. Ltd; Linde AG Suretank Group Ltd; VRV S.p.A; Wessington Cryogenics Ltd.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23072020/global-cryogenic-tanks-market-to-reach-us15-billion-by-2027/
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