Albany, NY -- (SBWire) -- 12/21/2016 --The global cryogenic tanks market report by Transparency Market Research provides in-depth analysis of the cryogenic tanks market globally. The report segments the market on the basis of product type, application, and geography. The report analyzes the global cryogenic tanks market in terms of both cryogenic tanks sales volume (Units) and revenue (US$ Mn) for the years 2016–2024. For this research study, the base year is 2015, whereas the forecast is from 2016 to 2024. The report provides a comprehensive competitive landscape and features companies manufacturing cryogenic tanks. This report includes the key dynamics affecting the cryogenic tanks market globally. The analysis in the report provides detailed insights of the global cryogenic tanks market. The drivers, opportunities, and restraints of the market were analyzed in detail and are illustrated in the report. The report also provides a detailed industry analysis of the global cryogenic tanks with the help of the Porter's Five Forces Analysis model.
Global Cryogenic Tanks Market: Segmentation
The research report is segmented into product type and application. Product type segment is further segmented into LNG, nitrogen, oxygen, and argon. Application segment is further segmented into storage and transportation (including distribution).
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The global cryogenic tanks market has been segmented geographically into five regions and further into sub-segmented 15 unique country sub-segments. The regional segments are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The 15 countries which have been separately addressed in this report are the U.S., Canada, the U.K., Germany, France, China, India, Japan, Australia, Qatar, Oman, UAE, Egypt, Brazil, and Mexico.
On the basis of product type, LNG is the dominant product type segment which accounted for 37.3% market share in terms of cryogenic tanks sales revenue in 2015. Nitrogen product type segment held 30.9% market share of the global cryogenic tanks market In terms of cryogenic tanks sales revenue in 2015. Increasing production capacity, consumption rate, and trade volume of LNG are some of the factors likely to boost the demand for cryogenic tanks for LNG product type segment during the forecast period.
On the basis of application, storage application dominated the global cryogenic tanks market with 85.5% market share. Cryogenic tanks are utilized for short term as well as long term storage of industrial gases and LNG among others. Increasing on-site production of industrial gases and planned (strategic) storage of LNG are some of the factors which are expected to boost storage application segment during the forecast period.
Global Cryogenic Tanks Market: Geographical and Competitive Landscape
Asia Pacific dominated the global cryogenic tanks market in terms of cryogenic tanks sales volume and revenue, in 2015. It is expected to expand at a CAGR of 8.4% and 7.3% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively. North America followed Asia Pacific in terms of market share of the global cryogenic tanks market on the basis of cryogenic tanks sales volume and revenue, in 2015. Europe closely followed North America in terms of cryogenic tanks sales volume and revenue, in 2015. The market in Europe is expected to expand at a CAGR of 6.6% and 7.8% from 2016 to 2024 in terms of cryogenic tanks sales volume and revenue respectively.
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Some of the key market participants in the global cryogenic tanks market are Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., FNF Gas Technology Products Private Ltd., Gardner Cryogenics, INOX India Pvt. Ltd., Linde AG, and Suretank Group Ltd.
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Cryogenic Tanks Market - Detailed Analysis and Forecast by 2024
Market Research, the market was valued at US$740.2 mn in 2015 and is expected to reach US$1,433.0 mn in 2024, expanding at a CAGR of 7.7% between 2016 and 2024.