The is mostly fragmented and has intense competition among players. Some of the players operating in this market are: VRV S.p.A, Cryogas Equipment Private Ltd., Cryoquip Australia, Cryofab Inc., Eden Cryogenics LLC, and FNF Gas Technology Products Private Ltd. A large number of OEMs and raw material providers are a part of the competitive landscape of this market. The market is consolidated on regional levels however, states a new report by Transparency Market Research (TMR). Most established players in the cryogenic tanks market are operating on regional levels. Expert analysts of TMR have found that the market is currently experiencing a stagnancy and there are many challenges facing the cryogenic tanks market such as high raw material cost, growing manufacturing cost, dearth in finding cheap or affordable skilled labor.
According to TMR, the global opportunity in the cryogenic tanks market will be worth US$1,433.0 mn in 2024 and witness a CAGR of 7.7% in the period from 2016 to 2024. On the basis of application, the market will be led by the storage segment, which also held the leading position in 2016. On the basis of application, the storage application segment accounted for over 80% of the market in 2015 on account of the increasing on site production of industrial gases and planned storage of LNG. Cryogenic tanks are being used for both short and long term storage of LNG and industrial gases, which will be a key factor driving the growth of this segment. The growing production volumes of industrial gas and LNG will fuel the demand for cryogenic tanks for transportation purpose. As cryogenic tanks are extremely suitable for the transportation of LNG and industrial gases, their demand is expected to soar in the transportation segment in the years to come.
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The design specifications of cryogenic tanks are such, that they make for the safest and most efficient means of storing and transporting liquefied form of various industrial gases such as oxygen, nitrogen, argon, and liquefied natural gas (LNG). The offshore and inland transportation as well as the on-site and off-site storage of industrial gases is the major revenue generator for the global cryogenic tanks market.