Cryogenic Storage Tanks Market: Introduction
As the name suggests, cryogenic storage tanks are vacuum flasks used for storing cryogens, such as liquid helium or liquid nitrogen, which have a boiling point lower than room temperature. These storage dewars (named after James Dewars) are available in several shapes, such as a flask with loose fittings, an open bucket or a special pressuring tank. They are designed to keep heat away from the liquid contained in the inner vessel. With the help of vaporizers, the liquid is converted into a gaseous state, such as in the case of liquid nitrogen. A pressure control manifold controls the pressure at which the gas is fed to the process.
Cryogens present several safety hazards and hence, storage vessels are designed to minimize the associated risks. For instance, these vessels are well covered with API Standard 653 (2014). The increasing demand for LNG, nitrogen, oxygen, argon and other low temperature gases from end use industries (food, pharmaceutical, metal treating and many others) is surging the demand for cryogenic storage tanks and is expected to continue doing so over the forecast period.
Cryogenic Storage Tanks Market: Dynamics
Increasing demand for cryogenics in laborites & chemical plants is spurring the demand for cryogenic storage tanks. Also, the rising demand for carbon dioxide and liquid nitrogen in the transportation of frozen foods is driving the demand for the cryogenic storage tanks market. Similarly, in countries, such as Japan, Oman, China, Qatar and many others, the demand for LNG is growing, which is supporting the demand for the cryogenic storage tanks market. However, the high cost of these systems will hamper the growth of cryogenic storage tanks market.
Cryogenic Storage Tanks Market: Trend/ Regional Outlook
During 1954, steels were used in competition with stainless steel, other austenitic alloys, and aluminum for LNG storage. In fact, stainless steel were used or building smaller storage tanks. However, large containment vessels are usually welded from 9%-nickel steel because of expense considerations. Globally, this technology is accepted all the world and improvement in design will give provide manufacturers to increase their sales. Also, rapid industrialization and rise in scope of these in healthcare, food and beverage & refrigeration industries will the opportunistic market for the manufacturers. Collaboration and mergers & acquisitions coupled with backward integration will helps companies/ manufacturers to expand their market share and better reach to customers. Also, the companies constantly involved in expanding their product portfolio and offering for the customers.
Asia-Pacific is likely to dominate the global demand for cryogenic storage tanks over the forecast period. This can be attributed to the fact that large scale development in LNG infrastructure, especially in Japan, India and Indonesia will support for the demand for cryogenic storage tanks. Europe and North America will also be prominent regions over the forecast period due to the increasing demand from end use industries, such as food and pharmaceutical. Latin America and Middle East & Africa (MEA) will account for less than a 15% share in the overall market, owing to a smaller population and fewer industries.
Cryogenic Storage Tanks Market: Segmentation
On the basis of end use, the cryogenic storage tanks market can be segmented into:
On the basis of product type, the cryogenic storage tanks market can be segmented into:
On the basis of material, the cryogenic storage tanks market can be segmented into:
On the basis of application, the cryogenic storage tanks market can be segmented into:
Cryogenic Storage Tanks Market: Market Participants
Examples of some of the market participants identified in the cryogenic storage tanks market across the globe are:
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