The global cryogenic tanks market is poised for significant growth over the next decade, driven by expanding applications across energy, healthcare, and manufacturing industries. According to the latest market research, the Cryogenic Tanks Market was valued at USD 6.78 Billion in 2023 and is projected to reach USD 10.61 Billion by 2032, registering a Compound Annual Growth Rate (CAGR) of 5.17% between 2024 and 2032.
The Cryogenic Tanks Market is experiencing notable expansion globally and within the United States, fueled by increasing demand for liquefied gases such as LNG, oxygen, nitrogen, and hydrogen. In the U.S., the market was valued at USD 1.08 Billion in 2023 and is anticipated to grow to USD 1.87 Billion by 2032, with a robust CAGR of 6.36% over the forecast period. This growth is propelled by the country’s push toward cleaner energy solutions, the development of new LNG infrastructure, and advancements in medical gas storage.
Key Market Drivers:
- Accelerating Shift to Clean Energy and Hydrogen Economy:
The transition toward low-carbon fuels has positioned cryogenic tanks as critical components in the storage and transportation of liquefied hydrogen and natural gas. Government incentives and green energy policies are amplifying investment in hydrogen and LNG infrastructure worldwide.
- Rising Demand from the Healthcare and Biomedical Sectors:
The use of cryogenic tanks for the safe storage of liquid oxygen and nitrogen is essential in hospitals, laboratories, and biotechnology research. The post-pandemic emphasis on healthcare readiness has further boosted investment in cryogenic storage systems.
- Industrial Gas Applications and Manufacturing Expansion:
Growth in steel manufacturing, electronics, food processing, and chemical production is driving demand for industrial gases, in turn expanding the need for efficient cryogenic tank solutions.
- Technological Innovations and Improved Tank Design:
Advancements in insulation technologies, material science, and vacuum-jacketed tank designs are improving the safety, efficiency, and durability of cryogenic tanks. These innovations support deployment across harsh and remote environments.
- Global LNG Trade and Infrastructure Development:
Surging LNG demand, especially in Asia-Pacific and Europe, is leading to widespread development of cryogenic storage facilities at import/export terminals, regasification plants, and marine bunkering operations.
Key Players
- ISISAN A.Ş.
- Cryolor
- FIBA Technologies, Inc.
- Cryofab, Inc.
- SURETANK
- Super Cryogenic Systems Pvt Ltd.
- Chart Industries
- Wessington Cryogenics
- Eden Cryogenic LLC
- INOX India Limited
- AIR WATER INC
- Linde PLC
- Air Products and Chemicals, Inc.
Conclusion:
The cryogenic tanks market is on a steady growth trajectory as industries embrace clean energy alternatives and industrial gas consumption rises. Manufacturers that offer high-performance, durable, and safe cryogenic storage solutions will be strategically positioned to lead this dynamic market. With strong backing from both government policies and private sector investments, the next decade promises substantial opportunities for innovation and expansion across the cryogenic storage ecosystem.
Contact Us:
Jagney Dave - Vice President of Client Engagement
Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)
Related Reports
Construction Material Testing Equipment U.S. Market
U.S. Positive Displacement Pumps Market
Oil Free Air Compressor Market in U.S.
Locked
