Technavio, a tech-focused market research firm, has published a new report on the global cryogenic tanks market, which is expected to grow at a CAGR of around 7% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global cryogenic tanks market into the following key regions: the Americas, APAC, and EMEA.
Top three contributors for the global cryogenic tanks market are elaborated below:
Cryogenic tanks market in APAC: The LNG sector is the largest end-user segment of cryogenic tanks in the APAC region. Furthermore, the high demand for cryogenic tanks from the steel production and automotive sector is anticipated to fuel further growth of the market during the forecast period. Japan, China, Taiwan, South Korea, and India are some of the ket revenue contributors in this region.
According to Anju Ajaykumar, a lead analyst at Technavio, specializing in research on engineering tools, “The steel production in APAC increased by more than 1% between 2015 and 2016. The influx of high investments in developing economies such as India and Indonesia will propel the demand for storage-based cryogenic equipment like tanks, valves, and pipes.”
Cryogenic tanks market in the Americas: The market’s growth in the Americas is attributable to the presence of many end-user sectors where cryogenics is widely deployed in the region. The growing shale gas production in the US and Canada during the forecast period is anticipated to reflect positively on the growth of the cryogenic tanks market in the Americas.
Cryogenic tanks market in EMEA: EMEA hosts a number of LNG terminals and metal fabrication companies that contribute significantly to the cryogenic equipment demand. The growing demand for natural gas from the developing economies coupled with the economic recovery of developed economies is expected to translate to the growth of the market in the coming years.
The top vendors operating in the global cryogenic tanks market are:
- Chart Industries
- INOX India
- Wessington Cryogenics
Other prominent vendors in the market include FIBA Technologies, Cryoquip, and Gardner Cryogenic.
Other related reports:
- Global LNG Tanker Market 2016-2020
- Global Cryogenic Equipment Market 2016-2020
- Global Beverage Packaging Machinery Market 2017-2021
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