U.S. Cryogenic Tanks Market Size & Outlook, 2019-2027
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U.S. cryogenic tanks market highlights
- The U.S. cryogenic tanks market generated a revenue of USD 1,171.2 million in 2019 and is expected to reach USD 1,690.0 million by 2027.
- The U.S. market is expected to grow at a CAGR of 4.7% from 2020 to 2027.
- In terms of segment, liquid natural gas (lng) was the largest revenue generating cryogenic liquid in 2019.
- Liquefied Nitrogen is the most lucrative cryogenic liquid segment registering the fastest growth during the forecast period.
Cryogenic tanks market data book summary
| Market revenue in 2019 | USD 1,171.2 million |
| Market revenue in 2027 | USD 1,690.0 million |
| Growth rate | 4.7% (CAGR from 2019 to 2027) |
| Largest segment | Liquid natural gas (lng) |
| Fastest growing segment | Liquefied Nitrogen |
| Historical data | 2016 - 2018 |
| Base year | 2019 |
| Forecast period | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Liquefied Nitrogen, Liquid Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen |
| Key market players worldwide | Chart Industries Inc, INOX India Pvt Ltd, Linde PLC, Air Products & Chemicals Inc, Cryolor, Air Water Inc, Wessington Cryogenics, Cryofab, Super Cryogenic Systems, FIBA Technologies, Inc., Suretank Group, Eden Cryogenics |
Other key industry trends
- In terms of revenue, U.S. accounted for 20.6% of the global cryogenic tanks market in 2019.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In North America, U.S. cryogenic tanks market is projected to lead the regional market in terms of revenue in 2027.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 1,690.0 million by 2027.
Liquid natural gas (lng) was the largest segment with a revenue share of 43% in 2019. Horizon Databook has segmented the U.S. cryogenic tanks market based on liquefied nitrogen, liquid natural gas (lng), liquid hydrogen, liquid oxygen covering the revenue growth of each sub-segment from 2016 to 2027.
The U.S. accounted for majority share in the North American cryogenic tanks market and the trend is projected to continue till 2027. The U.S. emerged as one of the major countries utilizing cryogenic tanks, as the country has the presence of manufacturing facilities of a number of major industrial gas suppliers such as Linde, Air Liquide, Messer, and Air Products & Chemicals.
These companies utilize cryogenic tanks for storage and transportation of industrial gases from their manufacturing facilities to the end users. The growing healthcare industry in the U.S., coupled with growing R&D in the healthcare sector owing to the recent outbreak of the COVID-19 pandemic, is expected to propel the demand for liquid nitrogen cryogenic tanks in the U.S.
Presence of major food & beverages, metals & fabrication, and electronics companies in the U.S. is one of the major reasons driving the demand for cryogenic tanks, since these companies require cryogenic tanks to store industrial gases such as carbon dioxide and nitrogen in their premises for application in their manufacturing facilities.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Eden Cryogenics | View profile | - | Plain City, Ohio, United States, North America | https://edencryogenics.com/ |
| Suretank Group | View profile | 101-250 | Dunleer, Louth, Ireland, Europe | http://www.suretank.com |
| FIBA Technologies, Inc. | View profile | 251-500 | Littleton, Massachusetts, United States, North America | http://fibatech.com |
| Super Cryogenic Systems | View profile | 11-50 | Noida, Uttar Pradesh, India, Asia | https://www.supercryo.in |
| Cryofab | View profile | 51-100 | Kenilworth, New Jersey, United States, North America | http://www.cryofab.com/ |
| Cryolor | View profile | 251-500 | Ennery, Picardie, France, Europe | https://www.cryolor.com |
| INOX India Pvt Ltd | View profile | 251-500 | Vadodara, Gujarat, India, Asia | http://www.inoxindia.com |
| Wessington Cryogenics | View profile | 101-250 | Houghton Le Spring, Durham, United Kingdom, Europe | https://wessingtoncryogenics.com/ |
| Linde PLC | View profile | 66195 | 10 Riverview Drive, Danbury, CT, United States, 06810 | https://www.linde.com |
| Air Water Inc | View profile | 26566 | 12-8, Minami Semba 2-chome, Chuo-ku, Osaka, Japan, 542-0081 | http://www.awi.co.jp |
| Chart Industries Inc | View profile | 11637 | 2200 Airport Industrial Drive, Suite 100, Ball Ground, GA, United States, 30107 | https://www.chartindustries.com |
| Air Products & Chemicals Inc | View profile | 23000 | 1940 Air Products Boulevard, Allentown, PA, United States, 18106-5500 | https://www.airproducts.com |
U.S. cryogenic tanks market size, by cryogenic liquid, 2016-2027 (US$M)
U.S. Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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