Cryogenic Tanks Market Size

Cryogenic Tanks Market Size

Cryogenic Tanks Market size exceeded USD 8.3 billion in 2023 and is projected to expand at 5.5% CAGR from 2024 to 2032.

Ongoing efforts by various government bodies and agencies to switch to cleaner energy solutions will stimulate business growth. Cryogenic LNG storage tanks are largely used for the transportation, storage, and distribution of liquid natural gas (LNG) that is used across power plants. Investments in the expansion of natural gas facilities have supported the demand for these tanks in recent years. For instance, in November 2022, Mexico announced its plans to invest up to $5 billion in an LNG hub on its Caribbean coast in order to capitalize on the growing energy demand in Europe.

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Additionally, industry participants are introducing radical innovations to strengthen hydrogen infrastructure and promote the use of clean energy. In August 2022, INOX Private Limited, cryogenic equipment and solutions provider, unveiled India's largest-ever made bulk Liquid Hydrogen Storage Tank designed in accordance with European standards and Korean Gas Safety criteria. Initiatives to foster the development of hydrogen infrastructure will promote cryogenic tank demand over the estimated timeframe.

Cryogenic liquid safety issues to impede industry expansion

Cryogenic liquids are transported at extremely low temperatures, posing a number of hazards for operators. These liquids can cause burns, injuries, and damage to the lungs and other parts of the human body. Concerns about the leakage of the cryogenic material and the need to store and maintain cryogens could create challenges for the expansion of the cryogenic tank industry. However, government initiatives to fund R&D projects for the development of improved chemical storage tanks are projected to benefit the industry progression.