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The global cryogenic tanks market is projected to witness exponential growth through the forthcoming years primarily due to rising LNG trade across worldwide.Mounting funding in the healthcare, chemical, and food & beverage sector would complement product demand. In the space industry, cryogenic fuels such as liquid oxygen and liquid hydrogen are required for propelling rockets. Robust advancements in the space sector is augmenting the demand for cryogenic tanks for fuel storage purposes. Based on these factors, Global Market Insights, Inc., speculates that the global cryogenic tanks market is likely to exceed a valuation of $9 billion by 2026.
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Growing LNG trade, rising expenditure by both private and public firms, and increasing initiatives to offer enhanced health services could positively impel market share. Cryogenic liquid such as oxygen and nitrogen are used to preserve human organs and blood in the healthcare sector. Heavy investments towards developing existing healthcare infrastructure, especially since the COVID-19 pandemic, is supplementing the demand for cryogenic tanks. In addition, surging regulatory focus to offer basic healthcare infrastructure to the population in rural and remote areas may propel product significance.
Speaking of cryogen type, mounting use of argon cryogen alone or along with other gases like oxygen, helium, carbon dioxide, nitrogen, and hydrogen to fulfill particular consumer demands is likely to foster its demand through 2026. Argon-oxygen decarburizing procedure is one of the common ways for refining stainless steel as it can decrease the oxidation of molten alloys and metals.
On a regional frame of reference, Europe cryogenic tanks market is anticipated to procure exponential growth owing to ongoing development and expansion of LNG infrastructure in the region. Investments in the development of natural gas-powered generation systems would bolster regional business size. Furthermore, features like longer service life, low heat loss, and lesser maintenance and expenditure will favor product demand.
Progressive initiatives with respective regulatory authorities and the European Union as well as rising FDI have paved the way for development in the healthcare, chemical, and other industries in the region. Moreover, governments are investing heavily in the development of sustainable infrastructure to revive their economy after the coronavirus pandemic, pushing Europe cryogenic tank market outlook.
Major market players and new companies entering the cryogenic tanks industry are adopting strategies like investment rounds, acquisitions, and collaborations to gain an edge over competitors. Citing an instance, in November 2019, BioLife Solutions acquired Custom Biogenic Solutions to add cryogenic equipment to its portfolio. The competitive landscape of the global cryogenic tanks market is inclusive of players such as Chart Industries, Cryofab, Air Liquide, Linde Plc, GTS Group, and Air Products among others.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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