Market Size of Cryogenic Vessels Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.08 Billion |
| Market Size (2029) | USD 10.41 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cryogenic Vessels Market Analysis
The Cryogenic Vessels Market size is estimated at USD 8.08 billion in 2024, and is expected to reach USD 10.41 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
COVID-19 negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, the increasing demand for liquefied natural gas (LNG) and increasing investments in developing healthcare systems are expected to increase the demand for cryogenic vessels during the forecasted period.
- On the other hand, high operations and maintenance costs are expected to hinder market growth.
- Nevertheless, the increasing technological investments in cryogenic energy storage system development and the increasing deployment of hydrogen as an energy source are expected to create huge opportunities for the cryogenic vessel market.
Cryogenic Vessels Industry Segmentation
Cryogenic vessels are containers designed to store and transport materials at very low temperatures, typically below -150°C (-238°F). These vessels are used to store and transport liquefied gases such as nitrogen, oxygen, argon, helium, and hydrogen, which are commonly used in various industrial, medical, and scientific applications.
The cryogenic vessels market is segmented by application, end-user industry, cryogenic liquid, raw material, and geography (North America, Asia-Pacific, Europe, South America, the Middle East, and Africa). By application, the market is segmented into storage and transport. The end-user industry segments the market into energy generation, metal processing, healthcare, food and beverages, and others. The market is segmented by cryogenic liquid: LNG, liquid nitrogen, liquid oxygen, liquid hydrogen, and others. The market is segmented by raw material into steel, nickel alloy, aluminum alloy, and others. The report also covers the market size and forecasts for the cryogenic vessel market across major regions, such as Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. Market sizing and forecasts have been done for each segment based on revenue (USD).
| Application | |
| Storage | |
| Transport |
| End-User Industry | |
| Energy Generation | |
| Metal Processing | |
| Healthcare | |
| Food and Beverages | |
| Other End-User Industries |
| Cryogenic Liquid | |
| LNG | |
| Liquid Nitrogen | |
| Liquid Oxygen | |
| Liquid Hydrogen | |
| Other Cryogenic Liquids |
| Raw Material | |
| Steel | |
| Nickel Alloy | |
| Aluminum Alloy | |
| Other Raw Materials |
| Geography [Market Size and Demand Forecast till 2028 (for regions only)] | ||||||||
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Cryogenic Vessels Market Size Summary
The cryogenic vessels market is poised for significant growth over the forecast period, driven by increasing demand in various sectors such as energy, healthcare, and metal industries. The market is recovering from the setbacks caused by the COVID-19 pandemic and is expected to reach substantial size by the end of the forecast period. The rising demand for liquefied natural gas (LNG) and investments in healthcare systems are key factors propelling market expansion. However, high operational and maintenance costs pose challenges to growth. Despite these hurdles, advancements in cryogenic energy storage technologies and the growing use of hydrogen as an energy source present lucrative opportunities for market players.
The metal industry is a major application area for cryogenic vessels, utilizing them to enhance metal processing and manufacturing through techniques like cryogenic treatment and machining. The industry's growth, fueled by urbanization and infrastructure development, is expected to drive increased demand for cryogenic vessels. The Asia-Pacific region is anticipated to experience heightened demand due to rapid industrialization, expanding healthcare sectors, and significant investments in energy infrastructure, particularly LNG terminals. The region's focus on technological advancements and research further contributes to the rising need for cryogenic vessels. Key players in the semi-consolidated global market include Linde plc, Chart Industries Inc, and Inox India Ltd, among others, who are actively involved in expanding their capabilities and facilities to meet the growing demand.
Cryogenic Vessels Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecasts in USD, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Demand for Liquefied Natural Gas (LNG)
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1.5.2 Restraints
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1.5.2.1 High Operational and Maintenance Costs
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Storage
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2.1.2 Transport
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2.2 End-User Industry
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2.2.1 Energy Generation
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2.2.2 Metal Processing
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2.2.3 Healthcare
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2.2.4 Food and Beverages
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2.2.5 Other End-User Industries
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2.3 Cryogenic Liquid
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2.3.1 LNG
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2.3.2 Liquid Nitrogen
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2.3.3 Liquid Oxygen
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2.3.4 Liquid Hydrogen
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2.3.5 Other Cryogenic Liquids
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2.4 Raw Material
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2.4.1 Steel
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2.4.2 Nickel Alloy
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2.4.3 Aluminum Alloy
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2.4.4 Other Raw Materials
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2.5 Geography [Market Size and Demand Forecast till 2028 (for regions only)]
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Rest of North America
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 France
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2.5.2.3 United Kingdom
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2.5.2.4 Russia
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2.5.2.5 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 India
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2.5.3.3 Australia
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2.5.3.4 Japan
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2.5.3.5 Malaysia
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2.5.3.6 Rest of Asia-Pacific
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2.5.4 Middle East and Africa
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2.5.4.1 Saudi Arabia
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2.5.4.2 UAE
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2.5.4.3 Nigeria
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2.5.4.4 South Africa
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2.5.4.5 Rest of Middle East and Africa
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2.5.5 South America
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2.5.5.1 Brazil
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2.5.5.2 Argentina
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2.5.5.3 Chile
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2.5.5.4 Rest of South America
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Cryogenic Vessels Market Size FAQs
How big is the Cryogenic Vessels Market?
The Cryogenic Vessels Market size is expected to reach USD 8.08 billion in 2024 and grow at a CAGR of 5.20% to reach USD 10.41 billion by 2029.
What is the current Cryogenic Vessels Market size?
In 2024, the Cryogenic Vessels Market size is expected to reach USD 8.08 billion.
