LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent global cryogenic tanks market report until 2021. This research report also lists three other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the global cryogenic tanks market for 2017-2021 provides detailed industry analysis based on the product (LNG storage and nitrogen storage) and geography (APAC, EMEA, and the Americas).
“The global cryogenic tanks market size is projected to grow to USD 7.6 billion by 2021, at a CAGR of more than 7% over the forecast period. The increasing demand for nitrogen from the food processing industry is one of the key factors responsible for the growth of the market,” says Gaurav Mohindru, one of the lead analysts at Technavio for engineering tools research.
Competitive vendor landscape
Linde and Charter are the leading companies operating in the cryogenic tanks market. Over the years, they have acquired various cryogenic firms to improve their geographic reach and benefit from the technology of smaller firms. Also, with the ever-increasing scope of applications for cryogenics, vendors have vast opportunities to successfully venture into new sectors such as food and beverages, cold logistics, life sciences, semiconductors, and automotive. With growing R&D in the industry, many vendors are coming up with innovative cryogenic applications based on the end-user needs.
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Top six vendors in the global cryogenic tanks market
Chart Industries is engaged in the manufacturing of engineered equipment for the energy, industrial gas, and biomedical industries. Its equipment is used for low-temperature and cryogenic applications. Chart Industries operates its business through three segments — energy and chemicals, distribution and storage equipment, and biomedicals.
Cryofab manufactures and services cryogenic storage containers and accessories. It offers these solutions to industrial, medical, laboratory, biotechnology, semiconductor, home care, superconductivity, and pharmaceutical applications. The company offers a range of custom and standard fabrications for storage and transportation of cryogenic gases, including liquid helium, oxygen, argon, nitrogen, hydrogen, and liquid natural gas.
INOX India is a manufacturer of cryogenic tanks such as cryogenic liquid storage and transport tanks. The product portfolio of INOX India includes cryogenic standard products, cryobiological products, cryogenic-engineered tanks and systems, LNG turnkey solutions, LNG integrated systems, disposable cylinders, and others.
Linde, a gas and engineering company, offers cryogenic equipment under Linde Kryotechnik subsidiary. It offers natural gas plants, olefin plants, air separation plants, hydrogen and synthesis gas plants, and industrial and medical gas plants. Linde operates its business through two reportable business divisions: gases and engineering divisions.
VRV engages in the design and manufacturing of pressure equipment for chemical, power, petrochemical, and cryogenic industries. It operates its business mainly through two divisions: energy and petrochemical, and cryogenics. The company serves customers mainly in Africa and the Middle East.
Wessington Cryogenics is one of the leading international cryogenic vessel manufacturers. It manufactures a range of cryogenic storage vessels for laboratory and medical and research applications. It also offers spare parts and accessories, including replacement valves and automatic liquid level control equipment.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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