Cryogenic Tanks Market
carbon dioxide has been seen across the globe in the past few years. The number of on-site production plants for industrial gases is also on a rise globally. This factor will provide a huge boost to the global demand for a variety of cryogenic tanks, driving the global market.
High Manufacturing Costs and Improving Gas Pipeline Infrastructure to Hinder Growth
The cost of manufacturing cryogenic tanks is relatively higher as compared to a variety of other general-purpose tanks owing to the cutting-edge technology and the need for specific components and technical expertise. Stringent qualityand safety-related guidelines that need to be followed to manufacture and sell cryogenic tanks significantly add to the base cost of cryogenic tanks, restricting their adoption across numerous industries and applications. The high costs of cryogenic tanks are, therefore, expected to have a sizeable negative impact on the overall development of the global cryogenic tanks market in the next few years.
Along with this, the market is also expected to bear the brunt of the increased preference of industries to gas pipelines as an easier and safer mode of storing and transporting several gases. Across the globe, gas pipelines have significantly expanded in the past few years across key regional markets such as Europe, North America, and Central Asia. Many countries in Asia Pacific are taking measures to improve and expand the gas pipeline infrastructure so as to accommodate the mounting demand for natural gas. This factor is expected to have a notable impact on the overall development of the market over the forecast period.
This review of the market is based on a recent TMR market research report, titled“ Cryogenic Tanks Market- Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024.”
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For the study, the market has been segmented as follows: Global Cryogenic Tanks Market: Regional Analysis-North America-The U. S.-Canada-Europe-The U. K.-Germany
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