Low Temperature Storage Tank Market size is estimated to be USD 3.2 Billion in 2024 and is expected to reach USD 5.6 Billion by 2033 at a CAGR of 6.5% from 2026 to 2033.
The global low temperature storage tank market experienced significant growth in 2022, driven by increasing demand across various industries. In North America, the market was valued at approximately USD 2.26 billion, accounting for 29.8% of the global share. Europe followed closely, with Germany leading due to its robust chemical and oil & gas industries. The Asia Pacific region emerged as the fastest growing market, with China and India contributing significantly, driven by expanding industrial activities and increased demand for liquefied natural gas (LNG). East Asia alone held a 28.4% share, translating to a market value of around USD 2.15 billion. Opportunities in the low temperature storage tank market are abundant. The rising demand for LNG as a cleaner energy source is a primary driver, necessitating advanced storage solutions. Additionally, the food and beverage industry requires reliable cold storage facilities to maintain product quality, further propelling market growth. Technological advancements, such as improved insulation materials and energy efficient designs, are enhancing the performance of storage tanks, making them more appealing to end users. Furthermore, the growing popularity of cryogenic processing in various industrial applications presents additional avenues for market expansion.
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McDermott International
Wessington Cryogenics
Rhyal Engineering
Air Water Plant & Engineering
Ishii Iron Works
Usha Projects
Vijay Tanks & Vessels (P)
TOYO KANETSU KK
TIW Steel Platework
SPG Steiner Group(adapt)
IHI E&C International
Sino-Resource Group(KINGTANK)
Shanghai MicroPowers
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Low Temperature Storage Tank Market
Cryogenic Tanks
Refrigerated Tanks
Insulated Storage Tanks
Vacuum Insulated Storage Tanks
Industrial
Healthcare
Aerospace
Food and Beverage
Pharmaceutical
Energy and Power
Oil and Gas
Chemicals
Electronics
Transportation and Logistics
Below 10,000 Liters
10,000 to 50,000 Liters
50,000 to 100,000 Liters
Above 100,000 Liters
Stainless Steel
Carbon Steel
Aluminum
Composite Materials
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Low Temperature Storage Tank Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Low Temperature Storage Tank Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Low Temperature Storage Tank Market, By Type
6. Global Low Temperature Storage Tank Market, By Application
7. Global Low Temperature Storage Tank Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Low Temperature Storage Tank Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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