Cryogenic tanks and trailers are used to store and transport liquefied gases such as liquid oxygen, LNG and liquid nitrogen at high pressures and low temperatures.
More than 250,000 specially designed tanks store and transport industrial gases globally, with the market estimated to grow at a CAGR of over 7% by 2023. According to Research and Markets, this growth is fuelled by high demand for these gases across different industries including pharmaceuticals, petrochemical and food and beverage.
Increasing applications of cryogenics in chemical plants and laboratories coupled with increasing usage of liquid nitrogen and carbon dioxide for transportation of frozen food as well as fruit juices for long distances are the key drivers of cryogenic tanks market, says Grand View Research.
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