Cryogenic tanks market expected to reach $8.96 billion from $11.05 billion globally; future high demand postulated as driving factor.
Here’s an article posted in Yahoo Finance
According to the article,
- The cryogenic tanks market is expected to reach $8.96 billion in 2027 at a CAGR of 6.22%
- The market was valued at USD 11.05 billion in 2022 and is anticipated to reach USD 9.7 billion by 2031, growing at a CAGR of around 5.8%
- The market is segmented based on cryogenic liquid (liquefied natural gas, liquid nitrogen, liquid oxygen, liquid hydrogen, and others), application (storage, transportation), and end-user
With the market estimated to grow immensely, research and development in this sector is booming exponentially. Here are some innovations gaining popularity in recent times:
- Composite Cryogenic Tanks
The National Composites Centre (NCC) in the UK has developed and tested composite cryogenic hydrogen storage tanks, which are designed to be lightweight and durable. These tanks have been tested for their performance with liquid hydrogen, demonstrating the ability to withstand multiple thermal and pressure cycles. This innovation aims to support the development of hydrogen-powered aircraft by ensuring that tanks can endure high cycles and last for decades. - Cryo-Compressed Hydrogen Storage
Cryo-compressed hydrogen storage combines cryogenic temperatures with high pressure to enhance storage efficiency. This method allows for higher energy density and is particularly beneficial for commercial vehicles and trucks, facilitating the transition to hydrogen as a fuel source. This innovative approach is gaining traction as it addresses some of the limitations of traditional storage methods.
Interestingly, we have some other posts related to this content:
Our specialty focus areas include
Hydrogen Storage: Capacity of Cryogenic Tanks: Cryogenic tanks maintain hydrogen as liquid below -253°C, offering safer and more efficient storage with 35% energy requirement for cooling. Cryo-Compressed Hydrogen: The Future of Storage and Refueling Stations: Cryo-Compressed Hydrogen (CcH2) offers cryogenic storage at high pressure, enabling commercialization for trucks and commercial vehicles, with cost implications for industry expansion. Cryogenic Energy Hydrogen Storage System: The Key to India’s Sustainable Future: Economic Times article highlights cryogenic energy storage’s potential for India’s sustainable future, urging investment in technology development and policy changes.
