The global cryogenic equipment market is anticipated to reach USD 17.1 billion by 2025, growing at a CAGR of 6.4 percent. Major factors driving the growth of this market include the surge in demand for industrial gases and investments in LNG infrastructure. Other factors impacting the growth of the cryogenic equipment market include the increase in demand for low-temperature operations in various enduse industries that include metal processing, healthcare, and food technology.
The United States in the North American region is accounted for a major share in the cryogenic tanks market and has emerged as one of the major countries utilizing this product. This is owing to the presence of manufacturing facilities of major industrial gas suppliers across the country. Cryogenic tanks are used by industrial gas suppliers for the Storage and Transportation of Industrial Gases from the manufacturing units to the end-users.
Cryogenic technology involves the production, maintenance, and application of low temperatures. The cryogenic technology has increased the scope of application from cold-storage to core processes in numerous end-user industries. According to the report, the natural gas industry accounts for a major share of revenue in the global cryogenic equipment market from cryogenic applications. This industry is consolidated with century-old vendors and market leaders.
One such highly specialized cryogenic engineering company that has expertise in storage and distribution of cryogenic liquefied gases, such as Liquid Oxygen, Liquid Nitrogen, and Liquefied Natural Gas (LNG) is Vadodara based INOX India Pvt. Limited. INOX India provides its standard and engineered equipment to the global market under the brand INOXCVA.
“We are the largest manufacturer of Cryogenic liquid storage and transport tanks in India and a reputed supplier to leading international gas Companies worldwide such as Air Liquide, Air Products, Linde, Messer, Taiyo Nippon Sanso, and Praxair. Our impressive list of satisfied customers all over the world stands testimony to our quality of products,” says Deepak Acharya -CEO, INOX India.
India’s Largest Manufacturer Of Cryogenic Equipment
What makes INOX India stand out from the rest of the crowd is the Company's unique and high-end Cryogenic products. INOX India is not only India’s largest manufacturer and developer of Cryogenic Equipment but it is also the second-largest manufacturer and developer of Cryogenic Equipment in the world.
Robust Business Model
A robust business model is one that can recover from the aftermath of any crisis. Even during the COVID-19 Pandemic crisis, INOX has proved that its Business model is strong enough to face any challenges that arise in the business. The Company, through its robust Business model, marketed its products to emerging LNG Business and has supplied a wide range of equipment to LNG and LCNG stations and innovative products to the Automotive and Railway sector.
Efficient And Reliable Products
INOX India has specifically designed efficient and reliable products such as storage tanks, vaporization systems, gas regulation skids, LNG dispensers, and on-board fuel tanks for the automotive industry, especially heavy-duty trucks, buses.
Experienced Professionals
INOX India team comprises of experienced professionals who are working with INOX for more than two decades and have contributed to the growth and development of the company through their experience, expertise, and excellence. The manufacturing and quality team of INOX India
constantly works on Lean Manufacturing and zero-defect methodology and the expert team of after-sales service and commissioning engineers to perform installation and commissioning onsite with the shortest time and also meet the customer expectations with their services and solutions.
Delivering Innovative Products
Clients today look for solution providers who deliver innovative products that are built using advanced technology, solutions that are cost-effective and that meet the process requirements and competitive pricing, and faster deliveries.
INOX India as a part of the multi-billion-dollar INOX GROUP of companies, constantly strives to achieve the aforementioned requirements by recruiting experienced candidates, training them regularly, and providing them facilities for development. While the company’s dedicated product development team understands the needs of customers, the well-experienced design team converts the customer’s expectations into innovative products. INOX GROUP is a leading industrial group in India with operations spanning across the country and offerings covering Industrial Gases, Chemicals, Refrigerants, Wind Mills, and Movie Distribution (INOX Leisure).
The Journey So Far
In the 1990s there were no manufacturers of cryogenic equipment in the country. Hence, Cryogenic tanks were imported from countries such as the USA, Europe, Japan, etc. The delivery of these products took almost more than a year, and due to these delayed deliveries, the supply of industrial gases to industries was hampered. This is when INOX Group decided to start manufacturing cryogenic equipment as a plan for backward integration to augment the supply chain. This decision of establishing a manufacturing facility in India in 1990 paid rich dividends. Thereby, INOX India Pvt. Ltd. was founded in the year 1992.Since its inception, the company has created a wide range of products meeting critical requirement of Industries.
Inox India through its robust business model, marketed its products to emerging LNG business and has supplied a wide range of equipment to LNG and LCNG stations and innovative products to the automotive and railway sector
In 1996, the company supplied Nitrogen storage tanks for a Particle Physics Research project in Geneva for studies related to the properties of accelerating particles. From 2000- 2004, INOX India developed the entire cryogenic system for the Second Launch Pad (SLP) project for ISRO at Sriharikota in less than 4 years. And, recently, the company developed a stainless steel thermo-vacuum chamber for ISRO Ahmedabad’s Bopal Centre, wherein the Vacuum chamber simulates space conditions on earth and test payload. The GSAT-29 was tested in this chamber for a payload of nearly 3.5 tonnes. Apart from this, INOX India has also supplied liquid Helium cryolines for a nuclear fusion reaction project by ITER in France.
Not just that, the company also manufactures Liquefied Natural Gas (LNG) vessels for satellite stations, marine applications, city-gas distribution (CGD), and LNG and LCNG (Liquid to Compressed Naturel Gas) for fuel stations. Currently, the INOX India team is planning to contribute to the reduction in pollution due to vehicle emissions through manufacturing and supplying stainless steel LNG fuel tanks for buses and trucks as these 450-liter tanks will help heavy-duty vehicles to cover a stretch of nearly 500-600 Kms without refuelling.
The company’s manufacturing facilities are located at 3 locations in India, Indaituba (Sao Paulo) Brazil and the stock and sale facility are at Alblasserdam, Netherlands. Today, the company is not only one of the market leaders and front runner in the country but is also well known for its products and services across the globe.
The Road Ahead
A business that doesn't learn from its past failures and doesn’t plan its future well, is not worth the investment! INOX has never overlooked the past failures the company has encountered and is always prepared to learn from them. Not just that the company is also focused and keen to execute its well-planned future endeavours.
“Inox India team comprises of experienced professionals who are working with Inox for more than two decades and have contributed to the growth and development of the company through their experience, expertise, and excellence”
“We provide a complete range of standard and non-standard tanks for Industrial Gas and LNG Applications, meeting the stringent requirement of MNCs. Our Product Development team continuously strives for up-gradation of our products. Furthermore, we have set-up production lines for mass production of cryogenic tanks and have developed tanks with highly efficient insulation technology that are superior in performance. We design non-standard equipment that facilitates in meeting the customers’ specific requirement to latest codes and standards,” affirms Deepak Acharya.
Having carved a niche for itself in this landscape, INOX India plans to focus on LNG operations in both the domestic and international markets by building LNG/LCNG stations and satellite stations at the customers’ locations, LNG fuelling stations on highways across India, development of hydrogen tanks, LNG fuel tanks for ships and also for automobile applications. Furthermore, the company will also be promoting its GOLNG initiative to cater to the industry requirements of LNG.
Moving ahead, the company has planned a substantial Capex for FY 2021. INOX plans to add new machinery for expanding LNG business and also modify its welding machines and servicing facility. The entire CAPEX will be financed using the internal accruals. Lastly, in the LNG business segment, the Company plans to expand its presence in the US, Europe, Africa, and South America.
