Cryogenic Tanker Market to Reach a Market Value of USD3223.23 Million till 2027
The growing concerns about the
increasing demand for liquid nitrogen gas, the development of healthcare
centers, and the rising demand for clean energy sources are expected to propel
the demand for cryogenic tankers, hence driving the growth of the global
cryogenic tanker market over the forecast period.
According
to the TechSci Research report, “Cryogenic Tanker Market
- Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2017-2027”, the global cryogenic tanker
market will flourish with an impressive CAGR of 7.29% during the forecast
period due to its growing end users in manufacturing, healthcare, the food
industry, energy & power, refineries, automotive, etc. The demand for
cryogenic tankers elevated considerably in recent months due to the COVID-19
pandemic outbreak. For instance, many countries like India, Africa, and the
Caribbean imported oxygens gas through cryogenic tankers.
Recently, the Delhi government in India set a
goal to establish non-captive oxygen generation plants with a minimum capacity
of 10 MT and a maximum capacity of 50 MT, and to supply the generation plant
with electricity subsidies. This kind of project enhances the market for a
cryogenic tanker in the forecast period. The rising demand for clean energy is
forecast to boost the market in the upcoming years. There are many applications
for generating clean energy, which help to hold the growth of the market, for
instance, transportation, storage, and regasification.
Additionally, developing economies &
significant investment in the metallurgical and chemical & petrochemical
sectors would propel the demand for the global cryogenic tanker market.
Based on raw material, the Global Cryogenic
Tanker Market is dominated by stainless steel, with a market share of 84.67% in
2021. Based on Liquid, Liquefied Natural Gas is the dominant segment in the
global cryogenic tanker market, accounting for a share of 31.63% in 2021.
Browse over 132 market data Figures spread through 110 Pages and an in-depth TOC on "Global Cryogenic Tanker Market"
The global cryogenic tanker market is
segmented by raw material, liquid, application, end user, competitional
landscape, and regional distribution.
Based
on raw material, the market is further segmented into stainless steel, nickel
alloy, and aluminum. Among these, stainless steel held the largest market share
of 84.67% in 2021 and is estimated to remain dominant in the coming years. The
cryogenic tanker is spherical or cylindrical in shape, and the inner vessel is
made up of stainless steel, which helps in resisting the temperature, low
maintenance, and high tensile strength. The escalating demand for
high-efficiency stainless steel cryogenic tankers is anticipated to augment the
segment’s growth, which will eventually drive the global cryogenic tanker
market in the upcoming years.
By Liquid, the market is segmented into liquefied
natural gas, liquid nitrogen, liquid oxygen and others which include argon, carbon
dioxide, hydrogen etc. Among these, the liquefied natural gas segment accounted
for the dominating market share of 31.63% in 2021 owing to favorable government
policies regarding clean fuel usage and growing demand for natural gas in several end-use sectors.
Based on the application, the global cryogenic
tanker market is fragmented into storage and transportation. The storage
segment accounted for the dominating market share of 59.29% in 2021. This is
primarily due to the liquefied natural gas being stored in large volumes above
the ground with low pressure which is less than per square inch gauge, then
transferred to trailers or transportation tankers to its end users., which is
raising the market growth.
A list of major market players in the global cryogenic
tanker market include:
- Chart Industries, Inc.
- Air Products
- INOX India Pvt. Ltd.
- Linde PLC
- Air Water Inc.
- Wessington Cryogenics
Ltd.
- Super Cryogenic Systems
Pvt Ltd.
- FIBA Technologies, Inc.
- Suretank Group
Ltd.
- Eden Cryogenic LLC
- M1 Engineering
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“Stringent emission norms and favorable government
policies are promoting the use of clean fuel in several end-use industries. The
growing popularity of liquefied natural gas across the world and the ability of
cryogenic tankers to carry LPG even in remote locations where constructing
pipelines is not possible is expected to accelerate global cryogenic tanker
market growth over the next five years. The Asia- Pacific region is anticipated
to register an impressive CAGR of 7.58% over the forecast period owing to an
increase in the population in this region expected to rise in the use of
coal-based industry to full fill the demand of population and a focus on zero
emission carbon dioxide.
The need for cryogenic tankers is being driven by
factors including the world's petrochemical and healthcare industries, as well
as the extensive use of cryogenic tankers in the chemical industry. For
instance, India is experiencing a variety of economic activities and is
altering the healthcare sector to offer its inhabitants high-quality healthcare
services. In addition, The Indian government's Ayushman Bharat program, the
largest government-funded program in the world, is driving up demand for gas
that can heal patients' illnesses. Cryogenic tankers are used for the
transportation of such gases. The need for cryogenic tankers is anticipated to
increase significantly over the forecast years because of the expanding
healthcare sector. Mergers and acquisitions with key market players can also be
viable strategic recommendations for future brand establishments,” said Mr
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
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