Liquid Nitrogen to dominate India Cryogenic Tanker Market through FY2027
Advancements in technology
and high demand for liquid oxygen is expected to drive the demand for India cryogenic
tanker market for the forecast period.
According to TechSci Research report, “India
Cryogenic Tanker Market By Product Type (Stationary Type, Trailer Type) By
Application (Storage, Transportation) By Liquefied Gas (Nitrogen, Oxygen,
Others) By End User (Healthcare, Food & Beverage, Petrochemical, Others) By
Company, By Region, Forecast & Opportunities, FY2027”, India cryogenic
tanker market is expected to witness steady growth for the next five years. Cryogenic
tankers are used for transportation and storage of frozen biological liquid
material such as liquid oxygen, liquid nitrogen, liquid hydrogen, liquified
natural gas, among others. Cryogenic tankers consist of double wall of two cylindrical
vessels, an inner tank made up of steel and outer part made up of carbon steel.
Cryogenic tankers maintain the temperature by minimizing the heat transfer onto
the tank. Rising demand for food and beverage industry, electronics,
healthcare, metal fabrication industry in India are the most significant factors
which requires cryogenic tankers to store industrial gases including hydrogen,
nitrogen, argon, among others is accelerating the demand in the region. There
is high demand for liquefied natural gas in the region for various applications
is accelerating the cryogenic tankers demand. Rise in applications of cryogenic
tankers in chemical plans and laboratories is fostering the demand for
cryogenic tankers. Government regulations promoting the adoption of liquefied
natural gas as a fuel in ships for protection of environment is aiding to
increase the growth of cryogenic tankers in the region.
Since the onset of pandemic COVID-19, lockdown was
imposed all over the country to fight the novel coronavirus. Government
released the precautionary measures and set of guidelines for the safety of its
residents. People infected by coronavirus felt difficulty in breathing, cough,
sneezing and high fever. Oxygen levels started to drop at lower levels which
required the use of liquid oxygen which can be transported or stored in
cryogenic tankers. Increase in people suffering from disease is fueling the
demand for cryogenic tankers in the region. Government is encouraging the
set-up of plants and manufacturing of cryogenic tankers as there is high demand
and shortage of cryogenic tankers for supply of liquid oxygen.
However, requirement of high capital and the chances
of cryogenic tanker leakage incidences may hamper the cryogenic tanker market
growth for the forecast period.
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India
cryogenic tanker market is segmented into product type, application, liquefied
gas, end user, regional distribution, and company. Based on liquefied gas,
market is further divided into nitrogen, oxygen, and others. Liquid nitrogen is
stored, shipped, and handled through storing in different containers and is
used to store in cryogenic tankers, storage units and Dewar. Liquid nitrogen
used in majorly used in manufacturing of electronics products. Liquid nitrogen
finds huge applications in healthcare sector. Surgeries which use liquid
nitrogen are most effective and are cured permanently. Increase in removal of
cancer infected tissues is fueling the demand for liquid nitrogen. Based on end
user, market is categorized into healthcare, food & beverage, petrochemical,
and others. Healthcare segment is expected to dominate the cryogenic tankers
market for the predicted period. High demand for liquid oxygen in the country
and use of liquid nitrogen for successful surgical operations are the major
drivers for this segment demand. Increase in healthcare sectors and continuous
research and development of health infrastructure is accelerating the cryogenic
tankers demand.
INOX
India Pvt. Ltd., Super Cryogenic Systems Private Limited, Shell-n-Tube Pvt Ltd,
Cryogenic Liquide Pvt Ltd., Cryolor Asia Pacific Pvt Ltd, Krison Engineering
Works, Cryogas Equipment Private Limited, Temasme Veselex India Pvt Ltd, Vijay
Tanks & Vessels Pvt. Ltd, SicgilSol India Private Limited are the leading
players operating in India cryogenic tanker market. Manufacturers are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several cryogenic tanker manufacturers are coming up
with their technologically advanced offerings.
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“Advancements
in technology such as effective utilization of cryogenic tankers to minimize
water usage in hydro fracturing process is fueling the demand for cryogenic
tankers. Manufacturers of cryogenic tankers prefer India due to availability of
lower labor cost and high demand from consumers of the country. Increase in
investment and government initiatives to boost the energy and power sector to
cater the huge population energy requirement is expected to propel the growth
of cryogenic market until FY2027” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India Cryogenic Tanker
Market By Product Type (Stationary Type, Trailer Type) By Application (Storage,
Transportation) By Liquefied Gas (Nitrogen, Oxygen, Others) By End User (Healthcare,
Food & Beverage, Petrochemical, Others) By Company, By Region, Forecast
& Opportunities, FY2027” has evaluated
the future growth potential of India cryogenic tanker market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of India cryogenic tanker market.
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