India Cryogenic Tanker Market to grow at a CAGR of 7.45% through 2030

Rising demand for gas storage in end user industries to drive the growth of the India cryogenic tanker market over the forecast period.

India Cryogenic Tanker Market - By Region, Competition, Forecast & Opportunities, 2020-2030F”, India Cryogenic Tanker Market was valued at USD 502.13 Million in 2024 and is expected to reach USD 779.73 Million by 2030 with a CAGR of 7.45% during the forecast period. 

The demand for Liquefied Natural Gas (LNG) has been one of the key drivers for the growth of the cryogenic tanker market in India. LNG is a cleaner alternative to traditional fossil fuels like coal and oil, making it a popular choice for energy production and transportation. India, with its growing energy needs and commitment to reducing carbon emissions, has been increasingly turning to LNG as a reliable energy source. The government's push towards transitioning to cleaner energy has led to a rise in LNG consumption, both domestically and in international trade. As LNG is transported in its liquefied form at extremely low temperatures, cryogenic tankers are essential for the safe and efficient transportation of this fuel. These specialized vessels help maintain LNG in its liquid state, allowing it to be shipped over long distances without significant loss of volume or quality. The expansion of LNG infrastructure in India, including LNG terminals and pipelines, further contributes to the demand for cryogenic tankers. Additionally, the development of small-scale LNG projects and the use of LNG as a fuel for transportation, such as in trucks and ships, has increased the need for cryogenic tankers to supply the fuel. The government's initiatives to improve LNG import facilities and promote its use in various sectors, including industrial, residential, and transportation, have created a favorable environment for the growth of the cryogenic tanker market. The rise in LNG imports and exports, combined with the development of a robust cryogenic infrastructure, will continue to drive the demand for cryogenic tankers in the coming years, solidifying LNG's role in India's energy transition and boosting the market for cryogenic transportation solutions.

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Based on application, the Transportation segment held the largest market share in 2024, driven by its crucial role in the movement of liquefied gases essential for various industrial and healthcare applications. Cryogenic tankers are indispensable for the safe and efficient transportation of gases such as liquid oxygen, nitrogen, carbon dioxide, and liquefied natural gas (LNG), which require stringent temperature control to maintain their liquefied state during transit. A primary factor contributing to the dominance of the transportation segment is the growing demand for LNG as a cleaner alternative to traditional fossil fuels. LNG's lower carbon emissions and cost-effectiveness make it a preferred choice for power generation, industrial applications, and transportation sectors. Cryogenic tankers play a vital role in the LNG supply chain, facilitating the transportation of this critical fuel from production facilities to distribution centers and end-users, thereby supporting India's energy transition goals.

The healthcare sector's reliance on cryogenic tankers for transporting medical gases further reinforces the transportation segment's prominence. Liquid oxygen, in particular, is vital for hospitals, clinics, and medical research facilities, where it is used for respiratory therapies, anesthesia, and other critical medical procedures. The COVID-19 pandemic highlighted the importance of a robust supply chain for medical gases, driving increased investments in cryogenic tanker fleets to ensure reliable and uninterrupted supply. Industrial applications also significantly contribute to the transportation segment's dominance. Industries such as manufacturing, food processing, electronics, and metal fabrication require a continuous supply of industrial gases like nitrogen, argon, and carbon dioxide. Cryogenic tankers provide an efficient means of transporting these gases, supporting various manufacturing processes and enhancing operational efficiency.

Technological advancements in cryogenic tanker design and materials have further boosted the transportation segment. Modern cryogenic tankers are equipped with advanced insulation techniques, safety systems, and monitoring technologies that ensure the integrity and safety of the transported gases. These innovations have improved the reliability and efficiency of cryogenic transportation, reducing operational costs and minimizing risks associated with handling and transporting liquefied gases. Infrastructure developments and strategic geographical positioning have facilitated the growth of the transportation segment. India's expanding network of highways, ports, and railways enables seamless transportation of cryogenic liquids across vast distances, ensuring timely delivery to industrial hubs, healthcare facilities, and LNG distribution points. This well-developed infrastructure, coupled with regulatory support for the adoption of cleaner fuels and safety standards, has created a conducive environment for the growth of the transportation segment.

The transportation segment's dominance in the India Cryogenic Tanker Market is driven by the increasing demand for LNG, the critical role of medical gases in healthcare, and the extensive industrial applications of cryogenic liquids. Technological advancements, infrastructure development, and regulatory support further enhance the segment's growth prospects, positioning it as a key driver of the cryogenic tanker market in India. The segment's ability to efficiently and safely transport liquefied gases across various sectors underscores its vital contribution to the country's economic and industrial landscape.

Based on region, North India is emerging as the fastest-growing region in the India Cryogenic Tanker Market due to several key factors. First and foremost, the region is witnessing a rapid industrialization and urbanization, which has spurred an increasing demand for liquefied gases such as liquefied natural gas (LNG), liquid oxygen (LOX), and liquid nitrogen (LIN). Industries across sectors like power generation, chemicals, steel manufacturing, and healthcare are driving the need for efficient cryogenic transportation solutions to meet their growing fuel and gas requirements.

The government’s push towards cleaner energy sources, such as LNG, is also contributing to the surge in demand. North India is seeing an increasing number of LNG import terminals and distribution networks, with states like Uttar Pradesh, Haryana, and Punjab becoming key players in natural gas adoption. Additionally, the government’s focus on boosting the use of natural gas in industries and transportation through initiatives like the National Gas Grid is fostering a growing need for cryogenic tankers to transport LNG safely and efficiently across the region. Moreover, the healthcare sector in North India is expanding rapidly, driven by the need for medical-grade oxygen, particularly in light of the COVID-19 pandemic. The demand for liquid oxygen (LOX) transportation has surged, requiring a robust fleet of cryogenic tankers to ensure timely and safe delivery to hospitals and medical facilities. This, coupled with advancements in the cryogenic tanker technology, has made the region a significant contributor to the overall growth of the market. North India’s strategic location, along with a strong infrastructure base and rising demand for energy and medical gases, positions it as the fastest-growing region in the India Cryogenic Tanker Market. As the region continues to develop, its role in the cryogenic tanker industry is expected to expand even further.

Major market players operating in the India cryogenic tanker market are:

• INOX India Ltd.
• Chart Industries Inc.,
• Cryolor SA
• Linde Plc
• Cryogas Equipment Private Limited
• Vijay Tanks & Vessels (P) Ltd
• Krison Engineering Works
• Precise Vacuum Systems Private Limited
• Super Cryogenic Systems Private Limited

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“The India Cryogenic Tanker Market presents significant growth opportunities driven by the increasing demand for liquefied gases, particularly LNG, liquid oxygen, and liquid nitrogen. Key factors fueling this growth include the government’s push for cleaner energy, expanding industrialization, and advancements in healthcare requiring efficient medical gas transportation. The expansion of LNG infrastructure and rising industrial and transportation sectors in both urban and rural regions further enhance market potential. Additionally, technological innovations in cryogenic tanker design, along with growing investments in infrastructure, offer substantial opportunities for manufacturers and service providers to capitalize on the evolving energy and industrial landscapes in India.” said Mr. Karan Chechi, Research Director of 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 (Natural Gas, Nitrogen, Oxygen, Others), By End User (Healthcare, Food & Beverage, Petrochemical, Others), By Region, Competition, Forecast and Opportunities 2020-2030F”, has evaluated the future growth potential of India cryogenic tanker market and provides statistics & information on market size, 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 India cryogenic tanker market.

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