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, 2020-2030”, the India cryogenic tanker market is anticipated to grow at
a CAGR of 7.45% in the forecast period, 2025-2030, Factors such as increased demand for cryogenic tankers from the
petrochemical and healthcare industry in the country and the massive
application of the cryogenic tankers in the chemical sector are driving the
demand for India cryogenic tanker market. India is witnessing several economic
activities and is transforming the healthcare industry to provide quality
healthcare services to its citizens. Ayushman Bharat, which is an initiative
taken by the Indian government and is the largest government-funded in the
world, is increasing the demand for gas that can treat the ailment of patients.
Transportation of such gases is carried through cryogenic tankers. With the
growing healthcare industry, the demand for India cryogenic tanker market is
expected to grow at a significant rate in the coming years. However, the fluctuations in the prices
of raw materials and the risks associated with cryogenic tankers may restrain
India cryogenic tanker market growth in the forecast period.
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Based on application,
the Transportation segment
dominated the market in the forecast period, The transportation segment has emerged as the dominant force in the India Cryogenic Tanker Market, 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.
Major market players
operating in the India cryogenic tanker market are:
- INOX India Pvt Ltd
- VRV Asia Pacific Pvt. Ltd
- Cryolor Asia Pacific Private Limited
(India)
- Linde India Limited
- Cryogas Equipment Private Limited
- Vijay Tanks & Vessels Pvt. Ltd.
- Krison Engineering Works
- Precise Vacuum Systems Private Limited
- SicgilSol India Private Limited
- Super Cryogenic Systems Private Limited
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“Stringent emission norms and favorable
government policies are promoting the use of clean fuel in a number of end-use
industries. The growing popularity of liquefied natural gas across the country
and the ability of cryogenic tankers to carry LPG even in remote locations
where constructing pipelines is not possible is expected to accelerate India's
cryogenic tanker market growth over the next five years. The government of
India launched National Hydrogen Mission with an aim to scale up green hydrogen
production and utilization within the country. Cryogenic tankers are crucial in
transporting natural gas through rail, road, or shipways. The growing demand
for clean electricity from the natural-gas-powered plants and the rise in the
number of market players offering cryogenic tankers are expected to propel the
India cryogenic tanker market growth till 2030” 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 (Natural Gas, Nitrogen, Oxygen, Others), By End User (Healthcare,
Food & Beverage, Petrochemical, Others), By Region, Competition,
Forecast & Opportunities, 2030”, 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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