Cryogenic Liquid Transport Vehicle Market By Vehicle Type (Flammable Liquid Transport Vehicle, Non-flammable Liquid Transport Vehicle), By Application (Liquid Oxygen, Liquid Nitrogen, Liquid Argon, Liquid Hydrogen, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The cryogenic liquid transport vehicle market in Europe is developing due to increased demand for cryogenic liquids in healthcare, food and transportation industries and a shift towards sustainable energy sources. The UK, Germany, France, Italy, and other European countries are important players in this sector, with corporations spending on R&D to accommodate changing client needs. High levels of innovation and technological improvement characterize the market in Germany and France.
The increased demand for LNG is an important driver for flammable liquid cryogenic transport vehicles. Natural gas is a cleaner and more efficient fuel source than oil and coal, leading to a rise in demand for LNG. According to Shell, during 2021, global trading in liquefied natural gas surged. Trade reached 380 million tons, up by 21 million tons (or 6.0%) from 2020 and the global LNG demand is predicted to double by 2040. As the demand for LNG grows, so does the requirement for cryogenic transport vehicles that can safely transport the liquefied gas from production facilities to end users.
In May 2022, Chart Industries, Inc., a major global manufacturer of liquefaction and cryogenic equipment for many applications in the energy and industrial gas end sectors, finished the $4 million acquisition of CSC Cryogenic Service Centre AB of Sweden. This broadens regional presence and repair & service capabilities for mobile equipment, specifically trailers as well as ISO containers, stationary and transportable tanks, pumps, flowmeters, and LNG fueling stations.
The global demand for cryogenic liquids is driven by a surge in demand from energy and power generation, manufacturing, aerospace, biomedical & healthcare, and chemical industries. There is growth in demand for industrial gases such as liquid oxygen, nitrogen, liquid nitrogen, and specialty gases in diverse sectors. Liquid nitrogen is used during transplant procedures in blood bank storage units and for the cryogenic storage of body organs.
Furthermore, economic growth in emerging countries is anticipated to result in the establishment of new research facilities and institutes in the coming years. This rise in research and testing facilities, especially in the field of pharmaceuticals and biotechnology, is expected to propel the demand for cryogenic gases, in turn driving the demand for cryogenic liquid transport vehicles.
The cryogenic liquid transport vehicle market is segmented on the basis of vehicle type, application, and region. By vehicle type, it is segmented into non-flammable liquid transport vehicles and flammable liquid transport vehicles. By application, it is classified into liquid oxygen, liquid nitrogen, liquid argon, liquid hydrogen, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some leading companies profiled in the report comprise Chart Industries, Cryogenmash, FIBA Technologies, Inc., Shijiazhuang Enric Gas Equipment Co., Ltd., Karbonsan Pressure Vessel & Trading o., Cryolor, Wessington Cryogenics, Eurotank GmbH, Cryogas Equipment Private Limited, and Zhangjiagang Furui CIT Co., Ltd.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cryogenic liquid transport vehicle market analysis from 2022 to 2032 to identify the prevailing cryogenic liquid transport vehicle market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the cryogenic liquid transport vehicle market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global cryogenic liquid transport vehicle market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Vehicle TypeFlammable Liquid Transport Vehicle
Non-flammable Liquid Transport Vehicle
By ApplicationLiquid Oxygen
Liquid Nitrogen
Liquid Argon
Liquid Hydrogen
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Chart Industries
Cryogas Equipment Private Limited
Cryogenmash
Cryolor
Eurotank GmbH
FIBA Technologies, Inc.
Karbonsan Pressure Vessel & Trading Co.
Shijiazhuang Enric Gas Equipment Co., Ltd.
Wessington Cryogenics
Zhangjiagang Furui CIT Co., Ltd.
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