Cryogenic Liquid Transport Vehicle Market is Expected to Globally Reach $1.5 Billion by 2032 at 5.9% CAGR: Allied Market Research
Portland, OR, May 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cryogenic Liquid Transport Vehicle Market by Vehicle Type (Flammable Liquid Transport Vehicle and Non-flammable Liquid Transport Vehicle), and Application (Liquid Oxygen, Liquid Nitrogen, Liquid Argon, Liquid Hydrogen, and Others: Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global cryogenic liquid transport vehicle industry generated $0.8 billion in 2022, and is anticipated to generate $1.5 billion by 2032, witnessing a CAGR of 5.9% from 2023 to 2032.
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Prime determinants of growth
The global cryogenic liquid transport market is driven by factors such as an increase in demand for cryogenic gases from diverse industries, rise in demand for Liquefied Natural Gas (LNG), and increase in adoption of clean energy sources. However, high costs associated with cryogenic liquid transport vehicles hampers the growth to some extent. On the contrary, technological advancements associated with development of advanced vehicles and rise in demand from developing economies are expected to create favorable growth opportunities for the cryogenic liquid transport vehicles market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $0.8 billion |
Market Size in 2032 | $1.5 billion |
CAGR | 5.9% |
No. of Pages in Report | 201 |
Segments covered | Vehicle Type, Application, and Region |
Drivers | Increase in demand for cryogenic gases from diverse industries
Rise in demand for Liquefied Natural Gas (LNG) Increase in adoption of clean energy sources |
Opportunities | Technological advancement
Greater demand from developing countries |
Restraints | High costs associated with cryogenic liquid transport vehicles |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a mixed impact on the global cryogenic liquid transport vehicle market owing to nationwide lockdown, halt in manufacturing activities, and trade restrictions.
- Reduced demand for cryogenic liquids from construction, aerospace, and automotive industries was observed during the pandemic. However, greater demand for cryogenic liquids from the healthcare sector owing to rising cases of COVID-19 boosted the cryogenic liquid transport vehicles.
- Post-pandemic, there has been a resurgence in demand for cryogenic liquid transport vehicles, owing to greater adoption of clean energy sources.
The flammable liquid transport vehicle segment to maintain its leadership status during the forecast period
Based on vehicle type, the flammable liquid transport vehicle segment held the highest market share in 2022, accounting for more than half of the global cryogenic liquid transport vehicle market revenue and is estimated to maintain its leadership status during the forecast period, owing to increase in demand for cryogenic liquids such as LNG and liquid hydrogen among others. The segment is also projected to manifest the highest CAGR of 6.6% from 2023 to 2032, owing to the strengthening of the cryogenic industry and the scientific and industrial applications of liquid hydrogen in aerospace and medical research.
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The liquid nitrogen segment to maintain its leadership status during the forecast period
Based on application, the liquid nitrogen segment held the highest market share in 2022, accounting for more than one-fourth of the global cryogenic liquid transport vehicle market revenue and is estimated to maintain its leadership status during the forecast period. The growing demand for liquid nitrogen in a variety of industries, including aerospace, healthcare, and manufacturing, is expected to accelerate the need for cryogenic liquid transport vehicles to transport these cryogenic liquids safely and efficiently. Also, the same segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032 owing to rise in demand for green power and sustainable energy sources.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global cryogenic liquid transport vehicle market revenue. As China is a prominent market for cryogenic liquid transport vehicles, due to its rapidly developing industrial sector and rise in need for cryogenic liquids such as liquid hydrogen, liquid oxygen and liquefied natural gas. The region is also expected to witness the fastest CAGR of 6.7% from 2023 to 2032 owing to introduction of regulations to support the development of cleaner energy vehicles.
Leading Market Players: -
- Cryolor
- Eurotank GmbH
- FIBA Technologies, Inc.
- Zhangjiagang FURUI CIT Co., Ltd.
- Karbonsan Pressure Vessels and Trading Co.
- Chart Industries, Inc.
- Shijiazhuang Enric Gas Equipment Co., Ltd.
- Cryogenmash
- Wessington Cryogenics
- Cryogas Equipment Private Limited
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The report provides a detailed analysis of these key players of the global cryogenic liquid transport vehicle market. These players have adopted strategies such as new product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1(855)550-5975 help@alliedmarketresearch.com Web: https://www.alliedmarketresearch.com/reports-store/automotive-and-transportation Follow Our Blog: www.theinnovativereport.com
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