With the emergence and long-term Impact of COVID-19, the Global Cryogenic Liquid Transport Vehicle Market is to reach USD 1.27 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Cryogenic Liquid Transport Vehicle Market is poised to raise up to USD 1.27 Billion by 2030. Cryogenic liquid transport vehicles are vehicles created expressly to carry cryogenic liquified gases. Cryogenic liquids are used in a variety of sectors, including the automotive, electronics, food, marine, healthcare, pharmaceutical, and aerospace industries. These transport vehicles, such as cryogenic trailers and tankers have the capacity to maintain fluids in their liquid state. Gases can be liquefied into their cryogenic state for easier and less expensive transportation. Gases such as helium, argon, oxygen, and nitrogen among others require a sizable surface area while they are in their gaseous state.
The Cryogenic Liquid Transport Vehicle Market is expanding because of factors such as a rise in demand for Liquefied Natural Gas (LNG) and an increase in demand for cryogenic gases from diverse industries. The rising trade of liquid natural gas across the globe is catering the market growth. As trade includes the transportation of natural gas from one place to another, resulting in rising demand for vehicles. According to International European Agency report 2020, According to projections, the global LNG trade would expand by 21% from 2019 to 585 billion cubic metres (bcm) of natural gas year by 2025.
Further, the need for cryogenic liquids from a variety of industries, including the healthcare, food, and manufacturing industries, has surged in recent years, which has led to growth in the cryogenic liquid transport vehicle market. Furthermore, rising expansion in medical industry is further favouring the market growth. Common cryogenic liquids used in medical and pharmaceutical applications include liquid oxygen and liquid nitrogen. They are used, among other things, in cryosurgery, the freezing and storage of biological samples, and the transportation of vaccines.
In addition, rising technological advancements and an increase in the adoption of clean energy sources are creating a lucrative opportunity for market growth. However, high cost of cryogenic liquid transport vehicles stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Cryogenic Liquid Transport Vehicle Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to rising production and trading of liquid natural gas and rising demand from various applications, as well as rising government support for the industry. North America is expected to grow significantly during the forecast period, owing to factors such as rising import and export of various gases in the region, rising trade of pharmaceuticals drugs in the region, and rising development of new vehicles in the region.
The global Cryogenic Liquid Transport Vehicle Market is highly competitive owing to the presence of several key manufacturers such as Chart Industries Inc., Cryogas Equipment Private Limited, Cryogenmash, Cryolor, Eurotank GmbH, and others.
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Key findings of the study suggest:
- Global Cryogenic Liquid Transport Vehicle Market is anticipated to grow with a healthy growth rate of more than 5.9% over the forecast period 2023-2030.
- In the Vehicle Type segment, flammable liquid transport vehicle emerged as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to rising production and trading of liquid natural gas.
- North America is expected to grow at a high CAGR followed by Asia Pacific during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Vehicle Type:
- Flammable Liquid Transport Vehicle
- Non-flammable Liquid Transport Vehicle
By Application:
- Liquid Oxygen
- Liquid Nitrogen
- Liquid Argon
- Liquid Hydrogen
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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