India Cryogenic Tanker Market to grow at a CAGR of 5.65% through 2028
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, 2018-2028”, the India cryogenic tanker market is anticipated to grow at
a CAGR of 5.65% in the forecast period, 2023-2028, to reach USD280.22 million
by 2028. 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.
Browse over 37
market data Figures spread through 96 Pages and an
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on "INDIA CRYOGENIC TANKER MARKET"
The India cryogenic
tanker market is segmented into product type, application, liquefied gas, end
user, region, and competitive landscape.
Based on application,
the market is segmented into storage and transportation. The storage segment
dominated the market in 2022 and held 67.58% of the total market share. Massive
demand for storing LNG and industrial gases in cryogenic cylinders from various
end-user industries, including liquefaction plants, on-site industrial
facilities, and trade terminals, is driving the segment demand across the
country.
Based on the end user,
the market is segmented into healthcare, food & beverage, petrochemical,
and others. The petrochemical industry led the market and captured 32.59% of
the overall market share in 2022. The growing focus and investments by the
public and private market players on infrastructure development activities is
influencing the market demand. The petrochemical industry is responsible for
supplying gas for various purposes to several end-user industries, which is
expected to boost the demand for cryogenic tankers in the country.
The west region held the
largest market share in 2022, covering 35.35% of the total market share. The
west region is expected to grow with a steady CAGR of 5.38% in the forecast
period on account of the presence of a large number of prominent industry
clusters and key market players in the region, especially in Gujarat and
Maharashtra. In 2018, Maharashtra had over 26,393 industries, and Gujarat
Industrial Development Corporation (GIDC) had over 182 industrial parks in
operation. Also, the majority of the gases imported to India are received at
the west port, which is later stored and transported across the country, making
the use of cryogenic tankers.
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 2028” 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, 2028”, 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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