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Tank Wagons Market Key Players, Market Analysis, Share, Trends And Forecast To 2033
Tank Wagons Market Overview
As per the report, the tank wagons market size has grown steadily in recent years. It will grow from $71.23 billion in 2023 to $74.4 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The tank wagons market size is expected to see steady growth in the next few years. It will grow to $88.85 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
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Tank Wagon Market Thrives On Growing Demand For Liquid And Gas Transport
Increased demand for liquids and gases as a raw material in the residential and petrochemical sectors that use railways as one of the modes of transportation is contributing to the growth of the tank waggon market. This upswing in need is due to the lockdown and ban on travelling which have happened worldwide. For instance, according to the bp Statistical Review of World Energy, the global natural gas demand grew 5.3% in 2021 . An increase in the need for PPE kits and cooking at home is causing a rise in demand for liquid and gas, which is fulfilled with the help of tank waggons to carry tonnes of these materials, thus driving the tank waggon market growth.
IOT Revolutionizes Rail Tank Safety And Compliance In The Market
The launch of the internet of things (IoT) to fast-track the safety and compliance of rail tanks has created immense demand in the tank waggon market. The Internet of Things (IoT) empowers rail administrators to use internet-connected communication devices installed across infrastructure and rolling stock to increase safety. Moreover, there are many apps, such as the safety lock app, terminal automation app, and anti-roll-away apps, rolled out by TCS to digitalize the tank wagons.
The tank wagons market covered in this report is segmented -
1) By Tank Pressure Type: Pressurized Railraod tank car, General Purpose or Non-Pressurized tank car
2) By Protection Type: Insulated, Non-insulated
3) By Application: Crude Oil, Ethanol, Liquefied Gases, Bio Fuels, Milk, Chemicals, Other Applications
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Major companies operating in the tank wagons market include American Railcar Industries Inc., GATX Corporation, National Steel Car Ltd., Greenbrier Companies, Trinity Industries Inc., Vertex Railcar, Union tank car company, Chongqing Changzheng Heavy Industry Co. Ltd., Caterpillar Inc., Japan Oil Transportation Co. Ltd., Kelso Technologies Inc., OmBesco Limited, Procor Limited, VTG GmbH, Titagarh Wagons Ltd., FreightCar America, United Wagon Company, Jupiter Wagons Limited, Texmaco Rail and Engineering Ltd., Jindal Rail Infrastructure Limited, ELH Waggonbau Niesky GmbH, W.H. Davis Ltd, AmstedMaxion, CIMC Tank Equipment (Zhangjiagang) Co. Ltd., Wabash National Corporation, CIMC ENRIC Holdings Limited, The Andersons Inc., CIMC Vehicles Group Co. Ltd, Hitachi Ltd., Talgo SA
Contents of the report:
1. Executive Summary
2. Tank Wagons Market Report Structure
3. Tank Wagons Market Trends And Strategies
4. Tank Wagons Market - Macro Economic Scenario
5. Tank Wagons Market Size And Growth
…..
27. Tank Wagons Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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