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Tank Wagons Market Report 2024 - Tank Wagons Market Size, Share And Industry Trends
Tank Wagons Market
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According to The Business Research Company's, 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 growth in the historic period can be attributed to industrial growth, energy transportation, chemical industry, safety and regulatory compliance.
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%. The growth in the forecast period can be attributed to energy transition, environmental regulations, chemical and petrochemical industry, material innovations. Major trends in the forecast period include innovations in materials, railway infrastructure development, digitalization and telematics, sustainability and green initiatives.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Tank Wagons Market 2024 Key Insights:
• 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%.
• Tank Wagon Market Thrives On Growing Demand For Liquid And Gas Transport
• IOT Revolutionizes Rail Tank Safety And Compliance In The Market
• Asia-Pacific was the largest region in the tank wagons market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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