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Increasing Use Of Industrial Gases Is Driving The Growth Of Cryogenic Transportation Services Market: A Key Factor Shaping the Future of the Cryogenic Transportation Services Market in 2025
Cryogenic Transportation Services Market Size
In the past few years, there has been a robust growth in the size of the market for cryogenic transportation services. The anticipated rise is from $9.35 billion in 2024 to $10.01 billion in 2025, representing a compound annual growth rate (CAGR) of 7.1%. The significant growth experienced in the previous years is due to a surge in the demand for biopharmaceuticals, a boost in international trade, intensified government regulations, a rise in the usage of medical gases, and an uptick in industrial applications.
The market for cryogenic transportation services is anticipated to experience robust growth in the forthcoming years, with predictions of reaching $13 billion by 2029, growing at a compound annual growth rate (CAGR) of 6.8%. This projected expansion during the forecast period can be linked to several factors such as the burgeoning life sciences and healthcare sectors, growth of the food and beverage industry, increased LNG export capacity, enlargement of the healthcare field, and heightened awareness about environmental concerns. Key trends predicted in the forecast period encompass improved safety measures, the incorporation of green energy, heightened logistical solutions, developments in cold storage tanks, and progress in transportation solutions.
What Factors Are Propelling the Expansion of the Cryogenic Transportation Services Market?
The cryogenic transportation services market is poised for growth, spurred by the rising usage of industrial gases. These gases, manufactured specifically for industrial applications, are integral across numerous sectors for augmenting manufacturing processes, maximizing efficiency, and fostering innovation. Cryogenic transportation services are instrumental in the safe and effective transportation of these gases at extremely low temperatures, maintaining their liquid state for bulk distribution. For example, as stated in a June 2024 report by the Department of Industry, Science, and Resources, an organization based in Australia, the country's manufacturing sector utilized 380 petajoules (PJ) of gas, which accounted for a 26% portion of the national total domestic gas supply. This marked an uptick from the previous year. Consequently, the escalating usage of industrial gases propels the growth of the cryogenic transportation services market.
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Which Businesses Are at the Forefront of Cryogenic Transportation Services Market Development?
Major companies operating in the cryogenic transportation services market are United Parcel Service Inc., Linde plc, Kenan Advantage Group Inc., Marken Ltd., McCollister Transportation Group Inc, FIBA Technologies Inc., New England Cryogenic Center Inc., Autosped G Inc., GenOx Transportation Inc., Wessington Cryogenics Ltd., COREX Logistics Inc., Applied Cryo Technologies Inc., LGT Transport Inc., Hingham Moving & Storage Inc., US Cryo Carriers Inc., Pacific CA Systems Inc., Chart Ferox a.s., Krison Engineering Works Pvt. Ltd., Super Cryogenic Systems Private Limited, Herose Limited
What Are the Latest Innovations in the Cryogenic Transportation Services Market?
Leading corporations in the cryogenic transportation services sector are prioritizing the development of novel solutions like cryogenic multi-use dewars, to improve safety and efficiency in the delivery of cryogenic fluids. Cryogenic multi-use dewars are special containers created for the secure transportation and storage of cryogenic materials, especially liquid nitrogen, in very low temperature conditions. For example, CSafe, an American company offering comprehensive cold chain shipping options, introduced its CGT Cryo Series for cryogenic temperature control in April 2024. This state-of-the-art product offers an advanced cryogenic tech, exceptional cooling efficiency, and adjustable features. It combines a user-friendly interface, long-lasting design and energy-saving capabilities to enhance its usability. In addition, it incorporates safety procedures and possesses a wide range of applications making it perfect for the transportation of vital CGTs. The series comprises reusable dewars as well as sturdy shipping cases, designed to safely transport pre-frozen biological substances, regenerative medicine, immunotherapies, stem cells, and CAR-T cells.
How Is the Cryogenic Transportation Services Market Segmented?
The cryogenic transportation services market covered in this report is segmented -
1) By Type: Trailer Transportation, Truck Transportation
2) By Cryogen Type: Nitrogen, Oxygen, Natural Gas, Argon, Other Cryogen Types
3) By Application: Chemicals, Drugs, Biological Specimens, Industrial Gases, Other Applications
Subsegments:
1) By Trailer Transportation: Cryogenic Tanker Trailers, Cryogenic Liquid Gas Transport Trailers, Multi-Compartment Cryogenic Trailers, Insulated And Refrigerated Cryogenic Trailers
2) By Truck Transportation: Cryogenic Liquid Gas Trucks, Insulated Cryogenic Trucks, Cryogenic Delivery Trucks For Industrial Gases, Specialized Temperature-Controlled Cryogenic Trucks
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Where Is the Cryogenic Transportation Services Market Growth Most Prominent?
North America was the largest region in the cryogenic transportation services market in 2023. The regions covered in the cryogenic transportation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Cryogenic Transportation Services Global Market Report?
- Market Size Analysis: Analyze the Cryogenic Transportation Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cryogenic Transportation Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cryogenic Transportation Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cryogenic Transportation Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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