Press release
Cryogenic Transportation Services Market Poised for 6.8 % Growth, Set to Hit $0.92 Billion by 2029
Cryogenic Transportation Services Market
The increasing use of industrial gases is expected to drive the growth of the cryogenic transportation services market. Industrial gases are essential in manufacturing and innovation across various sectors. Cryogenic transportation is crucial for safely delivering these gases at extremely low temperatures. In June 2024, the Department of Industry, Science, and Resources in Australia reported that the country's manufacturing sector consumed 380 petajoules of gas, reflecting a 26% share of domestic gas supply. The growing use of industrial gases is driving the cryogenic transportation market.
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What is the projected compound annual growth rate (CAGR) of the cryogenic transportation services market from 2025 to 2034, and what factors influence it?
The cryogenic transportation services market has grown strongly in recent years. It will increase from $9.35 billion in 2024 to $10.01 billion in 2025, at a CAGR of 7.1%. Growing demand for biopharmaceuticals, international trade, government regulations, medical gases, and industrial applications have contributed to this growth.
The cryogenic transportation services market is projected to grow to $13 billion by 2029 at a CAGR of 6.8%. The growth is attributed to the expansion of life sciences, the food and beverage industry, LNG export capacity, and environmental awareness. Trends include safety protocol enhancements, green energy adoption, cold storage advancements, and improved transportation solutions.
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How are the latest trends influencing the growth of the cryogenic transportation services market?
Companies in the cryogenic transportation services market are improving safety and efficiency with products like cryogenic multi-use dewars, which are specialized containers for transporting cryogenic fluids at extremely low temperatures. For example, in April 2024, CSafe introduced the CGT Cryo Series, which includes reusable dewars and high-impact-resistant shipping cases designed to handle biologic materials and regenerative medicine during transport.
What are the major segments of the cryogenic transportation services market and their role in driving growth?
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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Which regions are key players in the growth of the cryogenic transportation services market?
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.
Who are the key firms paving the way for growth in the cryogenic transportation services market?
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
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What Is Covered In The Cryogenic Transportation Services Global Market Report?
•Market Size Forecast: Examine the cryogenic transportation services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cryogenic transportation services market for a structured understanding.
•Key Players Overview: Analyze major players in the cryogenic transportation services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cryogenic transportation services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cryogenic transportation services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cryogenic transportation services market.
•Industry Challenges: Identify potential risks and obstacles affecting the cryogenic transportation services market.
•Competitive Landscape: Review strategic developments in the cryogenic transportation services market, including expansions, agreements, and new product launches.
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