Press release
Soaring Demand Set to Propel Tank Wagons Market to $93.63 Billion by 2029
Tank Wagons
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What Is the Expected CAGR for the Tank Wagons Market Through 2025?_x000D_
The market size of tank wagons has seen consistent growth over the past years. It's projected to increase from $74.34 billion in 2024 to $77.57 billion in 2025, with a compound annual growth rate (CAGR) of 4.3%. The growth observed in the previous period can be linked to factors like industrial expansion, energy transit, the chemical sector, and adherence to safety and regulatory norms._x000D_
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What's the Projected Size of the Global Tank Wagons Market by 2029?_x000D_
The market size of tank wagons is anticipated to experience consistent expansion in the upcoming years. It is projected to increase to $93.64 billion in 2029, with a compound annual growth rate (CAGR) of 4.8%. The predicted growth in this period can be credited to factors such as energy transition, environmental laws, the chemical and petrochemical industry, and material innovations. Noteworthy trends in this forecast period encompass material innovations, development of railway infrastructure, digitalization and telematics, along with sustainability and green initiatives._x000D_
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Top Growth Drivers in the Tank Wagons Industry: What's Accelerating the Market? _x000D_
The growth of the tank waggon market is being fuelled by a rise in demand for liquids and gases as a raw material in the residential and petrochemical sectors, which often utilize railways as a transport method. This surge in demand can be attributed to global travel restrictions and lockdowns. In September 2023, as per the UK-based government website, GOV.UK, that offers government services and data, the overall earnings from UK oil and gas production reached $9.90 billion (£9 billion) in the financial year 2022-2023, a significant uptick from $1.54 billion (£1.4 billion) in 2021-2022. This is a gain of $8.36 billion (£7.6 billion). The increasing requirements for PPE kits and home cooking are leading to a higher demand for liquid and gas, and tank waggons are meeting this demand by transporting massive quantities of these materials, thereby boosting the tank waggon market growth._x000D_
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What Trends Will Shape the Tank Wagons Market Through 2029 and Beyond?_x000D_
The introduction of the Internet of Things (IoT) to expedite the safety and compliance measures of rail tanks has sparked tremendous interest in the tank wagon market. The IoT gives rail managers the ability to utilize web-integrated communication tools dispersed throughout their infrastructure and moving stock to enhance safety measures. Furthermore, TCS has developed various applications like the safety lock app, terminal automation app, and anti-roll-away apps, aimed at digitizing tank wagons._x000D_
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What Are the Main Segments in the Tank Wagons Market?_x000D_
The tank wagons market covered in this report is segmented - _x000D_
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1) By Tank Pressure Type: Pressurized Railraod Tank Car, General Purpose Or Non-Pressurized Tank Car_x000D_
2) By Protection Type: Insulated, Non-Insulated_x000D_
3) By Application: Crude Oil, Ethanol, Liquefied Gases, Bio Fuels, Milk, Chemicals, Other Applications_x000D_
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Subsegments:_x000D_
1) By Pressurized Railroad Tank Car: LPG Tank Cars, Chemical Tank Cars _x000D_
2) By General Purpose Or Non-Pressurized Tank Car: Liquid Bulk Tank Cars, Crude Oil Tank Cars, Food-grade Tank Cars_x000D_
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Which Top Companies are Driving Growth in the Tank Wagons Market?_x000D_
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_x000D_
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Which Regions Will Dominate the Tank Wagons Market Through 2029?_x000D_
Asia-Pacific was the largest region in the tank wagons market in 2023. North America was the second largest region in the tank wagons market. The regions covered in the tank wagons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
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3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
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