Press release
Cryogenic Transportation Services Market Size to Reach $12.89 Billion by 2029 | Growth at 6.7% CAGR Forecast
Cryogenic Transportation Services
What is the Projected Market Size of the Cryogenic Transportation Services Industry?
In recent years, the market size for cryogenic transportation services has witnessed substantial growth. It is projected to expand from a staggering $9.35 billion in 2024 to about $9.96 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. Factors such as heightened demand for biopharmaceuticals, surge in international trade, evolving government regulations, increased usage of medical gases, and an upward trend in industrial applications are reasons behind the historical growth.
What Will Be the Size of the Cryogenic Transportation Services Market by 2029?
The market size of cryogenic transportation services is projected to experience robust growth in the upcoming years, reaching a valuation of $12.89 billion in 2029 with a compound annual growth rate (CAGR) of 6.7%. This predicted growth in the forecast period is largely due to developments in life sciences and healthcare, the expansion of the food and beverage industry, an increase in LNG export capacity, a growing healthcare sector, and heightened awareness about environmental issues. The primary trends anticipated during the forecast period involve improved safety procedures, integration of green energy, advancements in logistics solutions, developments in cold storage tank technology, and advanced transportation solutions.
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What Are the Strategic Drivers Boosting Cryogenic Transportation Services Market Performance?
The growth of the cryogenic transportation services market is being propelled by the expanding usage of industrial gases. Industrial gases, which are produced and used in numerous sectors and processes, are often essential to improving manufacturing systems, boosting efficiency, and promoting innovation in a variety of industries. Cryogenic transportation services are utilized by these gases to ensure they are transported safely and effectively at very low temperatures, maintaining their liquid form for mass distribution. For example, a report released by the Department of Industry, Science, and Resources, an Australian governmental organization, revealed that in June 2024, Australia's manufacturing sector used 380 petajoules (PJ) of gas. This accounted for a 26% portion of the nation's total domestic gas supply, an increase over the consumption of the previous year. As a result, the escalating use of industrial gases is spurring the expansion of the cryogenic transportation services market.
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How Is the Cryogenic Transportation Services Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Cryogenic Transportation Services Market?
Major players in the cryogenic transportation services industry are prioritizing the creation of unique solutions such as cryogenic multi-use dewars to improve safety and effectiveness while transporting cryogenic substances. Cryogenic multi-use dewars are specialized vessels intended for safe transport and storage of cryogenic materials, especially liquid nitrogen, at particularly low temperatures. A perfect example is CSafe, a US-based company specialized in holistic cold chain shipping solutions, which unveiled the CGT Cryo Series in April 2024 for cryogenic temperature regulation. The innovative product features state-of-the-art cryogenic technology, exceptional cooling efficiency, and modifiable settings. Its robust build, energy-efficiency, and easy-to-use interface increase its practicality, while its integral safety protocols and versatile usage make it perfect for the transport of vital CGTs. The collection comprises reusable dewars and robust shipping cases designed purposely to securely accommodate pre-frozen biological materials, stem cells, regenerative medicine, immunotherapies, and CAR-T cells.
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Who Are the Leading Companies Driving 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
Which Is the Leading Region in the Global Cryogenic Transportation Services Market?
North America was the largest region in the cryogenic transportation services market in 2024. The regions covered in the cryogenic transportation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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