Dublin, July 10, 2023 (GLOBE NEWSWIRE) -- The "Cryogenic Liquid Transport Vehicle Market By Vehicle Type, By Application: Global Opportunity Analysis and Industry Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The cryogenic liquid transport vehicle market in Europe is developing due to increased demand for cryogenic liquids in healthcare, food and transportation industries and a shift towards sustainable energy sources.
The UK, Germany, France, Italy, and other European countries are important players in this sector, with corporations spending on R&D to accommodate changing client needs. High levels of innovation and technological improvement characterize the market in Germany and France.
The increased demand for LNG is an important driver for flammable liquid cryogenic transport?vehicles. Natural gas is a cleaner and more efficient fuel source than oil and coal, leading to a rise in demand for LNG. According to Shell, during 2021, global trading in liquefied natural gas surged.
Trade reached 380 million tons, up by 21 million tons (or 6.0%) from 2020 and the global LNG demand is predicted to double by 2040. As the demand for LNG grows, so does the requirement for cryogenic transport vehicles that can safely transport the liquefied gas from production facilities to end users.
In May 2022, Chart Industries, Inc., a major global manufacturer of liquefaction and cryogenic equipment for many applications in the energy and industrial gas end sectors, finished the $4 million acquisition of CSC Cryogenic Service Centre AB of Sweden.
The global demand for cryogenic liquids is driven by a surge in demand from energy and power generation, manufacturing, aerospace, biomedical & healthcare, and chemical industries. There is growth in demand for industrial gases such as liquid oxygen, nitrogen, liquid nitrogen, and specialty gases in diverse sectors. Liquid nitrogen is used during transplant procedures in blood bank storage units and for the cryogenic storage of body organs.
Furthermore, economic growth in emerging countries is anticipated to result in the establishment of new research facilities and institutes in the coming years. This rise in research and testing facilities, especially in the field of pharmaceuticals and biotechnology, is expected to propel the demand for cryogenic gases, in turn driving the demand for cryogenic liquid transport vehicles.
Market Dynamics
Drivers
- Increase in demand for cryogenic gases from diverse industries
- Rise in demand for Liquefied Natural Gas (LNG)
- Increase in adoption of clean energy sources
Restraints
- High costs associated with cryogenic liquid transport vehicles
Opportunities
- Technological advancement
- Greater demand from developing countries
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cryogenic liquid transport vehicle market analysis from 2022 to 2032 to identify the prevailing cryogenic liquid transport vehicle market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cryogenic liquid transport vehicle market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cryogenic liquid transport vehicle market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Vehicle Type
- Flammable Liquid Transport Vehicle
- Non-flammable Liquid Transport Vehicle
By Application
- Liquid Oxygen
- Liquid Nitrogen
- Liquid Argon
- Liquid Hydrogen
- Others
Key Market Players
- Chart Industries
- Cryogas Equipment Private Limited
- Cryogenmash
- Cryolor
- Eurotank GmbH
- FIBA Technologies, Inc.
- Karbonsan Pressure Vessel & Trading Co.
- Shijiazhuang Enric Gas Equipment Co., Ltd.
- Wessington Cryogenics
- Zhangjiagang Furui CIT Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/g54qzc
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