PUBLISHER: Allied Market Research | PRODUCT CODE: 1298362
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298362
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. This broadens regional presence and repair & service capabilities for mobile equipment, specifically trailers as well as ISO containers, stationary and transportable tanks, pumps, flowmeters, and LNG fueling stations.
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.
The cryogenic liquid transport vehicle market is segmented on the basis of vehicle type, application, and region. By vehicle type, it is segmented into non-flammable liquid transport vehicles and flammable liquid transport vehicles. By application, it is classified into liquid oxygen, liquid nitrogen, liquid argon, liquid hydrogen, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some leading companies profiled in the report comprise: Chart Industries, Cryogenmash, FIBA Technologies, Inc., Shijiazhuang Enric Gas Equipment Co., Ltd., Karbonsan Pressure Vessel & Trading o., Cryolor, Wessington Cryogenics, Eurotank GmbH, Cryogas Equipment Private Limited, and Zhangjiagang Furui CIT Co., Ltd.