Liquid Nitrogen to dominate India Cryogenic Tanker Market through FY2027
Advancements in technology and high demand for liquid oxygen is expected to drive the demand for India cryogenic tanker market for the forecast period.
According to TechSci Research report, “India Cryogenic Tanker Market By Product Type (Stationary Type, Trailer Type) By Application (Storage, Transportation) By Liquefied Gas (Nitrogen, Oxygen, Others) By End User (Healthcare, Food & Beverage, Petrochemical, Others) By Company, By Region, Forecast & Opportunities, FY2027”, India cryogenic tanker market is expected to witness steady growth for the next five years. Cryogenic tankers are used for transportation and storage of frozen biological liquid material such as liquid oxygen, liquid nitrogen, liquid hydrogen, liquified natural gas, among others. Cryogenic tankers consist of double wall of two cylindrical vessels, an inner tank made up of steel and outer part made up of carbon steel. Cryogenic tankers maintain the temperature by minimizing the heat transfer onto the tank. Rising demand for food and beverage industry, electronics, healthcare, metal fabrication industry in India are the most significant factors which requires cryogenic tankers to store industrial gases including hydrogen, nitrogen, argon, among others is accelerating the demand in the region. There is high demand for liquefied natural gas in the region for various applications is accelerating the cryogenic tankers demand. Rise in applications of cryogenic tankers in chemical plans and laboratories is fostering the demand for cryogenic tankers. Government regulations promoting the adoption of liquefied natural gas as a fuel in ships for protection of environment is aiding to increase the growth of cryogenic tankers in the region.
Since the onset of pandemic COVID-19, lockdown was imposed all over the country to fight the novel coronavirus. Government released the precautionary measures and set of guidelines for the safety of its residents. People infected by coronavirus felt difficulty in breathing, cough, sneezing and high fever. Oxygen levels started to drop at lower levels which required the use of liquid oxygen which can be transported or stored in cryogenic tankers. Increase in people suffering from disease is fueling the demand for cryogenic tankers in the region. Government is encouraging the set-up of plants and manufacturing of cryogenic tankers as there is high demand and shortage of cryogenic tankers for supply of liquid oxygen.
However, requirement of high capital and the chances of cryogenic tanker leakage incidences may hamper the cryogenic tanker market growth for the forecast period.
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India cryogenic tanker market is segmented into product type, application, liquefied gas, end user, regional distribution, and company. Based on liquefied gas, market is further divided into nitrogen, oxygen, and others. Liquid nitrogen is stored, shipped, and handled through storing in different containers and is used to store in cryogenic tankers, storage units and Dewar. Liquid nitrogen used in majorly used in manufacturing of electronics products. Liquid nitrogen finds huge applications in healthcare sector. Surgeries which use liquid nitrogen are most effective and are cured permanently. Increase in removal of cancer infected tissues is fueling the demand for liquid nitrogen. Based on end user, market is categorized into healthcare, food & beverage, petrochemical, and others. Healthcare segment is expected to dominate the cryogenic tankers market for the predicted period. High demand for liquid oxygen in the country and use of liquid nitrogen for successful surgical operations are the major drivers for this segment demand. Increase in healthcare sectors and continuous research and development of health infrastructure is accelerating the cryogenic tankers demand.
INOX India Pvt. Ltd., Super Cryogenic Systems Private Limited, Shell-n-Tube Pvt Ltd, Cryogenic Liquide Pvt Ltd., Cryolor Asia Pacific Pvt Ltd, Krison Engineering Works, Cryogas Equipment Private Limited, Temasme Veselex India Pvt Ltd, Vijay Tanks & Vessels Pvt. Ltd, SicgilSol India Private Limited are the leading players operating in India cryogenic tanker market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several cryogenic tanker manufacturers are coming up with their technologically advanced offerings.
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“Advancements in technology such as effective utilization of cryogenic tankers to minimize water usage in hydro fracturing process is fueling the demand for cryogenic tankers. Manufacturers of cryogenic tankers prefer India due to availability of lower labor cost and high demand from consumers of the country. Increase in investment and government initiatives to boost the energy and power sector to cater the huge population energy requirement is expected to propel the growth of cryogenic market until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Cryogenic Tanker Market By Product Type (Stationary Type, Trailer Type) By Application (Storage, Transportation) By Liquefied Gas (Nitrogen, Oxygen, Others) By End User (Healthcare, Food & Beverage, Petrochemical, Others) By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India cryogenic tanker market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India cryogenic tanker market.
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