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LONDON, GREATER LONDON, UNITED KINGDOM, October 16, 2024 /EINPresswire.com/ -- The cryogenic transportation services market has experienced significant growth in recent years, expanding from $8.76 billion in 2023 to $9.35 billion in 2024, with a compound annual growth rate (CAGR) of 6.8%. This growth during the historical period is largely due to rising demand for biopharmaceuticals, increased international trade, stricter government regulations, growing use of medical gases, and expanding industrial applications.
What Is The Estimated Market Size Of The Global Cryogenic Transportation Services Market And Its Annual Growth Rate?
The cryogenic transportation services market is expected to witness robust growth in the coming years, projected to reach $12.19 billion by 2028 with a compound annual growth rate (CAGR) of 6.9%. This growth during the forecast period can be attributed to the expansion of the life sciences and healthcare sectors, the growth of the food and beverage industry, increased LNG export capacity, the continued expansion of the healthcare industry, and rising awareness of environmental concerns. Key trends anticipated include improved safety protocols, integration of green energy solutions, advancements in logistics, innovations in cold storage tanks, and enhanced transportation systems.
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Growth Driver of The Cryogenic Transportation Services Market
The growing utilization of industrial gases is expected to drive the expansion of the cryogenic transportation services market in the future. Industrial gases, which are produced and used in a variety of industrial applications, play a crucial role in optimizing manufacturing processes, boosting efficiency, and supporting innovations across different sectors. Cryogenic transportation services are essential for safely and efficiently transporting these gases at extremely low temperatures, ensuring they remain in a liquid state for bulk distribution.
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Which Market Players Are Driving The Cryogenic Transportation Services Market Growth?
Key players in the cryogenic transportation services market include 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
What Are The Key Trends That Influence Cryogenic Transportation Services Market Share Analysis?
Leading companies in the cryogenic transportation services market are prioritizing the development of innovative solutions, such as cryogenic multi-use dewars, to improve the efficiency and safety of transporting cryogenic fluids. Cryogenic multi-use dewars are specialized containers designed to safely store and transport cryogenic materials, like liquid nitrogen, at ultra-low temperatures.
How Is The Global Cryogenic Transportation Services Market 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
Geographical Insights: North America Leading The Cryogenic Transportation Services Market
North America was the largest region in the cryogenic transportation services market in 2023. The regions covered in the cryogenic transportation services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Cryogenic Transportation Services Market Definition
Cryogenic Transportation Services Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global cryogenic transportation services market report covering trends, opportunities, strategies, and more
The Cryogenic Transportation Services Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cryogenic transportation services market size, cryogenic transportation services market drivers and trends, cryogenic transportation services market major players, cryogenic transportation services market positioning, and cryogenic transportation services market growth across geographies. The cryogenic transportation services market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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