One of the key factors fueling this market's expansion is the petrochemical and gas industries' rising need for cryogenic liquids. The market is also anticipated to grow as a result of the rising trend of bulk transportation, rapid industrialization, and technological developments in cryogenic semi-trailers. The demand for cryogenic transport semi-trailers is also increasing as a result of government initiatives that include subsidies, tax breaks, and other incentives for the use of natural gas vehicles.
Cryogenic semi-trailers are required in the global market due to their benefits, including great energy efficiency and low pollution output. They are also far more affordable and cost-effective than other forms of transportation. The utilization of these semi-trailers is also expanding as a result of strict safety rules put in place by various international governmental entities.
Cryogenic liquids and gases are transported using specialized trailers called cryogenic transport semi-trailers. Modern refrigeration and heating technologies that are commonly found in these trailers enable them to maintain extremely low temperatures, frequently below -200 degrees Fahrenheit. This makes it possible to carry cryogenic cargo without worrying about harm or contamination. These trailers are also frequently fitted with advanced safety systems, which makes them perfect for moving extremely delicate items. Additionally, cryogenic transport semi-trailers frequently have specialist equipment that enables quick and simple loading and unloading of cryogenic material. The transportation of cryogenic liquids with temperatures as low as -200 degrees Celsius is only possible with the use of cryogenic transport semi-trailers. For the purpose of maintaining the liquid cargo's temperature and avoiding contamination from the environment, they utilize insulated tanks. In comparison to other types of transportation, these semi-trailers are more dependable, affordable, and efficient.
With an estimated value of USD 2.40 billion in 2021 and expected to reach a value of over USD 5.20 billion by the end of 2031, the global Cryogenic Transport Semi-trailer is anticipated to develop at a CAGR of around 8% during the forecast period of 2021-2031. Cryogenic liquids with temperatures as low as -200 degrees Celsius are transported using cryogenic transport semi-trailers. To keep the liquid cargo at the proper temperature and avoid contamination from the environment, they utilize insulated tanks.
Some of the biggest obstacles this business faces are the high costs of cryogenic semi-trailers' purchases and upkeep. Additionally, this market's expansion is being hampered by variations in the cost of raw materials and a lack of competent workers. Furthermore, the transportation of cryogenic liquids is subject to strict government regulations governing safety requirements, which is restraining industry expansion. Although, with the rapidly developing infrastructure and technology advancements as well as the rising demand from the pharmaceutical and energy industries, these challenges are probably going to be overcome. Additionally, it is anticipated that the adoption of green transportation would aid in the expansion of this industry.
Schmitz Cargobull AG, Wabash National Corporation, Utility Trailer Manufacturing Company, CIMC Vehicles Group Co., Ltd., BPW Bergische Achsen K.G., FUWA Heavy Industry Co., Ltd., Great Dane Trailers, Heil Trailer International Co., Ltd., Hyundai Motor Company, and others are some of the major players in the global cryogenic transport semi-trailer market. To obtain an advantage over their rivals, corporations are concentrating on technology and product innovation.
The ≤30 ft Segment emerged as the Most Lucrative Type
According to type, the cryogenic transport semi-trailer market is divided into two categories: 30 ft and >30 ft. Due to its numerous applications in the petrochemical and gas sectors for transportation, the 30 ft category commands the highest share of this market. The cost-effectiveness of this industry is another factor promoting its expansion.
The Most Prominent Application is the Petrochemical Segment
The cryogenic transport semi-trailer market is divided into three categories based on application: petrochemical, gas transport, and others. Due to the rising petrochemical industry demand for liquid gases, the petrochemical category now maintains the greatest market share. Furthermore, this industry is expanding as a result of rising petrochemical investments and the accessibility of raw resources.
The North American Region to render Ample Financing Opportunities
The Cryogenic Transport Semi-trailer Market is anticipated to be led by North America. This is due to rising natural gas investments and rising shale gas output in the area. Further, this market in North America would expand as a result of increasing demand from the petrochemical and gas industries.
COVID-19 Impact and Market Status
The market for cryogenic transport semi-trailers has been significantly impacted by the COVID-19 outbreak. Due to the lockdowns and restrictions imposed by various governments around the world, which caused factory closures and shipping interruptions, the market for cryogenic transport semi-trailers significantly decreased. However, demand for cryogenic transport semi-trailers is anticipated to increase once more in 2021 as economies gradually open up.
Recent Developments in the Cryogenic Transport Semi-trailer Market
• To strengthen its customer base in the North American market and broaden its product line, Chart Industries Inc. purchased Titan Trailer Manufacturing in June 2020. Titan Trailer Manufacturing is a U.S.-based manufacturer of cryogenic transportation semi-trailers and large tanks for the transport of industrial gases.
• A prominent supplier of industrial gases and related technologies, Praxair Technology, Inc., announced in June 2019 that it has acquired CryoTrans, a U.S.-based producer and supplier of cryogenic transport semi-trailers for liquid oxygen, nitrogen, argon, and other industrial gases.
• The European Union (EU) accepted the new rule for the market for cryogenic transport semi-trailers in March 2020. The regulation will enhance cryogenic cargo transportation safety and environmental protection. In addition, it seeks to lower CO2 emissions from this mode of transportation.
• The first commercial cryogenic cargo shipment using a semi-trailer was made in May 2021 under the new legislation. The first cryogenic truck was also introduced in 2021. The cryogenic payload can be transported on this truck in big quantities.
• The first cryogenic train was launched in March 2022. This train is intended to carry heavy loads of cryogenic cargo, such as gas and oil.
• The first cryogenic freight ship was launched in July 2021. Large amounts of cryogenic goods can be transported on this ship across great distances. The first cryogenic tanker was also launched in 2021. This tanker was built to carry a few pieces of cryogenic cargo.
Cryogenic Transport Semi-Trailer Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 5.20 billion|
|Growth Rate||CAGR of 8 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Schmitz Cargobull AG, Wabash National Corporation, Utility Trailer Manufacturing Company, CIMC Vehicles Group Co., Ltd., BPW Bergische Achsen K.G., FUWA Heavy Industry Co., Ltd., Great Dane Trailers, Heil Trailer International Co., Ltd., Hyundai Motor Company,|
Key Segments of the Global Cryogenic Transport Semi-Trailer Market
Type Overview, 2021-2031 (USD Billion)
- ≤30 ft
- 30 ft
Application Overview, 2021-2031 (USD Billion)
- Gas Transport
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa