The market for special gas transport vehicles is expanding as a result of the rising demand for them from the chemical, energy, and medical sectors. The need for these vehicles is being driven by the growing requirement for the transportation of gases such as oxygen, argon, and hydrogen in chemical, energy, and medicinal applications. Advanced unique gas transportation vehicles can now be produced thanks to technological breakthroughs in the manufacturing process. This has enhanced the product's effectiveness, safety, and cost-effectiveness, which is further fueling the market's expansion.
The Special Gas Transport Vehicle is required because it is used to transport gases, such as oxygen, argon, and hydrogen, safely and effectively for use in chemical, energy, and medicinal applications. When conveying specific gases, these vehicles provide increased effectiveness, safety, and cost-effectiveness. Additionally, because of their double-wall construction, they can survive harsh climatic conditions, making them appropriate for long-distance transportation.
Transporting gases for use in chemical, energy, and medical applications, such as oxygen, argon, and hydrogen, requires the use of special gas transport vehicles. These vehicles are appropriate for long-distance transportation because they frequently have cutting-edge safety measures including double walls, cryogenic tanks, and oxygen control mechanisms. Additionally, they offer increased cost-effectiveness, effectiveness, as well as safety when transferring specific gases.
The market for special gas transport vehicles is anticipated to increase at a CAGR of 8.2% from 2021 to 2031, from a value of USD 2,954.52 million in 2021 to a maximum of USD 4,913.93 million in 2031. The rise in demand for specialized gas-powered transportation vehicles from the chemical, manufacturing, and healthcare sectors is blamed for the expansion.
The lack of standards for special gas delivery vehicles is the market's main obstacle. Gas transportation is not governed by a single standard, which makes it challenging to assess the quality and make an adequate supply. Because these vehicles are so sensitive to pressure and temperature, additional expenses are spent owing to frequent maintenance requirements. Nevertheless, the market is anticipated to expand in the near future due to an increase in demand for specific gases from the industrial and pharmaceutical sectors.
The absence of standardised special gas delivery vehicles is the main issue the market is now facing. A sufficient supply of gases is hampered by the difficulty in determining their quality and composition due to the lack of a universal standard for gas transportation. Due to these vehicles' frequent maintenance needs and their sensitivity to pressure and temperature, additional costs are also paid. The requirement for specific gases from the industrial and medical sectors, meanwhile, is projected to expand the market in the near future.
The Cryogenic Transport Vehicle Segment emerged as the Most Lucrative Type
The market for special gas transport vehicles is divided into two types, cryogenic transport vehicles and non-cryogenic transport vehicles, based on type. Due to its capacity to retain gases at low temperatures and maintain pressure inside the tank, cryogenic transport vehicles are predicted to rule the industry. Additionally, because of the double wall design, it is appropriate for long-distance travel.
The Most Prominent Application is the Chemical Industry Sector
The market for special gas transport vehicles is divided into chemical, energy, medical, and other segments based on applications. Due to the increasing need for the secure transportation of dangerous chemicals in a variety of industries, the chemical industry is anticipated to account for a sizeable portion of this market.
The North American Region to render Ample Financing Opportunities
In the Special Gas Transport Vehicle regional analysis, North America, South America, Asia Pacific, Europe, the Middle East and Africa are all included. Due to rising demand from end-use industries like the medical and pharmaceutical industries, North America now owns a sizeable portion of this market. Because of its effective infrastructure, the area can swiftly embrace new technologies, making it suited for the transportation of dangerous gases.
COVID-19 Impact and Market Status
The global Covid-19 pandemic outbreak has created several difficulties for the market for special gas delivery vehicles as well as affected the supply chain and sales operations. Due to the enormous interruptions in transportation caused by the global lockdown, travel restrictions, and restricted borders, the demand for specialised gas transport vehicles from the chemical, energy, and medical industries fell in 2020. Consequently, when businesses slowly resume operations, the post-lockdown period saw a favourable impact on market growth.
Among other well-known market participants, Cascade Technologies, Wessington Cryogenics Ltd., Taylor-Wharton International LLC, TechnoKontrol, and Anallergic Technologies are the important players contributing to the growth of the global Special Gas Transport Vehicle Market. These businesses have concentrated on funding R&D projects in order to introduce novel goods and seize possibilities across diverse end-use industries.
Recent Developments in the Special Gas Transport Vehicle Market
• Suitable for transporting liquefied natural gas (LNG), Chart Industries introduced its new mobile cryogenic tank container, MCR-LNG, in June 2019.
• To strengthen its position as a competitive player in the Southeast Asian markets, Air Liquide announced in February 2019 that it has acquired the on-site manufacturing and cylinder businesses of BOC Group in Malaysia.
• Cook Compression announced the acquisition of Mianiulax Group in May 2020 in order to diversify its natural gas compression offerings.
• To increase its presence in the energy sector, Westmor Industries announced in April 2021 that it would purchase Cunningham Gas Products, a producer of fuel tanks and transport trailers.
Special Gas Transport Vehicle Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 4,913.93 million|
|Growth Rate||CAGR of 8.2% during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||participants, Cascade Technologies, Wessington Cryogenics Ltd., Taylor-Wharton International LLC, TechnoKontrol, and Anallergic Technologies|
Key Segments of the Special Gas Transport Vehicle r Market
Type Overview, 2021-2031 (USD Billion)
- Cryogenic Transport Vehicle
- No-cryogenic Transport Vehicle
Application Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa