Cryogenic Transportation Services Market Report 2024

This Cryogenic Transportation Services industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The cryogenic transportation services market size has grown strongly in recent years. It will grow from $8.76 billion in 2023 to $9.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historic period can be attributed to several factors such as the rising demand for biopharmaceuticals, expanding international trade, stricter government regulations, increased use of medical gases, and a growing range of industrial applications.

The cryogenic transportation services market size is expected to see strong growth in the next few years. It will grow to $12.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to several factors such as the expansion of life sciences and healthcare, growth in the food and beverage industry, increased LNG export capacity, broader healthcare sector expansion, and heightened awareness of environmental issues. Key trends expected during this period include improved safety protocols, integration of green energy, enhanced logistics solutions, advancements in cold storage tanks, and upgraded transportation solutions.

The increasing use of industrial gases is anticipated to drive the growth of the cryogenic transportation services market in the future. Industrial gases are essential for various industrial applications, improving manufacturing processes, efficiency, and innovation across sectors. Cryogenic transportation services are crucial for the safe and efficient transport of these gases at extremely low temperatures, preserving their liquid state for bulk distribution. For example, in June 2024, a report by the Department of Industry, Science, and Resources, an Australia-based governmental organization, noted that Australia’s manufacturing sector used 380 petajoules (PJ) of gas, accounting for 26% of the country’s total domestic gas supply, marking an increase from the previous year. This rise in industrial gas use is fueling the growth of the cryogenic transportation services market.

Leading companies in the cryogenic transportation services market are innovating with solutions such as cryogenic multi-use dewars to improve efficiency and safety. Cryogenic multi-use dewars are specialized containers designed to safely store and transport cryogenic materials such as liquid nitrogen at extremely low temperatures. For instance, in April 2024, CSafe, a US-based provider of cold chain shipping solutions, introduced the CGT Cryo Series for cryogenic temperature control. This advanced product features superior cryogenic technology, high cooling efficiency, and customizable settings. Its user-friendly design, durability, and energy efficiency enhance practicality, while its safety features and versatility make it suitable for transporting critical CGTs, including pre-frozen biologic materials, regenerative medicine, immunotherapies, stem cells, and CAR-T cells.

In May 2022, Chart Industries Inc., a US-based company specializing in cryogenic liquefaction equipment, acquired CSC Cryogenic Service Center for $4 million. This acquisition enhances Chart Industries' capabilities in the repair, service, and leasing segments of the cryogenic sector, expanding its geographic reach and service offerings for mobile equipment, ISO containers, tanks, pumps, flowmeters, and LNG fueling stations. CSC Cryogenic Service Center, based in Sweden, provides maintenance and service for cryogenic transport trailers.

Major companies operating in the cryogenic transportation services market are 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.

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.

The countries covered in the cryogenic transportation services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cryogenic transportation services involve the specialized logistics and handling of materials at extremely low temperatures, usually below -150°C (-238°F). These services use advanced insulated containers and temperature-controlled systems to ensure the safe transport of materials, maintaining their integrity and effectiveness throughout the journey.

The primary types of cryogenic transportation services include trailer transportation and truck transportation. Trailer transportation involves using trailers to transport cargo or goods by road, offering a versatile and efficient method for moving freight. Cryogenic transportation typically deals with gases such as nitrogen, oxygen, natural gas, and argon, among others. It serves various industries, including chemicals, pharmaceuticals, biological specimens, and industrial gases.

The cryogenic transportation services market research report is one of a series of new reports that provides cryogenic transportation services market statistics, including the cryogenic transportation services industry's global market size, regional shares, competitors with a cryogenic transportation services market share, detailed cryogenic transportation services market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic transportation services industry. This cryogenic transportation services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cryogenic transportation services market includes revenues earned by entities by providing services such as temperature control, insulation, monitoring and alerts, custom packaging, logistics, and coordination. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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