Evolution of the Cryogenic Tank and Trailer Market in the US and Globally
Key Ideas
- The cryogenic tank and trailer market is experiencing consistent growth in the US and globally, with assets transporting gases like oxygen, hydrogen, and LNG.
- Smaller companies are now more prominent in the market alongside industrial gas majors, driving innovation and competition.
- Manufacturing cryogenic tanks is costly, necessitating a focus on meeting customer expectations to remain competitive in the evolving market.
The cryogenic tank and trailer market, which has been in operation since the 1950s, is currently undergoing significant growth both in the US and globally. Assets in this market are crucial for transporting liquefied gases like oxygen, hydrogen, and LNG. In the past, the industry was mainly dominated by large industrial gas companies; however, the landscape has changed, and smaller companies are now actively participating and bringing innovation to the sector.
Maintaining competitiveness is a key focus for both major players and smaller businesses in the market. With the high cost of manufacturing cryogenic tanks amounting to hundreds of thousands of dollars per asset, it is imperative for companies to carve out their own niche and ensure that their products meet and exceed customer expectations. This emphasis on meeting customer needs is vital for sustaining success in this demanding and evolving market.
Despite the challenges posed by the high costs of manufacturing and the competitive landscape, the cryogenic tank and trailer market is experiencing growth, driven by the increasing demand for efficient transportation of liquefied gases. As the market continues to evolve, companies must adapt, innovate, and focus on delivering high-quality products to meet the changing needs of customers.