Market Size of Global Cryogenic Transportation Services Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 10.52 Billion |
| Market Size (2029) | USD 14.48 Billion |
| CAGR (2024 - 2029) | 6.75 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Global Cryogenic Transportation Services Market Analysis
The Global Cryogenic Transportation Services Market size is estimated at USD 10.52 billion in 2024, and is expected to reach USD 14.48 billion by 2029, growing at a CAGR of 6.75% during the forecast period (2024-2029).
- The cryogenic transportation services market is expected to continue to grow in the coming years, driven by the increasing demand for cryogenic gases and liquids, stringent regulations, and technological advancements. The market is also expected to see consolidation as larger companies acquire smaller players to expand their service offerings and geographic reach. For example, in October 2023, Chart Industries' Cryobiological products business was acquired by Cryoport, a leading provider of cold chain logistics solutions. This acquisition has enabled Cryoport to expand its services to include the transport of biological materials, such as cell and gene therapies, in cryogenic conditions.
- Cryogenic transport is necessary to ensure the safe transportation of biosamples, tissues, and organs utilized in medical research and delivery. As advances in medicines continue, demand for cryogenic transport services is expected to increase. Storage and transport at extreme temperatures are required for a large number of medicinal products, e.g., vaccines, biologics, and some drugs. The demand for cryogenic transport services is expected to increase as new drugs and treatments are developed.
- Research, development, manufacture, and distribution of medicines are the responsibilities of the global pharmaceutical industry. The market was valued at USD 209.85 billion in 2021, and it is expected to grow to US 352.98 billion by 2030. The global pharmaceutical industry generated USD 1.48 trillion in 2022.
Global Cryogenic Transportation Services Industry Segmentation
The cryogenic transportation services market refers to the industry that specializes in the transportation of cryogenic products, which are substances that must be kept at extremely low temperatures, typically below -150°C (-238°F). These products include liquefied gases such as nitrogen, oxygen, argon, helium, and natural gas (LNG); medical supplies, such as vaccines, blood plasma, and organs; biological samples for research; and food items that require freezing, such as ice cream and seafood.
The global cryogenic transportation services market is segmented by type (trailer transportation and truck transportation), application (chemicals, drugs, biological specimens, industrial gases, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The report offers market size and forecast in value (USD) for all the above segments.
Global Cryogenic Transportation Services Market Size Summary
The global cryogenic transportation services market is poised for significant growth, driven by the increasing demand for cryogenic gases and liquids, stringent regulatory requirements, and technological advancements. The market is characterized by a trend of consolidation, with larger companies acquiring smaller players to broaden their service offerings and expand their geographic presence. This evolution is exemplified by Cryoport's acquisition of Chart Industries' Cryobiological products business, which enhanced its capabilities in transporting biological materials under cryogenic conditions. The necessity of cryogenic transport is underscored by its critical role in the safe transportation of biosamples, tissues, and organs for medical research and delivery, as well as the storage and transport requirements for various medicinal products, including vaccines and biologics. As the pharmaceutical industry continues to innovate with new drugs and treatments, the demand for cryogenic transport services is expected to rise.
In North America, the demand for liquefied natural gas (LNG) as a cleaner energy source is contributing to the increased need for cryogenic transport services, with significant expansions anticipated in LNG export capacity. The region's pharmaceutical industry is also expanding, necessitating cryogenic transport for products requiring extremely low temperatures. The industry has seen substantial technical advancements, such as the development of more efficient cold storage solutions, which have improved the safety and reliability of transporting cryogenic materials over longer distances. The market remains highly fragmented, with numerous global and local players competing to meet the growing demand. Companies are focusing on differentiating their offerings through unique value propositions, while also embracing innovations like solar-powered refrigerated units and freight optimization software to strengthen their market position.
Global Cryogenic Transportation Services Market Size - Table of Contents
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1. Market Insights
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1.1 Current Market Scenario
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1.2 Government Regulations and Initiatives
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1.3 Technological Trends and Automation Insights
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1.4 Impact of the COVID-19 Pandemic on the Market
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2. Market Segmentation
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2.1 By Type
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2.1.1 Trailer Transportation
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2.1.2 Truck Transportation
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2.2 By Application
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2.2.1 Chemicals
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2.2.2 Drug
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2.2.3 Biological Specimens
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2.2.4 Industrial Gases
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2.2.5 Other Applications
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 France
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2.3.2.3 Italy
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2.3.2.4 United Kingdom
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Singapore
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2.3.3.6 Indonesia
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2.3.3.7 South Korea
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2.3.3.8 Malaysia
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2.3.3.9 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 Saudi Arabia
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2.3.4.2 Qatar
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2.3.4.3 Oman
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2.3.4.4 Rest of Middle East and Africa
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2.3.5 Latin America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Chile
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2.3.5.4 Rest of Latin America
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Global Cryogenic Transportation Services Market Size FAQs
How big is the Global Cryogenic Transportation Services Market?
The Global Cryogenic Transportation Services Market size is expected to reach USD 10.52 billion in 2024 and grow at a CAGR of 6.75% to reach USD 14.48 billion by 2029.
What is the current Global Cryogenic Transportation Services Market size?
In 2024, the Global Cryogenic Transportation Services Market size is expected to reach USD 10.52 billion.
