The India cryogenic tanker market size reached USD 241.47 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 394.53 Million by 2033, exhibiting a growth rate (CAGR) of 5.61% during 2025-2033. The increasing demand for liquefied gases like LNG, nitrogen, and oxygen across industries, including healthcare, food processing, and petrochemicals, growing adoption of LNG as a cleaner fuel and ongoing advancements in cryogenic storage technology are some of the major factors augmenting India cryogenic market share.
Report Attribute
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Key Statistics
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Base Year
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2024 |
Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 241.47 Million |
Market Forecast in 2033 | USD 394.53 Million |
Market Growth Rate 2025-2033 | 5.61% |
Growing Demand for Cryogenic Tankers in Healthcare and Industrial Sectors
India's cryogenic tanker market development is influenced by the increasing demand for the healthcare and industrial markets. Medical centers and hospitals need an uninterrupted supply of liquid oxygen to be used in critical care and operations, leading to a greater need for effective cryogenic storage and transportation. Besides, sectors like steel, chemicals, and electronics are increasingly applying liquefied gases like nitrogen and argon, thus augmenting demand for cryogenic tankers. Healthcare infrastructure development by government efforts along with the boost to industrialization is also favoring India cryogenic market growth. According to an industry report, India's public spending on healthcare increased to 1.9% of GDP in FY24, up from 1.6% in FY23, with the Health Ministry targeting 2.5% by FY25. This growing investment in the healthcare sector is driving the demand for medical infrastructure, including advanced storage and transportation solutions such as cryogenic tanks. These tanks are essential for storing medical oxygen, liquid nitrogen, and other gases critical for hospitals, laboratories, and pharmaceutical facilities. The rise in COVID-19 cases in recent years further highlights the importance of reliable oxygen supply chains, leading to higher investments in cryogenic tankers. With technological advancements improving the efficiency and safety of these tankers, the market is expected to grow steadily in the coming years.
Advancements in Cryogenic Tanker Technology Driving Market Growth
Continuous technology improvements in the production of cryogenic tankers are greatly influencing the Indian market. Firms are creating lightweight, high-capacity tankers with better insulation to reduce the loss of gas during storage and transportation. These developments are improving tankers in terms of efficiency, cost savings, and ability for long haulage. Adding automation and remote monitoring systems enables live monitoring of temperature and pressure, which guarantees the safe transportation of liquefied gases. Also, the move towards green energy alternatives, like LNG-fueled vehicles and businesses, is boosting demand for cryogenic tankers to carry liquefied natural gas (LNG). Notably, according to an on September 9, 2024, India intends to minimize pollution and diesel usage by converting a third of its fleet of heavy-duty long-haul trucks to run on liquefied natural gas (LNG) in five to seven years. As part of its plan to reach net-zero emissions by 2070, the government plans to raise the proportion of natural gas in the energy mix from the current 6% to 15% by 2030. India is setting up 49 LNG distribution stations. It intends to set aside 0.5 Million Cubic Meters of gas per day to power about 50,000 vehicles over two to three years in order to facilitate this shift. These developments are expected to substantially boost the demand for cryogenic tanks, as the expansion of LNG infrastructure and transportation networks requires reliable storage and supply systems. Moreover, government policies supporting clean energy and industrial modernization are further driving technological investments in this sector, which in turn is positively impacting the India cryogenic tanker market outlook. As industries continue to demand more advanced and efficient cryogenic storage and transportation solutions, the market is set for steady growth in the coming years.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on product type, application, liquified gas, and end user.
The report has provided a detailed breakup and analysis of the market based on the product type. This includes stationary type and trailer type.
Application Insights:
A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes storage and transportation.
Liquefied Gas Insights:
The report has provided a detailed breakup and analysis of the market based on the liquefied gas. This includes natural gas, nitrogen, oxygen, and others.
End User Insights:
A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes healthcare, food and beverage, petrochemical, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Product Types Covered | Stationary Type, Trailer Type |
Applications Covered | Storage, Transportation |
Liquefied Gases Covered | Nitrogen, Oxygen, Others |
End Users Covered | Healthcare, Food and Beverage, Petrochemical, Others |
Regions Covered | North India, South India, East India, West India |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |