India Cryogenic Tanker Market Forecast 2028

1. 2018 – 2028 INDIA CRYOGENIC TANKER MARKET FORECAST AND OPPORTUNITIES www.techsciresearch.com 1 MARKET INTELLIGENCE . CONSULTING

2. Table of Contents S. No. Contents Page No. 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Impact of COVID-19 on India Cryogenic Tanker Market 5. Voice of Customer 5.1. Brand Awareness 5.2. Factors Influencing Choice of Cryogenic Tanker Brand 5.3. Factors Considered for Choosing Cryogenic Tanker 5.4. Challenges / Unmet Needs 6. India Cryogenic Tanker Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast 6.2.1. By Product Type (Stationary Type, Trailer Type) 6.2.2. By Application (Storage, Transportation) 6.2.3. By Liquefied Gas (Natural Gas, Nitrogen, Oxygen, Others) 6.2.4. By End User (Healthcare, Food & Beverage, Petrochemical, Others) 6.2.5. By Region 6.2.6. By Company (FY2022) 6.3. Market Map (By Product Type, By Application, By Liquefied Gas, By End User, By Region) 7. West India Cryogenic Tanker Market Outlook 7.1. Market Size & Forecast 2 2 © TechSci Research

3. Table of Contents S. No. Contents Page No. 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Product Type 7.2.2. By Application 7.2.3. By Liquefied Gas 7.2.4. By End User 8. South India Cryogenic Tanker Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast 8.2.1. By Product Type 8.2.2. By Application 8.2.3. By Liquefied Gas 8.2.4. By End User 9. North India Cryogenic Tanker Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value & Volume 9.2. Market Share & Forecast 9.2.1. By Product Type 9.2.2. By Application 9.2.3. By Liquefied Gas 9.2.4. By End User 10. East India Cryogenic Tanker Market Outlook 3 3 © TechSci Research

4. Table of Contents S. No. Contents Page No. 10.1. Market Size & Forecast 10.1.1. By Value & Volume 10.2. Market Share & Forecast 10.2.1. By Product Type 10.2.2. By Application 10.2.3. By Liquefied Gas 10.2.4. By End User 11. Market Dynamics Drivers 11.1. Challenges 11.2. 12 Market Trends and Developments 13 Policy and Regulatory Landscape 14 Supply Chain Analysis 15 India Economic Profile 16 Company Profiles 16.1. INOX India Pvt Ltd 16.2. VRV Asia Pacific Pvt. Ltd 16.3. Cryolor Asia Pacific Private Limited (India) 16.4. Linde India Limited 16.5. Cryogas Equipment Private Limited 16.6. Vijay Tanks & Vessels Pvt. Ltd. 16.7. Krison Engineering Works 16.8. Precise Vacuum Systems Private Limited 4 4 © TechSci Research

5. Table of Contents S. No. Contents Page No. 16.9. SicgilSol India Private Limited 16.10. Super Cryogenic Systems Private Limited 17. Strategic Recommendations 18. About Us & Disclaimer 5 5 © TechSci Research

6. Product Overview

7. Product Overview Product of Interest: Cryogenic Tanker A cryotank or cryogenic tank is a tank that is used to store material at very low temperatures. The term refers to the storage of super cold fuels (at the temperatures below -150°) such as liquid oxygen and liquid hydrogen. Cryotanks and cryogenics can be seen in many sci-fi movies, but they are still currently undeveloped. Market Segmentation Year Range BY END USER • Healthcare BY PRODUCT TYPE INDIA CRYOGENIC TANKER MARKET INDIA CRYOGENIC TANKER MARKET Stationary Type • Food & Beverage • Review Period Trailer Type • Petrochemical • FY2018 – FY2021 Others • BY APPLICATION Base Year Storage • BY REGION FY2022 Transportation • North • Estimated Year East • BY LIQUEFIED GAS FY2023E West • Nitrogen • Forecast Period South • Oxygen • FY2024F-FY2028F Natural Gas • Others • 7 7 © TechSci Research

8. Research Methodology

9. Research Methodology Data Analysis Market Profiling Developing List of Respondents Formulating Questionnaire Data Collection Data Validation In-depth secondary research was conducted to determine overall market size, segmental market size and leading companies in India Cryogenic Tanker Market. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about India Cryogenic Tanker Market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and leading companiesfor data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of leading companies and industry specialists was developed. Desk Research Company Analysis Primary Research ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources ✓ ✓ ✓ ✓ ✓ ✓ LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Factiva Hoovers ✓ ✓ ✓ ✓ Source: Secondary Research, Expert Interviews, and TechSci Research Analysis Note: These are dummy figures; please purchase our report for actual data 9 9 © TechSci Research

10. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the India Cryogenic Tanker market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as rise in demand for industrial gases, increasing investments in the Indian healthcare industry among various other factors. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the India Cryogenic Tanker Market. Methodology Followed for Calculation of Market Size: Market Size by Value & Volume: Market size, in terms of value & volume, for the year FY2022 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. The team interviewed more than 12 companies and 15 industry experts and other value chain stakeholders in the India Cryogenic Tanker Market to obtain the overall market size during FY2018-FY2022, which was validated by the Delphi technique. Source: Secondary Research, Expert Interviews, and TechSci Research Analysis Note: These are dummy figures; please purchase our report for actual data 10 10 © TechSci Research

11. Research Methodology Respondents were asked about the current and future market growth rates, as well as market shares by product type, by application, by liquefied gas, by end user, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from the response received from other stakeholders. Methodology Followed for Calculation of Market Shares: Market shares by product type, by application, by Liquefied gas, by end user, by region and by company were calculated based on the response received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading companies in India Cryogenic Tanker market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading companies operating in the India Cryogenic Tanker market. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results. 11 11 © TechSci Research

12. Research Methodology Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the India Cryogenic Tanker Market, TechSci Research used various forecast techniques such as: Moving Average o Time Series Analysis o Regression Analysis o Econometric and Judgmental Analysis o TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario. INOX India Pvt Ltd, VRV Asia Pacific Pvt. Ltd, Cryolor Asia Pacific Private Limited (India), Linde India Limited, Cryogas Equipment Private Limited, Vijay Tanks & Vessels Pvt. Ltd., Partial List of Companies Interviewed Krison Engineering Works, Precise Vacuum Systems Private Limited, SicgilSol India Private Limited, Super Cryogenic Systems Private Limited, among others. Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Websites, TechSci Research Proprietary Database & Knowledge Repository, Petroleum & Partial List of Secondary Sources Explosive Safety Organization, Statistical Review of World Energy, Federation of Indian Petroleum Industry, etc. Source: Secondary Research, Expert Interviews, and TechSci Research Analysis Note: These are dummy figures; please purchase our report for actual data 12 12 © TechSci Research

13. Industry Brief Rising demand for gas storage in end user industries to drive the growth of the India cryogenic tanker market over the forecast period. India Cryogenic Tanker Market - By Region, Competition, Forecast & Opportunities, 2018-2028”, the India cryogenic tanker market is anticipated to grow at a CAGR of 5.65% in the forecast period, 2023-2028, to reach USD280.22 million by 2028. Factors such as increased demand for cryogenic tankers from the petrochemical and healthcare industry in the country and the massive application of the cryogenic tankers in the chemical sector are driving the demand for India cryogenic tanker market. India is witnessing several economic activities and is transforming the healthcare industry to provide quality healthcare services to its citizens. Ayushman Bharat, which is an initiative taken by the Indian government and is the largest government-funded in the world, is increasing the demand for gas that can treat the ailment of patients. Transportation of such gases is carried through cryogenic tankers. With the growing healthcare industry, the demand for India cryogenic tanker market is expected to grow at a significant rate in the coming years. However, the fluctuations in the prices of raw materials and the risks associated with cryogenic tankers may restrain India cryogenic tanker market growth in the forecast period. Based on application, the market is segmented into storage and transportation. The storage segment dominated the market in 2022 and held 67.58% of the total market share. Massive demand for storing LNG and industrial gases in cryogenic cylinders from various end-user industries, including liquefaction plants, on-site industrial facilities, and trade terminals, is driving the segment demand across the country. Based on the end user, the market is segmented into healthcare, food & beverage, petrochemical, and others. The petrochemical industry led the market and captured 32.59% of the overall market share in 2022. The growing focus and investments by the public and private market players on infrastructure development activities is influencing the market demand. The petrochemical industry is responsible for supplying gas for various purposes to several end-user industries, which is expected to boost the demand for cryogenic tankers in the country. The west region held the largest market share in 2022, covering 35.35% of the total market share. The west region is expected to grow with a steady CAGR of 5.38% in the forecast period on account of the presence of a large number of prominent industry clusters and key market players in the region, especially in Gujarat and Maharashtra. In 2018, Maharashtra had over 26,393 industries, and Gujarat Industrial Development Corporation (GIDC) had over 182 industrial parks in operation. Also, the majority of the gases imported to India are received at the west port, which is later stored and transported across the country, making the use of cryogenic tankers. Major market players operating in the India cryogenic tanker market are INOX India Pvt Ltd, VRV Asia Pacific Pvt. Ltd, Cryolor Asia Pacific Private Limited (India), Linde India Limited, Cryogas Equipment Private Limited, Vijay Tanks & Vessels Pvt. Ltd., Krison Engineering Works, Precise Vacuum Systems Private Limited, SicgilSol India Private Limited, Super Cryogenic Systems Private Limited “Stringent emission norms and favorable government policies are promoting the use of clean fuel in a number of end-use industries. The growing popularity of liquefied natural gas across the country and the ability of cryogenic tankers to carry LPG even in remote locations where constructing pipelines is not possible is expected to accelerate India's cryogenic tanker market growth over the next five years. The government of India launched National Hydrogen Mission with an aim to scale up green hydrogen production and utilization within the country. Cryogenic tankers are crucial in transporting natural gas through rail, road, or shipways. The growing demand for clean electricity from the natural-gas- powered plants and the rise in the number of market players offering cryogenic tankers are expected to propel the India cryogenic tanker market growth till 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. 13 13 © TechSci Research

14. Sample Data - Snapshot India Cryogenic Tanker Market Size, By Value (USD Million), FY2018-FY2028F CAGR FY2018-FY2022 By Value: XX% CAGR FY2023E-FY2028F By Value: XX% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023E Value (USD Million) FY2024F FY2025F FY2026F FY2027F FY2028F West India Cryogenic Tanker Market Share, By Product Type, By Value, FY2018-FY2028F FY2018 50.00% 50.00% FY2019 50.00% 50.00% FY2020 50.00% 50.00% FY2021 50.00% 50.00% FY2022 50.00% 50.00% FY2023E 50.00% 50.00% FY2024F 50.00% 50.00% FY2025F 50.00% 50.00% FY2026F 50.00% 50.00% FY2027F 50.00% 50.00% FY2028F 50.00% 50.00% Stationary Type Trailer Type East India Cryogenic Tanker Market Share, By Liquefied Gas, By Value, FY2018-FY2028F FY2018 25.00% 25.00% 25.00% 25.00% FY2019 25.00% 25.00% 25.00% 25.00% FY2020 25.00% 25.00% 25.00% 25.00% FY2021 25.00% 25.00% 25.00% 25.00% FY2022 25.00% 25.00% 25.00% 25.00% FY2023E 25.00% 25.00% 25.00% 25.00% FY2024F 25.00% 25.00% 25.00% 25.00% FY2025F 25.00% 25.00% 25.00% 25.00% FY2026F 25.00% 25.00% 25.00% 25.00% FY2027F 25.00% 25.00% 25.00% 25.00% FY2028F 25.00% 25.00% 25.00% 25.00% Natural Gas Nitrogen Oxygen Others 14 14 © TechSci Research

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