New York, April 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tank Wagons Global Market Report 2022" - https://www.reportlinker.com/p06250364/?utm_source=GNW
, Kelso Technologies Inc, OmBesco Limited, Procor Limited, and VTG Aktiengesellschaft.
The global tank wagons market is expected to grow from $63.4 billion in 2021 to $69.71 billion in 2022 at a compound annual growth rate (CAGR) of 10.0%. The market is expected to grow to $85.8 billion in 2026 at a compound annual growth rate (CAGR) of 5.3%.
The tank wagons market consists of sales of tank wagons rail freight transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide the transportation of freight in a tank wagon.Tank Wagons are a type of railroad car or rolling stock that are designed to transport liquid and gaseous commodities on the rail transport system.
Only goods and services traded between entities or sold to end consumers are included.
The main types of tank wagons covered in this report are pressurized railroad tank cars and general-purpose or non-pressurized tank cars.The pressurized railroad tank car was designed to carry chemicals and petroleum products efficiently and safely.
It is also segmented by protection type into insulated and non-insulated and by application into crude oil, ethanol, liquefied gases, biofuels, milk, chemicals, and others.
Asia Pacific was the largest region in the tank wagons market in 2021.North America was the second largest region in the tank wagons market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increased demand for liquid and gases as a raw material in residential and petrochemicals sectors that use railways as one of the modes of transportation is contributing to the growth of the tank wagon market.This upswing in need is due to lockdown and ban on traveling which has happened worldwide.
For instance, according to the Facts Global Energy (FGE) data, India is expected to buy 15.8 million tons of LPG from abroad in the 2020 year which is 9% more than in 2019. Furthermore, FGE has also estimated that the Asia region will buy 67-69.5 million tons of gas from abroad in 2020, which will be 1-3% more than that of 2019. Due increase in the need for PPE kits and cooking at home is causing a rise in demand for liquid and gas which is fulfilled with help of tank wagons to carry tons of these materials, thus driving the tank wagon market.
The increased rate of accidents due to the high speed of railways is expected to limit the growth of the tank wagon market.These high accident rates can hamper the service provided by the rail tank wagons and also loss of economy and fuel.
For instance, in June 2020, in Andhra Pradesh, a state in India, tank wagons carrying oil got derailed due to high speed and caught fire which caused huge combustion of the oil.In February 2020, in Canada, a train with 19 wagons carrying dangerous goods got derailed due to high speed causing an explosive fire.
This led to the imposition of trains carrying hazardous goods. Thus, a rise in accidents is hampering the revenues generated for the tank wagons market.
The launch of the internet of things (IoT) to fast-track the safety and compliance of rail tanks have created immense demand in the tank wagons market.The Internet of Things (IoT) empowers rail administrators to use internet-connected communication devices installed across infrastructure and rolling stock to increase safety.
Moreover, there are many apps such as the safety lock app, terminal automation app, and anti-roll-away apps rolled out by TCS to digitalize the tank wagons.
In July 2019, Greenbrier, a US-based railroad transportation company, announced the acquisition of American Railcar Industries manufacturing business for $430 million.The acquisition is expected to enable Greenbrier to provide customers not only with direct sales or leasing options but also with after-market services and also to help customers seeking tank cars and covered hoppers.
American Railcar Industries is a US-based company that manufactures railroad rolling stock.
The countries covered in the tank wagons market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06250364/?utm_source=GNW
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