Global Tank Wagons Market Trends And Strategies Of Major Players In The Tank Wagons Market 2021-2030

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 cars 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.

Global Tank Wagons Market Size And Drivers:

The global tank wagons market is expected to grow from $62.59 billion in 2020 to $68.74 billion in 2021 at a compound annual growth rate (CAGR) of 9.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $88.55 billion in 2025 at a CAGR of 6.5%. 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.

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Trends In The Global Tank Wagons Market

The launch of the internet of things (IoT) to fast-track the safety and compliance of the rail tanks have created immense demand in the tank wagons market. The IoT empowers rail administrators to use internet-connected communication devices installed across infrastructure and rolling stock to increase safety. For instance, in August 2018, Tata Consultancy Services has planned out a series of IoT-based apps to improve the safety of the increasing volumes of crude oil being transported by rail in North America. These apps will maintain a record of activities and will provide real-time operating conditions such as speed restrictions. In 2018, the Association of American Railroads (AAR) certified the TransRail Innovation Group’s (TRIG) XLOAD sensor to measure and track dangerous commodities being transported by tank cars. 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.

Global Tank Wagons Market Segments:
The global tank wagons market is further segmented –
By Tank Pressure Type: Pressurized Railroad Tank Car, General Purpose Or Non-Pressurized Tank Car
By Protection Type: Insulated, Non-Insulated
By Application: Crude Oil, Ethanol, Liquefied Gases, Bio Fuels, Milk, Chemicals, Others
By Geography: The global tank wagons market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Tank Wagons Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides tank wagons market overviews, analyzes and forecasts market size and growth for the global tank wagons market, tank wagons market share, tank wagons market players, tank wagons market segments and geographies, tank wagons market’s leading competitors’ revenues, profiles and market shares. The tank wagons market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.