Westford USA, April 16, 2023 (GLOBE NEWSWIRE) — The Cryogenic Fuels market is experiencing significant growth and is expected to reach USD 190.6 billion by 2030, with a CAGR of 6.7% during the forecast period (2023-2030). The increasing demand for natural gas, especially in power generation and transportation, favorable government regulations, and advancements in cryogenic technology are the key factors driving market growth. SkyQuest predicts that the global demand for natural gas will increase by 45% by 2040, which will lead to the growth of cryogenic fuels such as liquefied natural gas (LNG), due to their environmental benefits and as a substitute for traditional fuels.
According to SkyQuest’s latest research, the global electricity demand is expected to grow at a rate of 2.1% per year until 2040, driven by population growth and rising incomes. The US Energy Information Administration (EIA) also reports that global electricity consumption is projected to increase by nearly 50% by 2050. To meet this growing demand, the use of cryogenic fuels in power plants is expected to play a significant role.
Browse in-depth TOC on “Cryogenic Fuels Market”
- Pages – 242
- Tables – 65
- Figures – 80
In contemporary times, Cryogenic fuels offer a promising solution to the growing demand for energy while addressing environmental sustainability concerns, making the market of significant importance. These fuels, including liquefied natural gas and hydrogen, have lower emissions than traditional fossil fuels. As there is an increasing focus on reducing carbon emissions and transitioning towards renewable energy sources, the demand for cryogenic fuels is expected to grow significantly in the coming years.
Prominent Players in Cryogenic Fuels Market
- Air Liquide
- Linde
- Praxair
- Air Products and Chemicals
- Chart Industries
- Cryogenic Industries
- Wessington Cryogenics
- Cryofab
- Herose
- INOXCVA
- FIBA Technologies
- Taylor-Wharton
- Messer Group
- Gardner Cryogenics
- Cryoquip
- Cryo Technologies
- Cryostar
- Chart Industries
- Flowserve
- Emerson Electric Co.
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Transportation Application Segment to Drive Higher Sales Due to The Rising Demand for Eco-friendly Transportation Solutions
The Cryogenic Fuels market experienced significant growth in 2021, with the Transportation Application segment being a major contributor. This trend is expected to continue from 2022 to 2030 due to the rising demand for eco-friendly transportation solutions and the increasing adoption of electric and hybrid vehicles, which is driving the demand for cryogenic fuels such as LNG and hydrogen in the transportation sector. SkyQuest’s report predicts that the LNG transportation fuel market will grow at a CAGR of 18.2% in the forecasted period and reach $13.3 billion.
North America is expected to become a dominant player in the Cryogenic Fuels market from 2022 to 2030, with a projected CAGR of 6.82% during the forecast period. The expansion in the region can be attributed to the well-developed infrastructure for LNG production, storage, and transportation, as well as the increasing demand for natural gas and LNG. The US government has implemented initiatives to support the development of LNG infrastructure and promote the use of natural gas as a cleaner fuel alternative. For instance, the US Department of Energy has provided funding for research and development of advanced cryogenic technologies for LNG production and transportation.
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Liquefied Natural Gas (LNG) Type Segment to Exhibit Strong Growth Due to Increasing Adoption of LNG as a Cleaner-Burning Fuel Alternative
From 2022 to 2030, the Cryogenic Fuels market is expected to continue being led by the Liquefied Natural Gas (LNG) Type segment, which emerged as the dominant method in 2021. The increasing adoption of LNG as a cleaner-burning fuel alternative in the transportation and industrial sectors, along with the growing demand for LNG from emerging economies, is driving this trend.
The Asia Pacific region is also emerging as a significant player in the Cryogenic Fuels market and is poised to retain its leading position by 2030. SkyQuest’s forecast projects a significant growth rate of 7.97% during the forecast period for this region, owing to the growing industrial and transportation sectors and supportive government initiatives. Notably, a joint venture between China’s Sinopec and Linde AG to invest in constructing an industrial gas complex in China that will produce LNG and other cryogenic products is among recent developments in the region.
A comprehensive analysis of the major players in the Cryogenic Fuels market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Cryogenic Fuels Market
- Chart Industries, Inc. has completed the acquisition of CSC Cryogenic Service Center AB, a Swedish company, for approximately $4 million. CSC has a strong service presence in the Nordic Region and serves many of the same customers as Chart, which will expand Chart’s service and repair presence in the region. The acquisition is expected to benefit Chart’s strong original equipment installed base and projected growth in the Nordic region by providing localized support.
- Cryofab Inc., a manufacturer of cryogenic equipment based in New Jersey, has acquired Cryocomp Inc., a California-based supplier of cryogenic valves and vacuum valve assemblies. The newly formed company will operate under the Cryocomp Inc. name and function as a wholly-owned subsidiary of Cryofab. Cryofab, a global leader in the design and supply of cryogenic dewars, storage vessels, and transfer systems for various industries, gains Cryocomp’s expertise in cryogenic valves suppliers, vacuum valves, vacuum relief valves, pipe- and tube-sized bayonet assemblies, vapor vents and heaters, and helium control valves.
Key Questions Answered in Cryogenic Fuels Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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