New York, US, May 25, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Cryogenic Fuels Market Research Report Information by Type, By End Use Industry, And By Region –Market Forecast Till 2032”, the global cryogenic fuels market is poised to escalate from USD 110.6 billion in 2022 to USD 194.9 billion by 2032, growing at a 6.50% CAGR during the assessment period (2023-2032). The global cryogenic fuels market is demonstrating notable revenue growth in the next few years. Growing demand for industrial gases would drive market growth.
Cryogenic Fuels Market Overview
Over recent years, the demand for cryogenic fuels has been growing continually due to the rise in consumption and demand for renewable energy sources like LNG, hydrogen, and biogas. Besides, the growing demand for various industrial gases and the use of alternative fuels due to the growth in the transportation sector boost the cryogenic fuels market size. Increasing developments in cryogenic storage technology influence market growth.
Several giant players are operating in the global cryogenic fuels market, forming a competitive landscape. With their strong global presence, these players make the market appear highly competitive and fragmented. The growing competition among cryogenic fuel providers to develop advanced products drives the market growth. They focus on developing advanced resources to meet the growing global demand. Well-established players incorporate acquisitions, collaborations, partnerships, expansions, and product & technology launches to stay ahead in market competition.
Leading players in the cryogenic fuels market are,
- Air Products & Chemicals
- Air Liquide
- Air Water Inc.
- Maine Oxy
- Gulf Cryo
- Messer Group GmbH
- Narco Inc.
- Mitsubishi Chemical Holdings (Taiyo Nippon Sanso)
- SOL Group
- LindePlc (Praxair Technology Inc.)
- Among others.
Request for Sample PDF Pages:
https://www.marketresearchfuture.com/sample_request/11530
Segments
The global cryogenic fuels market report is segmented into types, end-use industries, and regions. The type segment is sub-segmented into liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and others. Of these, the liquid nitrogen segment accounts for the largest market share due to its incredibly low boiling point at atmospheric pressure.
Cryogenic fuels are developed using vacuum insulation to sustain low boiling points. Liquid nitrogen witnesses increased demand across industries, including cryogenics, beer production, HVAC, food storage & preservation, and healthcare.
On the other hand, the liquefied natural gas segment has continually witnessed noteworthy growth, mainly due to government initiatives concentrating on lowering greenhouse gas emissions. Besides, the increasing use of natural gas across chemical and oil & gas industries drives the segment growth.
The end-use industry segment is sub-segmented into energy, manufacturing, aerospace, biomedical & healthcare, chemical, and others. Of these, the manufacturing segment dominates the cryogenic fuels market, witnessing increasing applications of new technologies. By regions, the cryogenic fuels market is segmented into North America, Europe, Asia-Pacific, and rest-of-the-world (RoW).
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 194.9 Billion |
| CAGR during 2023-2032 | 6.50% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End Use Industry, and Region |
| Key Market Opportunities | The development of infrastructure such as LNG terminals, pipelines, and storage facilities |
| Key Market Dynamics | The growing demand for industrial gases and technological advancements in cryogenic storage and transportation |
Browse In-depth Market Research Report (128 Pages) on Cryogenic Fuels Market:
https://www.marketresearchfuture.com/reports/cryogenic-fuels-market-11530
Regional Analysis
North America dominates the global cryogenic fuels market, headed by the rising use of natural gas as a cleaner alternative to conventional fuels and government initiatives to minimize carbon footprints.
In North America, Natural gas has become more affordable and an appealing fuel alternative for transportation and power generation. Besides, the strong presence of top market participants in this region, like Air Products and Chemicals, Inc., and Chart Industries, Inc., impact the cryogenic fuels market growth positively.
These well-established businesses are making research and development investments to promote industry innovation in the area. With its large shale gas revolution, the US accounts for the largest cryogenic fuels market in this region. The Canadian cryogenic fuels market witnesses the fastest revenue growth in the North American region.
Europe is another leading market for cryogenic fuels after North America. Fuels are widely used in the healthcare sector for several applications, including medical imaging. Moreover, the growing need for cryogenic fuels. The UK and Germany account for a sizable cryogenic fuels market share, witnessing the growing need for medical applications. On the other hand, Italy and Spain have emerged as growing cryogenic fuel markets due to government-led programs offering funds and resources for developing alternative fuel technologies in the European region.
The cryogenic fuels market in the Asia-Pacific region is brisk. The growing use of liquid air, which contains gases such as nitrogen, oxygen, and argon, in the transportation industry is a key growth driver. Additionally, the growing use of pressurized nitrogen in tire manufacturing, high-pressure argon in airbags manufacturing, and nitrogen for accurate and secure welding accelerate the region’s cryogenic fuels market shares.
China, Japan, India, Australia, and South Korea are key cryogenic fuel markets in the APAC. Among these, China is the largest growth contributor to the regional market, witnessing huge consumption of cryogenic fuels. On the other hand, India is experiencing increasing growth in the region and is anticipated to continue with the trend during the assessment period. India is the third-largest iron and steel producer in the APAC region, and the country’s annual output growth rate is quite quick.
Buy Premium Research Report Now:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=11530
For instance, on May 04, 2023, TECO 2030 (TECO) and Chart Industries, Inc. (Chart) announced the expansion of their existing cooperation agreement to offer improved ship efficiencies and reductions in carbon emissions. TECO is a Norwegian company that develops, manufactures, and supplies green hydrogen fuel cells for the maritime industry. It also offers exhaust gas cleaning systems and carbon capture & storage (CCS) solutions.
Under the expanded agreement, Howden, a Chart Industries Group company, and TECO will combine their expertise to offer improved ship efficiencies and reductions in carbon emissions. This will include Chart’s Cryogenic Carbon CaptureTM process technology (CCC), liquid cryogenic fuel storage & supply systems, and Howden’s hydrogen solutions.
Related Reports:
Marine Fuel Injection Market Research Report Information by Component, by Application, by HP Range, and Region – Forecast till 2030
Automotive Fuel Filter Market Research Report Information By Fuel Type, By Filter Material, By Sales Channel, By Vehicle Type, and By Region– Market Forecast Till 2032
Hydrogen Fuel Cell Vehicle Market Research Report Information By Technology, By Vehicle Type, And By Region – Market Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Follow Us: LinkedIn | Twitter