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Cryogenic Vaporizer Market Report 2024-2033 - Size, Trends, Growth & Competitive Landscape
Cryogenic Vaporizer Market Report
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According to The Business Research Company's, The cryogenic vaporizer market size has grown strongly in recent years. It will grow from $4.66 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to growth in the medical and healthcare sector, government regulations for emission reduction, increase in adoption of hydrogen, growth in demand for high-purity gases, and increase use of nitrogen.
The cryogenic vaporizer market size is expected to see strong growth in the next few years. It will grow to $6.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing food and beverage preservation, expansion of petrochemical industry, growing investments in cold chain logistics, increasing focus on renewable energy integration, and expansion of hydrogen liquefaction plants. Major trends in the forecast period include carbon capture and storage technologies, innovations in cryogenic vaporization systems, cryogenic air separation plants, lightweight cryogenic vaporizers, and incorporation of IoT and automation.
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Market Drivers and Trends:
The growing demand for natural gas is expected to propel the growth of the cryogenic vaporizer market going forward. Natural gas refers to a fossil fuel composed primarily of methane, used as an energy source for heating, electricity generation, and as a fuel for vehicles. The demand for natural gas is attributed to its lower carbon emissions compared to coal and oil, making it a cleaner energy source for electricity generation and industrial processes. A cryogenic vaporizer plays a crucial role in the natural gas process by effectively converting LNG from its liquid form to gas, making it ready for immediate use in different applications. For instance, in June 2024, according to the Energy Information Administration, a US-based government administration, in June 2024, natural gas consumption in the United States was estimated at 2,428 Bcf, or 80.9 Bcf/d, reflecting a 2.8% increase compared to June 2023's 78.8 Bcf/d. Therefore, the growing demand for natural gas is driving the growth of the cryogenic vaporizer market.
Major companies operating in the cryogenic vaporizer market are focusing on strategic investments to enhance the production of innovative cryogenic vaporizer products. Strategic investments support the growth of the cryogenic vaporizer market by increasing funding for research and development, enabling manufacturers to create more efficient and high-capacity vaporizers. For instance, in December 2022, American Gas Products Inc., a US-based helium distributor, invested in FinnCo vaporizers, a US-based company, specializes in manufacturing cryogenic vaporizers, to enhance their operational capabilities in cryogenic vaporization. With this investment in FinnCo vaporizers, AGP seeks to enhance its helium delivery capabilities and address increasing customer demand.
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Major Key Players of the Market:
Linde plc, Kobe Steel Ltd., Chart Industries Inc., Nikkiso Co Ltd., OPW Clean Energy Solutions, Cryostar, Cryolor SA, Taylor-Wharton Cryogenics LLC, INOX India Pvt Ltd., FIBA Technologiesand Inc., Armstrong Engineering Associates Chemtec Pte Ltd., Isisan Energy Solutions Private Limited, Cryeng Group Pty Ltd., CryoVation, Cryonorm BV, Incryo Systems Pvt. Ltd., Cryogas Equipment Private Limited, Super Cryogenic Systems Private Limited, Iec Fabchem Limited, GMS Interneer Co. Ltd., Kagla Vaportech Corporation
Cryogenic Vaporizer Market 2024 Key Insights:
• The cryogenic vaporizer market size is expected to see strong growth in the next few years. It will grow to $6.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Growing Demand for Natural Gas Driving Growth in the Cryogenic Vaporizer Market
• Strategic Investments Driving Innovation in the Cryogenic Vaporizer Market
• Asia-Pacific was the largest region in the cryogenic vaporizer market in 2023
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