Cryogenic Systems Market to Reach US$ 25.5 billion by 2032 - Future Market Insights, Inc.

The global cryogenic system market is expected to reach $13.6 billion in 2022, with LNG being the highest revenue-generating type of equipment for these systems - accounting is expected to register a market growth of 7.8%. The U S will account for approximately 30% by 2032

NEWARK, Del., June 13, 2022 /PRNewswire/ -- The global Cryogenic Systems market is valued at US$ 12.9 Bn in 2021 and is expected to reach US$ 25.5 Bn by 2032, expanding at a CAGR of 6.5% between 2022 and 2032. According to Future Market Insights, market research and competitive intelligence provider, global Cryogenic Systems consumption has increased at a CAGR of roughly 5.1% between 2017 and 2021.

The spike in demand for Cryogenic Systems across a variety of sectors, including electronics, healthcare, and power generation, has led to a rapid growth rate in the Cryogenic Systems market. Furthermore, use of Cryogenic Systems is expected to surge in the coming years owing to rising LNG production and strong demand for gases in the healthcare sector.

Request a Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-14943

The growing demand for cryogenic gases for medical applications will drive market expansion in the coming years. Oxygen gas, for example, is in high demand in the medical business owing to the diagnosis of respiratory illnesses. Growing medical infrastructure and extensive application across a variety of sectors are projected to drive market growth in the next years.

Key Takeaways from Market Study

• Cryogenic Systems market is estimated to reach a valuation of US$ 13.6 Bn in 2022
• The market is projected to grow at a CAGR of 6.5% during 2022 – 2032
• LNG being the highest revenue-generating cryogen, is expected to register a market growth of 7.8%
• Cryogenic Systems revenue through Energy and Power is projected to expand at a CAGR of 5.7% during the period of projection
• The U.S. is expected to account for nearly 30% of the global Cryogenic Systems demand by 2032

Industries such as aircraft, transportation, and railroads have a high demand for Cryogenic Systems, and this trend is expected to continue in the coming years. Improvements in Cryogenic Systems insulation methods are actively contributing to market growth.

Several governments throughout the world have planned to phase out coal-based electricity by 2020 in order to reduce greenhouse gas emissions. For the reasons stated above, several nations have begun to reduce their reliance on coal and increase their use on natural gas for energy and power generation. Liquefied natural gas (LNG), which contains various segments of Cryogenic Systems such as tanks, is more pleasant to transport and is expected to boost the market throughout the projection period.

Speak to our Research Expert: https://www.futuremarketinsights.com/ask-question/rep-gb-14943  

Winning Strategy

Natural gas utilization is expanding due to its availability, environmental friendliness, and an ever-increasing energy need. The power generation industry has the highest demand for natural gas. The public is becoming increasingly concerned about the carbon footprint of modern fossil-fuel power facilities, such as coal plants. Governments throughout the globe are implementing different policies and agreements to minimize their nations' carbon footprints as part of their environmental protection and climate change obligations. As the need for electricity grows, so does the demand for clean energy production methods, and LNG is one of the likely victors in this race.

Industrial gas applications including the use of industrial gases in the aerospace, defense, food and beverage, electronics, medical storage, and pharmaceutical production industries, among others, are driving the use of Cryogenic Systems for industrial gas applications. In addition, increased worldwide demand for energy and natural gas, rising demands for respiratory healthcare, and higher usage of both biopharmaceuticals and genetically living tissue drug treatments are all driving the Cryogenic Systems market forward.

Competitive Environment

Cryofab Inc., Emerson, Beijing Tianhai Industry Co Ltd, Graham Partners, Herose GmbH, Air Liquide, Linde Group AG, Cryoquip LLC, and Chart Industries LLC are some of the key companies in the Cryogenic Systems industry. Some of the growth tactics highlighted include mergers and acquisitions, strategic cooperation, and partnership partnerships.

Some of the recent developments in Cryogenic Systems market include:

• In June 2021, Dalian Shipbuilding Industry, a subsidiary of China State Shipbuilding Corporation, announced that it has delivered dual-fuel VLCC 2x3500m³ which is a C-type LNG cryogenic storage tank.
• In October 2020, Chemie-Tech was awarded an EPCC contract from HPCL Rajasthan Refinery Ltd (HRRL) for Cryogenic Double Wall Storage Tanks (DWST) along with the associated facilities at HPCL Rajasthan Refinery Ltd in Rajasthan, India.

Download PDF Brochure: https://www.futuremarketinsights.com/reports/brochure/rep-gb-14943

Market Segments Covered in Cryogenic Systems Market Analysis

By Cryogen:

• Nitrogen
• Oxygen
• Argon
• LNG
• Other Cryogen

 By End Use:

• Energy & Power
• Chemicals
• Metallurgy
• Electronics
• Shipping
• Other End-Use

By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

Buy Now: https://www.futuremarketinsights.com/checkout/14943

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity 

        3.1.4. Trends

    3.2. Scenario Forecast

        3.2.1. Demand in Optimistic Scenario

        3.2.2. Demand in Likely Scenario

        3.2.3. Demand in Conservative Scenario

    3.3. Opportunity Map Analysis

    3.4. Investment Feasibility Matrix

    3.5. PESTLE and Porter's Analysis

    3.6. Regulatory Landscape

        3.6.1. By Key Regions

        3.6.2. By Key Countries

4. Global Cryogenic Systems Market Analysis 2017-2021 and Forecast, 2022-2032

  4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021

    4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032

        4.2.1. Y-o-Y Growth Trend Analysis

        4.2.2. Absolute $ Opportunity Analysis

TOC continued...! Click Here

Future Market Insight's Domain Knowledge in Industrial Goods Division 

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods domain team at Future Market Insights help clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the industrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

Have a Look at Related Research Reports:

Dunnage Packaging Market is estimated at US$ 3.9 Bn in 2022 and is projected to reach US$ 6.8 Bn by 2032, at a CAGR of 5.8% from 2022 to 2032 - Comprehensive Research Report by FMI

Blind Spot Detection Market are forecast to increase at a stupendous 13.9% CAGR, with the market valuation reaching US$ 8.1 Bn by 2032 - Comprehensive Research Report by FMI

Pipes Market reached a valuation of US$ 127.2 Bn in 2021 and is estimated grow at a CAGR of 5.4%, surpassing US$ 225.5 Bn by 2032 - Comprehensive Research Report by FMI

Stacker Crane Market are projected to grow at a robust CAGR of 7.0% during the forecast period, totaling around US$ 2.02 Bn by 2032 - Comprehensive Research Report by FMI

Solar Invertor Market sales at a 6% CAGR over the forecast period 2022 – 2032 | Comprehensive Research Report by FMI

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

Contact:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected] 
Browse All Reports: https://www.futuremarketinsights.com/reports
Report: https://www.futuremarketinsights.com/reports/cryogenic-systems-market  
LinkedIn| Twitter| Blogs 

SOURCE Future Market Insights