Global Cryogenic System Market Set to Reach USD 12.7 Billion by 2030, With a Sustainable CAGR Of 6.11% | Growth Market Reports

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Aug 03, 2022, 08:40 ET

PUNE, India, Aug. 3, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Cryogenic System Market" by System Types (Supply, Handling, and Storage), Cryogens (Argon, Nitrogen, Oxygen, LNG, and Hydrogen), Equipment (Valves, Tanks, Pumps, and Vaporizers), End-users (Metallurgy, Chemicals, Energy, and Transportation), and Regions: Size, Share, Trends and Opportunity Analysis, 2021-2030", the market was valued at USD 12.7 billion in 2021 and is expected to grow at a healthy growth rate of 6.11% by the year 2030. The global cryogenic system market is projected to expand at a rapid pace, owing to the rising demand for cryogenic equipment across the entire LNG value chain.

Key Market Players Profiled in the Report

Wessington Cryogenics
PHPK Technologies
INOX India Pvt Ltd
Acme Cryo
Nikkiso Co.
Taylor-Wharton

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

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This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.

Highlights on the segments of the Cryogenic System Market

In terms of storage types, the global cryogenic system market is segmented into supply, handling, and storage. The storage segment is anticipated to expand at a sustainable CAGR during the forecast period. Electricity is stored on a massive scale using cryogenic technology. The storage segment is anticipated to expand at a compound annual growth rate of 7.6%.

Based on cryogens, the global cryogenic system market is segmented into argon, nitrogen, oxygen, LNG, and hydrogen. The LNG segment is expected to grow at a significant pace during the forecast period. The increasing cryogenic system demand from several industries is likely to propel market growth. Liquified natural gas is a colorless and odorless fuel, and it is made by cooling natural gas to 162⁰C.

Based on regions, the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period. The US government is focusing on the manufacturing and processing industry, which produces machinery and raw metals. It is anticipated that the market grows quickly over the forecast period, due to increasing E&P operations.

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Key Takeaways from the Study:

Different gases can be liquefied using cryogenic systems, which can help separate gas mixtures at lower temperatures and increase the liquefied gases' durability.
Healthcare facilities have large bulk cryogenic liquid oxygen tanks installed that is frequently refilled by a vehicle from a supplier. The rising demand for cryogenic gases in medical applications drives market growth.
It is expected that the tank market will grow at a significant CAGR, during the forecast period. The need for cryogenic equipment is expected to grow, due to the high demand for industrial gases and expanding LNG production.
The oil & gas segment is anticipated to drive the market expansion, due to many uses for LNG transportation, refueling, and regasification.
A potential growth opportunity for cryogenic equipment, which drives the market expansion, is presented by the fact that LNG-based power plants are gaining market share while coal-based power plants lose market share.

Read 210 Pages Research Report with Detailed ToC on "Global Cryogenic System Market" by System Types (Supply, Handling, and Storage), Cryogens (Argon, Nitrogen, Oxygen, LNG, and Hydrogen), Equipment (Valves, Tanks, Pumps, and Vaporizers), End-users (Metallurgy, Chemicals, Energy, and Transportation), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030"

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Key Segments Covered

System Types

Supply
Handling
Storage

Cryogens

Argon
Nitrogen
Oxygen
LNG
Hydrogen

Equipment

Valves
Tanks
Pumps
Vaporizers

End-users

Metallurgy
Chemicals
Energy
Transportation

By Regions

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Other Related Reports:

Global Hydrogen Market by Sources (Blue Hydrogen, Green Hydrogen, and Grey Hydrogen), Delivery & Generation Modes (Merchant and Captive), Applications (Transport, Petroleum Refinery, Ammonia Production, Methanol Production, Power Generation, and Others), Technologies (Steam Methane Reforming, Partial Oxidation, Coal Gasification, and Electrolysis), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2021-2028
Global Argon Market Report, History and Forecast 2014-2025, Breakdown Data by Manufacturers, Key Regions, Types and Application
Global Helium Market by Type (Liquid Helium, Gaseous Helium), By Application (Cryogenics, Aerostatics, Semiconductor & Fiber Optics, Leak Detection & Gas Chromatography, Welding, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030
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