Cryogenic Fuels Market to be dominated by Manufacturing segment through 2026
Increasing demand for surface chilling
process of food industry and growing aerospace industry is expected to drive
the demand for global cryogenic fuels market in forecast period.
According to TechSci Research report, “Cryogenic
Fuels Market - Global Industry Size, Share, Trends, Opportunity and
Forecast, 2016-2026 Segmented By Type (Liquid Nitrogen, Liquid Air, Liquid
Helium, Liquid Neon, Liquid Hydrogen, and Liquefied Natural Gas), By End Use
Industry (Energy, Manufacturing, Aerospace, Healthcare, Chemical, and Others)
and By Region”, the global cryogenic fuels market is expected to grow at a
steady CAGR for the forecast period, 2022-2026. Cryogenic fuel majorly
constitutes liquefied gases such as liquid hydrogen, liquid nitrogen, liquid
helium, liquid air, and liquefied natural gas. The word cryogenic means
relating to low temperature or producing which means the cryogenic liquid is
kept at a very low temperature. The cryogenic liquid is divided into three main
groups namely inert gas, flammable gas, and oxygen. These are stored and
shipped in thermally insulated containers such as liquid dewar flasks,
laboratory liquid dewar flasks, liquid cylinders. These cryogenic liquid
containers are specifically designed to withstand extreme differences in
temperature and changes in temperature.
The high demand for cryogenic fuels from various end-user industries
including chemical industries, healthcare, manufacturing, aerospace, and the
power industry is expected to contribute to the surge in the global cryogenic
fuels market growth in the next five years. The growing demand for industrial
gases such as specialty gases, liquid oxygen, liquid nitrogen, compressed air
& helium in the healthcare sector is influencing the demand of cryogenic
fuels market. Liquid nitrogen is used for the cryogenic storage of body organs
and blood bank storage units. High-end investments for the development of
advanced technologies to reach outer space and to promote space exploration
activities are accelerating the growth of the global cryogenic fuels market.
However, initial high-end investment for
setting-up of cryogenic plants for bulk production may restrain the global
cryogenic fuels market growth in the forecast period.
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Global cryogenic fuels market is segmented into type, end use
industry, regional distribution, and company. Based on type, the market can be
divided into liquid nitrogen, liquid air, liquid helium, liquid neon, liquid
hydrogen, and liquefied natural gas. The liquid air segment is expected to
witness significant growth for the forecast period, 2022-2026. The
technological advancements to use liquid air in different ways are fueling
market growth. The use of liquid air in propellants to launch rockets that carry
the broadcast, communication, and other satellites into space. Based on the end
use industry, the market can be divided into energy, manufacturing, aerospace,
healthcare, chemical, and others. The manufacturing segment is expected to
account for major global cryogenic fuels market growth for the next five
years. The rapid industrialization
across the developing economies such as India, China, and Brazil have
contributed to a surge in the set-up of manufacturing or production units of
various prominent industry verticals including automotive, steel, consumer
electronics, and others. Availability of raw material and low-cost labor is
attracting foreign investments in developing economies.
Air Liquide S.A., Air Products and Chemicals, Inc., Air Water
Inc., Messer Group Gmbh, Praxair Technology Inc., Advanced Gas Technologies
Inc., Matheson Tri-Gas, Inc., Gulf Curyo, SOL Group, Norco, Inc. are the
leading players operating in global cryogenic fuels market. Market players are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several cryogenic fuels manufacturers are coming up
with their technologically advanced offerings.
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“Several
economies are making high-end investments to promote research and development
activities by establishing new research and testing facilities to advance in
the field of biotechnology and pharmaceuticals to invent ways to use cryogenic
fuels for different applications. The development of carbon capture technology
to capture the greenhouse gases such as carbon dioxide, nitrogen oxides, sulfur
dioxides released from the power plants and other industries to lower the
adverse impact on the environment is expected to boost the demand for cryogenic
fuels across the globe. The presence of innovative ways to use cryogenic fuels
and the huge availability of cryogenic fuel over fossil fuel is expected to
propel the demand for global cryogenic fuels market growth till 2026” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Cryogenic Fuels
Market - Global Industry Size, Share, Trends, Opportunity and Forecast,
2016-2026 Segmented By Type (Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid
Neon, Liquid Hydrogen, and Liquefied Natural Gas), By End Use Industry (Energy,
Manufacturing, Aerospace, Healthcare, Chemical, and Others) and By Region” has evaluated the
future growth potential of global cryogenic fuels market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of global cryogenic fuels market.
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