With a CAGR of 6.5% between 2022 and 2032, the global Cryogenic Systems market is anticipated to grow from US$ 12.9 billion in 2021 to US$ 25.5 billion by 2032. Future Market Insights, a provider of market research and competitive intelligence, estimates that between 2017 and 2021, the global consumption of cryogenic systems increased at a CAGR of about 5.1%.
The Cryogenic Systems market has experienced rapid growth as a result of the surge in demand for them across a number of industries, including electronics, healthcare, and power generation. In addition, because of increased LNG production and high gas demand in the healthcare industry, the use of cryogenic systems is anticipated to increase over the next few years.
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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 Billion in 2022
- The market is projected to grow at a CAGR of 6.5% during 2022 to 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.
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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.
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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
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.
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