Increasing demand for surface chilling process of food industry and growing aerospace industry isexpected to drive the demand forglobal cryogenic fuelsmarket in forecast period.
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According to TechSci Research report, “Cryogenic Fuels Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026Segmented 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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According to TechSci Research 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 manufacturersare coming up with their technologically advanced offerings.
“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.
According to TechSci Research “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 fuelsmarket.