Market Snapshot:
Cryogenics means the production of icy cold however the term is used today as a synonym for the low-temperature state. These fuels include liquid hydrogen, oxygen, methane, LNG, nitrogen, carbon dioxide (CO2), acetylene, helium, xenon, neon, krypton, and argon and are stored at extremely low temperatures so that they can be maintained in a liquid state. It is not well-defined at what point on the temperature scale freezing ends and cryogenics starts. Cryogenic fuels mainly oxygen and hydrogen are used as rocket fuels.
Highlights from Cryogenic Fuels Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.1% |
The key Manufacturers profiled in the report are Air Liquide (France), Air Products and Chemicals (United States), AIR WATER (Japan), Messer Group (Germany), Praxair Technology (United Kingdom), Advanced Gas Technologies (Canada), Asia Technical Gas (Singapore), Gulf Cryo (Kuwait), SOL Group (Italy) and TAIYO NIPPON SANSO (Japan). Additionally, other players that are part of this comprehensive study are Wessington Cryogenics (United Kingdom), Matheson Tri-Gas (United States) and Maine Oxy (United States).
Geographic Breakdown and Segment Analysis
The Global Cryogenic Fuels market presents a comprehensive analysis of the Cryogenic Fuels market by product type (Inert Gases [Liquid Nitrogen, Liquid Helium, and Liquid Neon], Flammable Gases (Liquid Hydrogen, Liquid Natural Gas, and Liquid Methane), Oxygen and Others), by end-user/application (Automotive, Electricity Generation, Domestic Fuel and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Cryogenic Fuels industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Cryogenic Fuels market
Analyst at AMA have segmented the market study of Global Cryogenic Fuels market by Type, Application and Region.
Influencing Trend:
Rising Requirement for New Technological Applications
Market Growth Drivers:
Increasing Demand from the Energy, Healthcare, and Food Industries and Increasing Use of LNG in Ships
Challenges:
Expensive to Produce Cryogenic Fuels
Restraints:
Storage of Cryogenic Fuel Is Difficult As They Expand When Heated and Can Reduce the Oxygen Level Leading To Asphyxia
Opportunities:
Growing Demand for LNG and Marine Gases
Market Developments Activities:
In April 2023,With its third company acquisition in just over two years, marine pump specialist Svanehøj continues to expand its service solution business. This time by taking over California-based Complete Cryogenic Services, a specialist in service and overhaul of submerged pumps on LNG tankers.
In August , 2019 - In order to meet this increased demand for hydrogen, Messer has installed a 95-cubic-metre tank at the factory site. It replaces the eight hydrogen bundles used until now. Safety regulations and local conditions necessitated the construction of an eight meter high protective wall around the tank.
Key Target Audience
Producer of Cryogenic Fuels, Suppliers of Cryogenic Fuels, Wholesalers, Distributors and Retailers of Cryogenic Fuels, Aerospace Industry, Automobile Industry and Governmental Bodies