What is the present valuation and projected CAGR of the cryogenic vaporizer market?
The cryogenic vaporizer market size has grown strongly in recent years. It will grow from $4.96 billion in 2024 to $5.29 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to growth in the medical and healthcare sector, government regulations for emission reduction, increase in adoption of hydrogen, growth in demand for high-purity gases, and increase use of nitrogen.
The cryogenic vaporizer market size is expected to see strong growth in the next few years. It will grow to $6.77 billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to growing food and beverage preservation, expansion of petrochemical industry, growing investments in cold chain logistics, increasing focus on renewable energy integration, and expansion of hydrogen liquefaction plants. Major trends in the forecast period include carbon capture and storage technologies, innovations in cryogenic vaporization systems, cryogenic air separation plants, lightweight cryogenic vaporizers, and incorporation of IoT and automation.
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What key drivers have fueled the cryogenic vaporizer market’s development over the years?
The growing demand for natural gas is expected to propel the growth of the cryogenic vaporizer market going forward. Natural gas refers to a fossil fuel composed primarily of methane, used as an energy source for heating, electricity generation, and as a fuel for vehicles. The demand for natural gas is attributed to its lower carbon emissions compared to coal and oil, making it a cleaner energy source for electricity generation and industrial processes. A cryogenic vaporizer plays a crucial role in the natural gas process by effectively converting LNG from its liquid form to gas, making it ready for immediate use in different applications. For instance, in June 2024, according to the Energy Information Administration, a US-based government administration, in June 2024, natural gas consumption in the United States was estimated at 2,428 Bcf, or 80.9 Bcf/d, reflecting a 2.8% increase compared to June 2023’s 78.8 Bcf/d. Therefore, the growing demand for natural gas is driving the growth of the cryogenic vaporizer market.
What is the segmentation for the cryogenic vaporizer market?
The cryogenic vaporizermarket covered in this report is segmented –
1) By Product: Ambient Air Heated Vaporizer, Steam Heated Vaporizer, Other Products
2) By Cryogen Type: Nitrogen, Oxygen, Natural Gas, Argon, Other Cryogen Types
3) By End-User: Oil And Gas Industry, Power, Food And Beverage, Chemical, Rubber And Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Other End-Users
Subsegments:
1) By Ambient Air Heated Vaporizer: Natural Draft Ambient Vaporizer, Forced Draft Ambient Vaporizer
2) By Steam Heated Vaporizer: Low-Pressure Steam Heated Vaporizer, High-Pressure Steam Heated Vaporizer
3) By Other Products: Water Bath Vaporizer, Electric Heated Vaporizer, Direct Fired Vaporizer
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Who are the most influential companies in the cryogenic vaporizer market?
Major companies operating in the cryogenic vaporizer market are Linde plc, Kobe Steel Ltd., Chart Industries Inc., Nikkiso Co Ltd., OPW Clean Energy Solutions, Cryostar, Cryolor SA, Taylor-Wharton Cryogenics LLC, INOX India Pvt Ltd., FIBA Technologiesand Inc., Armstrong Engineering Associates Chemtec Pte Ltd., Isisan Energy Solutions Private Limited, Cryeng Group Pty Ltd., CryoVation, Cryonorm BV, Incryo Systems Pvt. Ltd., Cryogas Equipment Private Limited, Super Cryogenic Systems Private Limited, Iec Fabchem Limited, GMS Interneer Co. Ltd., Kagla Vaportech Corporation
What are the top industry trends projected to impact the cryogenic vaporizer market?
Major companies operating in the cryogenic vaporizer market are focusing on strategic investments to enhance the production of innovative cryogenic vaporizer products. Strategic investments support the growth of the cryogenic vaporizer market by increasing funding for research and development, enabling manufacturers to create more efficient and high-capacity vaporizers. For instance, in December 2022, American Gas Products Inc., a US-based helium distributor, invested in FinnCo vaporizers, a US-based company, specializes in manufacturing cryogenic vaporizers, to enhance their operational capabilities in cryogenic vaporization. With this investment in FinnCo vaporizers, AGP seeks to enhance its helium delivery capabilities and address increasing customer demand.
What are the major regional insights for the cryogenic vaporizer market, and which region holds the top position?
Asia-Pacific was the largest region in the cryogenic vaporizer market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cryogenic vaporizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Cryogenic Vaporizer Market Report 2025 Offer?
The cryogenic vaporizer market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A cryogenic vaporizer is a device used to convert cryogenic fluids from their liquid state to a gaseous state by heating them. The process involves transferring heat from the environment or an external source to raise the temperature of the cryogenic fluid, allowing it to evaporate into gas. These vaporizers are used in industries that store and transport cryogenic fluids for various applications.
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