According to Future Market Insights’ newly released Cryogenic Systems Market analysis report, global Cryogenic Systems Market sales in 2021 will be valued at US$ 12.9 billion. The projected market growth rate from 2022 to 2032 is 6.5%, which is significantly higher than the historical rate. Nitrogen is expected to be the most profitable cryogen, with a CAGR of more than 7.8% between 2022 and 2032.
According to the Cryogenic Systems Market research conducted by Future Market Insights, a market research and competitive intelligence provider, the market value of the Cryogenic Systems Market increased at a 5.8% CAGR from 2017 to 2021.
Cryogenic tanks hold and transport liquefied industrial gases like oxygen, hydrogen, nitrogen, helium, and argon. It is frequently used to store liquid gases at temperatures below -150°C. It comes in a variety of shapes and sizes, including horizontal, vertical, double-walled, and insulated models. It can be mobile, portable, static, or permanent. It is used in a variety of industries such as medical technology, food processing, electronics, and metal processing. It is widely used to store LNG in liquefaction plants and tanker ships.
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The increased demand for Cryogenic Systems across a wide range of industries, including electronics, healthcare, and power generation, has resulted in a rapid growth rate in the Cryogenic Systems market. Furthermore, due to rising LNG production and strong demand for gases in the healthcare sector, the use of cryogenic systems is expected to increase in the coming years.
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.
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Key Takeaways from Market Study
- Cryogenic Systems market is estimated to reach a valuation of US$ 13.6 Bn in 2022
- The market is projected to grow at a CAGR of 6.5% during 2022 – 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
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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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