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The global cryogenic system market is expected to reach $13.6 billion in 2022, with LNG being the highest revenue-generating type of equipment for these systems - accounting is expected to register a market growth of 7.8%. The U S will account for approximately 30% by 2032
NEWARK, Del. , June 13, 2022 /PRNewswire/ -- The global Cryogenic Systems market is valued at US$ 12.9 Bn in 2021 and is expected to reach US$ 25.5 Bn by 2032, expanding at a CAGR of 6.5% between 2022 and 2032. According to Future Market Insights, market research and competitive intelligence provider, global Cryogenic Systems consumption has increased at a CAGR of roughly 5.1% between 2017 and 2021.
The spike in demand for Cryogenic Systems across a variety of sectors, including electronics, healthcare, and power generation, has led to a rapid growth rate in the Cryogenic Systems market. Furthermore, use of Cryogenic Systems is expected to surge in the coming years owing to rising LNG production and strong demand for gases in the healthcare sector.
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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
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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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.
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:
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Market Segments Covered in Cryogenic Systems Market Analysis
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4. Global Cryogenic Systems Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial goods domain team at Future Market Insights help clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the industrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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