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PUNE, India , Aug. 3, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Cryogenic System Market" by System Types (Supply, Handling, and Storage), Cryogens (Argon, Nitrogen, Oxygen, LNG, and Hydrogen), Equipment (Valves, Tanks, Pumps, and Vaporizers), End-users (Metallurgy, Chemicals, Energy, and Transportation), and Regions: Size, Share, Trends and Opportunity Analysis, 2021-2030", the market was valued at USD 12.7 billion in 2021 and is expected to grow at a healthy growth rate of 6.11% by the year 2030. The global cryogenic system market is projected to expand at a rapid pace, owing to the rising demand for cryogenic equipment across the entire LNG value chain.
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Cryogenic System Market
In terms of storage types, the global cryogenic system market is segmented into supply, handling, and storage. The storage segment is anticipated to expand at a sustainable CAGR during the forecast period. Electricity is stored on a massive scale using cryogenic technology. The storage segment is anticipated to expand at a compound annual growth rate of 7.6%.
Based on cryogens, the global cryogenic system market is segmented into argon, nitrogen, oxygen, LNG, and hydrogen. The LNG segment is expected to grow at a significant pace during the forecast period. The increasing cryogenic system demand from several industries is likely to propel market growth. Liquified natural gas is a colorless and odorless fuel, and it is made by cooling natural gas to 1620C.
Based on regions, the market is segmented into five major regions, namely, North America , Europe , Asia Pacific , Latin America , and the Middle East & Africa . The market in North America is projected to expand at a significant CAGR during the forecast period. The US government is focusing on the manufacturing and processing industry, which produces machinery and raw metals. It is anticipated that the market grows quickly over the forecast period, due to increasing E&P operations.
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Key Takeaways from the Study:
Read 210 Pages Research Report with Detailed ToC on "Global Cryogenic System Market" by System Types (Supply, Handling, and Storage), Cryogens (Argon, Nitrogen, Oxygen, LNG, and Hydrogen), Equipment (Valves, Tanks, Pumps, and Vaporizers), End-users (Metallurgy, Chemicals, Energy, and Transportation), and Regions (North America , Latin America , Europe , Asia Pacific , and Middle East & Africa ) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030"
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