Global Cryogenic Gas Market By Overview
Cryogenic is the production and behavior of materials at very low temperatures. The most commonly used industrial gases are argon, helium, hydrogen, nitrogen, and oxygen. They are transported, handled, and stored in the liquid state at cryogenic temperatures. Liquefied gases, such as liquid nitrogen and liquid helium have many cryogenic applications. Liquid nitrogen is the most commonly used element in cryogenic and is legally purchasable around the world. Liquid helium is also commonly used and allows for the lowest attainable temperatures to be reached.
Growing demand for industrial & specialty gases in oil & gas sector along with technological advancements in developing as well as developed nations are major factors expected to drive revenue growth of the global market. Additionally, ongoing investments for modernization and refurbishment of existing healthcare infrastructure and rising number of projects of gas to liquids are expected to propel revenue growth of the target market. Factors such as innovative cryogenic applications, and adoption of standards for environment protection, are also expected to fuel growth of the global market over the forecast period. Moreover, Implementation of high-temperature superconductor (HTS) and HDVC cables owner cables is another major factor that promotes growth of the global market. However, lack of skilled professionals and expensive equipment’s is the major restraining factor for the cryogenic gas market.
Cryogenic gas market is segmented based on product, application, and region. On the basis of product, the global market is segmented into atmospheric gases, hydrogen, acetylene, helium, and others. Based on application, the target market is bifurcated into metal fabrication, chemical, healthcare & medical, oil & gas, and others.
On the basis of region the cryogenic gas market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for the fastest-growing market, owing to investments in energy sector coupled with increasing demand for LNG from emerging countries such as China, India, and Australia in the region. In addition, growth in applications such as Metal fabrication, chemical, healthcare, along with introduction of GHG emission reduction targets, are some of the factors expected to drive growth of the target market over the forecast period. The cryogenic gas market in North America is expected to grow at a significant growth rate, owing to increasing applications healthcare & medical sector, along with increasing environmental concerns in the region.
Global Cryogenic Gas Market By Key Players
The key players operating in the cryogenic gas market includes Linde AG, Air Liquide International S.A, Praxair, Inc., Air Products And Chemicals, Inc., Iwatani Corporation, Itron, Inc., Colfax Corporation, Messer Group GmbH, Matheson Tri-Gas, Inc., and GCE Holding AB.
FAQs
Cryogenic gas market accounted for US$ 19.7 billion in 2020 and is projected to register a moderate CAGR of 7.5 %
The market report has been segmented on the basis of application, end-user, and region.
The Cryogenic Gas Market is driven by factors such as the increasing demand for liquefied natural gas (LNG) as a clean energy source, growth in medical and healthcare applications (cryopreservation), advancements in cryogenic technologies, and expanding industrial applications such as metal processing, electronics, and food freezing.
The high upfront investment and operational costs associated with cryogenic equipment, safety concerns related to the handling of cryogenic gases, regulatory constraints, and potential supply chain disruptions, acting as potential restraints for the Cryogenic Gas Market globally.
Cryogenic Gas Market often consider regions like North America, Europe, Asia-Pacific, and Latin America. The dominance of a region can depend on factors such as industrialization, technological advancements, and the presence of key market players. As of my last knowledge update in January 2023, it's recommended to refer to the latest market reports for the most accurate and up-to-date information on regional considerations and market dynamics.