GlobalCryogenicFuelsMarketSize,Share,GrowthAnalysis,ByProduct Type(LNG,hydrogen),ByDistributionChannel(Directsales,distributors)
-IndustryForecast2023-2030
Global Cryogenic Fuels Market Insights
Global Cryogenic Fuels Market size was valued at USD 105.6 billion in 2021 and is poised to grow from USD 112.04 billion in 2022 to USD 179.93 billion by 2030, growing at aCAGR of 6.1% in the forecast period (2023-2030).
Cryogenic fuels are fuels that are cooled to extremely low temperatures so that they can exist in a liquid state. The most common cryogenic fuels are liquidhydrogen(LH2)andliquidoxygen(LOX).Thesefuelsareusedinrocket engines because they provide high thrust with relatively low weight. Cryogenicfuelsarestoredintanksthatareheavilyinsulatedtokeepthefuel at its low temperature. Liquid hydrogen must be stored at a temperature of -253°C, while liquid oxygen must be stored at a temperature of -183°C. The use of cryogenic fuels is essential for space travel, as they provide the high thrust needed to escape the Earth's gravity and reach orbit. In addition to rocket engines, cryogenic fuels are also used in some high-performance
aircraftenginesandinsomeindustrialprocessesthatrequireextremelylow temperatures.
The global cryogenic fuels market is expected to experience significant growth in the coming years, driven by various factors. The world is moving towards a low-carbon economy, and there is a growing demand for clean energy sources such as LNG, hydrogen, and biogas. Cryogenic fuels play a critical role in the production, transportation, and storage of these fuels. Industrial gases such as nitrogen, oxygen, and argon are used in various industries, including healthcare, food and beverages, electronics, and chemicals, among others. The growing demand for industrial gases is expected to drive the demand for cryogenic fuels in the future. Technological advancements in cryogenic storage and transportation are drivingthegrowthoftheglobalcryogenicfuelsmarket.Thedevelopmentof advanced cryogenic storage tanks and transportation systems has improved the efficiency and safety of cryogenic fuel transportation. The developmentofinfrastructuresuchasLNGterminals,pipelines,andstorage facilitiesisexpectedtodrivethegrowthoftheglobalcryogenicfuelsmarket. The construction of new infrastructure will increase the availability and accessibility of cryogenic fuels. Governments around the world are implementing policies and regulations to promote the use of clean and sustainable energy sources. This is expected to drive the demand for cryogenic fuels in the coming years. The shipping industry is adopting LNG as a marine fuel due to its low emissions and cost-effectiveness. This is expected to drive the demand for cryogenic fuels in the marine sector.
GetaCompleteOverviewofGlobalCryogenicFuelsMarket:
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• Linde plc
• Air Products and Chemicals, Inc.
• Praxair Technology, Inc.
• Air Liquide S.A.
• Messer Group GmbH
• Taiyo Nippon Sanso Corporation
• Wessington Cryogenics Ltd.
• INOXCVA
• Chart Industries, Inc.
• Cryostar SAS
• Herose GmbH
• FIBA Technologies, Inc.
• Cryoquip LLC
• VRV S.p.A.
• Taylor-Wharton International LLC
• Acme Cryogenics, Inc.
• Cryogenic Industries, Inc.
• Gardner Cryogenics
• Advanced Gas Technologies, Inc.
• GASCON Systems GmbH
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