Cryogenic Vaporizer Market Report 2024

This Cryogenic Vaporizer market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The cryogenic vaporizer market size has grown strongly in recent years. It will grow from $4.66 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth during the historical period can be attributed to the expansion of the medical and healthcare sectors, government regulations aimed at reducing emissions, increased adoption of hydrogen, rising demand for high-purity gases, and the growing use of nitrogen.

The cryogenic vaporizer market size is expected to see strong growth in the next few years. It will grow to $6.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period is expected to be driven by the increasing need for food and beverage preservation, the expansion of the petrochemical industry, rising investments in cold chain logistics, a greater focus on renewable energy integration, and the development of hydrogen liquefaction plants. Key trends anticipated include advancements in carbon capture and storage technologies, innovations in cryogenic vaporization systems, cryogenic air separation plants, lightweight cryogenic vaporizers, and the integration of IoT and automation.

The rising demand for natural gas is anticipated to drive growth in the cryogenic vaporizer market. Natural gas, primarily composed of methane, serves as an energy source for heating, electricity generation, and vehicle fuel. Its popularity is due to lower carbon emissions compared to coal and oil, making it a cleaner option for energy generation and industrial applications. Cryogenic vaporizers are essential in the natural gas process, converting LNG from its liquid state to gas, thereby preparing it for various uses. For example, the Energy Information Administration reported in June 2024 that natural gas consumption in the United States was estimated at 2,428 Bcf, or 80.9 Bcf/d, marking a 2.8% increase from 78.8 Bcf/d in June 2023. Thus, the growing demand for natural gas is driving the expansion of the cryogenic vaporizer market.

Leading companies in the cryogenic vaporizer sector are making strategic investments to improve the development of innovative vaporizer products. These investments facilitate market growth by increasing research and development funding, allowing manufacturers to produce more efficient and high-capacity vaporizers. For instance, in December 2022, American Gas Products Inc., a US-based helium distributor, invested in FinnCo Vaporizers, a company that specializes in cryogenic vaporizers, to bolster its operational capabilities in this area. This investment aims to enhance AGP's helium delivery capabilities in response to rising customer demand.

In July 2024, Addtech Process Technology, a Swedish industrial machinery manufacturer, acquired Analytical Solutions and Products B.V. for an undisclosed amount. This acquisition seeks to strengthen Addtech's technological capabilities and expand its presence in the process and energy sectors. By integrating ASaP, Addtech aims to enhance its emission control solutions and further its commitment to sustainable energy practices. Analytical Solutions and Products B.V., based in the Netherlands, specializes in providing analytical solutions, including cryogenic vaporizers.

Major companies operating in the cryogenic vaporizer market are Linde plc, Kobe Steel Ltd., Chart Industries Inc., Nikkiso Co Ltd., OPW Clean Energy Solutions, Cryostar, Cryolor SA, Taylor-Wharton Cryogenics LLC, INOX India Pvt Ltd, FIBA Technologiesand Inc., Armstrong Engineering Associates Chemtec Pte Ltd., Isisan Energy Solutions Private Limited, Cryeng Group Pty Ltd, CryoVation, Cryonorm BV, Incryo Systems Pvt. Ltd, Cryogas Equipment Private Limited, Super Cryogenic Systems Private Limited, Iec Fabchem Limited, GMS Interneer Co. Ltd., Kagla Vaportech Corporation.

Asia-Pacific was the largest region in the cryogenic vaporizer market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cryogenic vaporizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cryogenic vaporizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A cryogenic vaporizer is a device designed to transform cryogenic fluids from a liquid to a gaseous state by heating them. This process involves transferring heat from the environment or an external source to increase the temperature of the cryogenic fluid, causing it to evaporate into gas. These vaporizers are commonly used in industries that store and transport cryogenic fluids for various purposes.

The main products in the cryogenic vaporizer market include ambient air heated vaporizers, steam heated vaporizers, and others. An ambient air heated vaporizer uses the surrounding air to heat a substance to its vaporization temperature. The different types of cryogens used are nitrogen, oxygen, natural gas, argon, and others. End-users include industries such as oil and gas, power, food and beverage, chemical, rubber and plastics, metallurgy, healthcare, shipping, agriculture, and more.

The cryogenic vaporizer market research report is one of a series of new reports that provides cryogenic vaporizer market statistics, including cryogenic vaporizer industry global market size, regional shares, competitors with a cryogenic vaporizer market share, detailed cryogenic vaporizer market segments, market trends, and opportunities, and any further data you may need to thrive in the cryogenic vaporizer industry. This cryogenic vaporizer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cryogenic vaporizer market consists of sales of electric vaporizers, water bath vaporizers, and combined heat and power (CHP) vaporizers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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