Cryogenic Fuels Market to Touch USD 189.10 Billion by 2030 owing to Rapid Development of New Cryogenic Fuel Technologies | By SNS Insider
According to SNS Insider, the expanding use of cryogenic fuels in various applications, such as medical and healthcare, food and beverage, and electronics industries, is also expected to drive market growth
Pune, April 11, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, *the Cryogenic Fuels Market achieved a valuation of USD 118.64 billion in 2022 and is anticipated to attain USD 189.10 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6% during the projection period from 2023 to 2030*.
Cryogenic fuels are fuels that are stored and used at extremely low temperatures, typically below -150°C. These fuels are often used in aerospace and rocket propulsion systems, as well as in other high-performance applications. One of the key advantages of cryogenic fuels is their high energy density, which makes them ideal for use in applications where weight is a critical factor, such as space travel. Another advantage of cryogenic fuels is their ability to burn cleanly, producing only water vapor and carbon dioxide as byproducts.
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*Cryogenic Fuels** ***Market Report Scope**
**Report Attributes** **Details**
**Market Size in 2022** USD 118.64 Billion
**Market Size by 2030** US$ 189.10 Billion
**CAGR** 6% From 2023 to 2030
**Key Segments** • By Type (Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid Neon, Liquid Hydrogen, LNG)
• By End-Use Industry (Energy, Manufacturing, Aerospace, Biomedical & Healthcare, Chemical, Others)
**Company Profiles** Air Products & Chemicals, Gulf Cryo, Maine Oxy, Messer Group Gmbh, Narco Inc., Linde Plc (Praxair Technology, Inc.), Sol Group, Air Liquide, Air Water, Inc., and Other Players.
**Market Analysis**
Cryogenic nitrogen is becoming increasingly popular in the food and beverage industry due to its ability to freeze food products quickly and efficiently, while preserving their quality and freshness. In addition, the market is experiencing growth due to the increasing use of cryogenic nitrogen in the energy industry, and the adoption of LNG as a marine fuel. The ability of cryogenic fuels to provide efficient and environmentally-friendly solutions for various industrial applications is expected to drive the growth of the cryogenic fuels market in the coming years.** **
**Impact of Recession**
A recession can have a negative impact on the cryogenic fuels market, as demand for cryogenic fuels may decrease due to a slowdown in economic activity. However, the market may still experience growth opportunities as governments and businesses look towards alternative and cleaner energy sources, and the use of cryogenic fuels in various industrial processes continues to grow.
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**Key Regional Development**
In recent years, there has been a growing demand for cryogenic fuels, driven in part by the increasing need for clean and sustainable energy sources. North America is well-positioned to take advantage of this trend, with a strong and growing infrastructure for the production and distribution of cryogenic fuels. One of the key drivers of North America's success in the cryogenic fuels market is the region's abundant natural resources. The United States and Canada are both major producers of natural gas, which is a key feedstock for the production of cryogenic fuels such as liquefied natural gas (LNG) and compressed natural gas (CNG).
**Key Takeaway from ***Cryogenic Fuels Market ***Study**
· The liquid nitrogen segment has emerged as a dominant player in the market due to its versatility, cost-effectiveness, and safety. As the demand for cryogenic fuels continues to grow in various industries, liquid nitrogen is expected to maintain its position as a popular choice for a wide range of applications.
· The energy sector segment is expected to capture a high share in the market owing to the growing demand for cleaner and more efficient fuel sources such as LNG and hydrogen.
**Recent Developments Related to ***Cryogenic Fuels Market*
· Airbus, one of the world's leading aircraft manufacturers, has recently announced the opening of a new research facility focused on the development of cryogenic fuel systems for next-generation hydrogen planes. The facility, located in Germany, will house a team of experts who will work on developing and testing new technologies for storing and using liquid hydrogen as a fuel source.
· Skyroot Aerospace, an Indian space technology startup, has achieved a major milestone in the development of cryogenic engines with the successful test-firing of a 3D-printed cryogenic engine for a record 200 seconds. The test, which took place at the company's testing facility in Hyderabad, India, represents a significant step forward in the development of lightweight, cost-effective and highly efficient cryogenic engines.
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