U.S. Portable Vacuum Insulated Vessels Market To Reach USD 1,438.3 Million By 2032 Report By DataHorizzon Research
U.S. Portable Vacuum Insulated Vessels Market to Gain Traction.
Fort Collins, Colorado, March 18, 2024 (GLOBE NEWSWIRE) -- *The U.S. Portable Vacuum Insulated Vessels Market size was valued at USD 830.9 Million in 2023 and is expected to reach a market size of USD 1,438.3 Million by 2032 at a CAGR of 6.3%.*
Liquefied natural gas (LNG) is stored in cryogenic tanks and distributed without pipelines, with a growing focus on utilizing green fuel leading to increased investment in LNG transportation as an energy and fuel source. This trend is driving regional demand, with the United States emerging as a key market due to its growing demand for LNG. Consequently, cryogenic equipment is increasingly needed, positioning the U.S. as the highest revenue-generating region. According to the Center for Strategic & International Studies, U.S. LNG exports surged to 8.6 million tons in December 2023, up from around 6 million tons in the same period the previous year.
In 2023, the market size of portable vacuum insulated vessels in the U.S. experienced growth due to rising demand for cryogens across various applications. These vessels are designed to store, manage, and transfer liquefied gases such as oxygen, nitrogen, natural gas, and argon, enabling cryogenic equipment to create low-temperature conditions for refrigeration purposes. Given the numerous benefits offered by these gases, they find wide-ranging applications across industries, including oil & gas, metallurgy, power & energy, and food & beverage.
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*Segmentation Overview:*
*Based on end-user,* the *U.S.Portable Vacuum Insulated Vessels market* segmentation comprises* Medical Oxygen end-users, Industrial Gases end-users, and LNG-Powered Truck Manufacturers. *The Industrial gases end-user segment held a significant market share in 2023. Industrial cryogenic gases such as nitrogen, argon, helium, and hydrogen are widely used by manufacturers operating in various end-use vertical, such as aerospace, biochemistry & pharmaceuticals, oil & gas, metal fabrication, and food processing.
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*U.S. Portable Vacuum Insulated Vessels Market Report Highlights:*
· The U.S. Portable Vacuum Insulated Vessels market growth is anticipated at a *CAGR of 6.3% by 2032.*
· The rapid industrialization has led to widespread adoption of cryogenic equipment across the metallurgy sector. The development in metal design has led to efficient and enhanced techniques of handling liquids is also expected to fuel the U.S. portable vacuum insulated market demand during the forecast period.
· According to the International Energy Agency (IEA), in 2024, the global electricity demand is anticipated to exhibit a growth rate of 3.3%. The rise in electricity demand necessitates improving the efficiency of transmissions with the growing adoption of High-Temperature Superconductor (HTS) Cables. Heavy investments in smart cities and high-speed trains are estimated to offer growth prospects to the industry partakers.
· Some prominent players in the U.S. Portable Vacuum Insulated Vessels market report include MATHESON TRI-GAS, INC., Air Liquide USA, Airgas Inc., Linde plc, Acme Cryogenics Inc., Focus Medical Gas, FIBA Technologies, DuPuy Oxygen, Chart Industries, Cryofab, Inc. and US Cryogenics, Inc.
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*U.S. Portable Vacuum Insulated Vessels Market Segmentation:*
*By End-user:* *Medical Oxygen end-users* (Healthcare Establishments, Food-Processing Industries, Chemical & Petrochemical Industries), *Industrial Gases end-users* (Aerospace Industries, Oil & Gas Industries, Biochemistry & Pharmaceutical Industries), and *LNG-Powered Truck Manufacturers.*
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