Austin, Oct. 11, 2024 (GLOBE NEWSWIRE) -- “According to the new market research report The Cryogenic Fuels Market Size was valued at USD 112.57 billion in 2023 and is expected to reach USD 195.08 billion by 2032 and grow at a CAGR of 6.30% over the forecast period 2024-2032.”
The cryogenic fuels market is currently recording rapid change dynamics, essentially driven by the advancement of space exploration and, correspondingly, the evolution of energy storage solutions in search of efficiency. The growth in the cryogenic fuels market is dominated by the aerospace sector, in which cryogenic fuels are in high demand for rocket propulsion. This, for example, underlines the critical importance NASA has in coming up with low-leakage cryogenic disconnects for fuel transfer and long-term storage. These help in increasing the efficiency of fuel transfer systems besides enhancing general safety and reliability in space missions. With the increasing emphasis on sustainable and efficient energy storage, greater attention is being paid to cryogenic fuels. Such cryogenic fuels include liquid hydrogen and liquid oxygen, which are integral to developing technologies that support longer-term energy storage and efficient ways of using energy. This becomes especially relevant in times when the world is shifting toward greener energy solutions and looking for ways to reduce carbon footprints.
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Key Players
- Air Liquide (Cryocap, Nexelia)
- Air Products & Chemicals (Liquefied Natural Gas (LNG) Equipment, Hydrogen Liquefaction Systems)
- Air Water, Inc. (Cryogenic Storage Tanks, Liquid Hydrogen)
- Chart Industries, Inc. (Brazed Aluminum Heat Exchangers, Cryogenic Storage Systems)
- Gulf Cryo (Liquid Nitrogen, Liquid Argon)
- Iwatani Corporation (Hydrogen Refueling Stations, Cryogenic Equipment)
- Linde Plc (Praxair Technology, Inc.) (LNG Solutions, Hydrogen Refueling Systems)
- Maine Oxy (Cryogenic Gases, Welding Gases)
- Messer Group GmbH (Cryogenic Supply Systems, Liquid Oxygen)
- Mitsubishi Chemical Holdings (Taiyo Nippon Sanso) (Hydrogen Generators, Cryogenic Pumps)
- Narco Inc. (Cryogenic Tanks, Liquid Oxygen)
- Nikkiso Co., Ltd. (Cryogenic Pumps, Vaporizers)
- SOL Group (Cryogenic Tanks, Liquid Nitrogen)
- Shell Global (LNG, Hydrogen Fuel)
- TechnipFMC (LNG Liquefaction Plants, Cryogenic Equipment)
- The Hydrogen Company (Electrolyzers, Hydrogen Storage Systems)
- TNSC (Taiyo Nippon Sanso) (Hydrogen Refueling Stations, Cryogenic Storage Systems)
- TotalEnergies (LNG, Hydrogen Solutions)
- WestAir Gases & Equipment, Inc. (Cryogenic Liquids, Industrial Gases)
- Woodside Energy (LNG, Hydrogen Solutions)
Moreover, research on cryogenic propulsion technologies is being intensified. This is evidenced by recent outreach between academic institutions and industry leaders in terms of the development of cryogenic propulsion technologies that are intended to be used for future space missions. Relevant examples include collaboration between Cal Poly and Boeing which will attempt to advance cryogenic propulsion technologies for future space missions. The cooperation therefore underlines an increased focus on exploring new technologies for space missions and the role that can be played by cryogenic fuel therein.
Segment Analysis
Liquid Hydrogen dominated and accounted for the largest market share of around 40% in the cryogenic fuels market in 2023. The main factors driving the dominance of liquid hydrogen are its crucial uses in space exploration and rocket propulsion. For instance, liquid hydrogen is used in NASA's Space Launch System and various commercial space missions due to its high energy content and efficiency in rocket engines. It is further supported by the developments in hydrogen fuel technologies and increasing investments in alternative energy solutions. Considering the major uses in aerospace and renewable energy industries, liquid hydrogen has emerged as the leader in the market.
Key Segments:
By Type
- Liquid Nitrogen
- Liquid Air
- Liquid Helium
- Liquid Neon
- Liquid Hydrogen
- Liquefied Natural Gas (LNG)
By Application
- Aerospace & Space Exploration
- Power Generation
- Automotive
- Marine
- Others
By End Use Industry
- Energy & Power
- Aerospace & Defense
- Transportation
- Healthcare
- Others
Trend Analysis: Cryogenic Fuels Market
The cryogenic fuels market records remarkable trends based on increasing demand for efficient energy solutions, attained with the support of technological advancements. Some key trends in this market include the increased adoption of advanced cryogenic storage systems that enhance the stability and efficiency of fuel handling. Also, new prospects are arising for cryogenic propulsion systems, semi-cryogenic engines, and 3D printing of components, which reflect a broader shift toward the integration of advanced manufacturing technologies. Besides, there is increased attention to cryogenic fuels as part of renewable systems due to their energy density and potential to support greener technologies. These trends reflect the growth of more sophisticated and sustainable solutions the market is undertaking to meet global goals for energy efficiency and reduced environmental impact.
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SNS View: Cryogenic Fuels Market
The cryogenic fuels market moves with the advancement of the aerospace and energy industries and, therefore, will continue to grow. It can be assumed that the demand for efficient and sustainable energy storage solutions will drive this market. The development of cryogenic propulsion and new storage technologies are some of the forward-looking expectations to determine the future of the industry. While there are still some challenges in the market concerning fuel stability and storage issues, most of these problems are likely to be addressed by the upcoming technology, which will provide even more opportunities.
Regional Analysis
North America dominated and accounted for a revenue share of about 48% in the cryogenic fuels market in 2023, with the United States being the top contributor. There is also an increasing preference for natural gas as a cleaner alternative to traditional fuels. The shale gas boom in the US rendered natural gas economical and popular in power generation and transportation. North America also constitutes some key players for cryogenic fuels: Air Products and Chemicals, Linde plc, and Chart Industries. These companies are well-established with big investments in research and development of newer technologies that could allow these companies to go further up the value chain. Geographically, the North American region leads the cryogenic fuels market, wherein the US represents the largest share, while Canada represents growth at the fastest rate.
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Recent Developments
April 2023: Linde agreed with Evonik, the leading global specialty chemicals company, on a green hydrogen supply agreement in Singapore. Under the respective contract, Linde committed to designing, building, owning, and operating Singapore's first nine-megawatt alkaline electrolyzer located on Jurong Island. The facility will be used to produce green hydrogen, which Evonik will use as an ingredient for methionine essential additive for animal feed.
March 2023: Air Products and Chemicals, Inc. partnered with Shaanxi LNG Reserves & Logistics Company, announcing an agreement to supply proprietary liquefied natural gas (LNG) process technology and equipment to Technip Energies for Xi'An LNG Emergency Reserve & Peak Regulation Project in ShaanXi Province, China.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Cryogenic Fuels Market Segmentation, by Type
8. Cryogenic Fuels Market Segmentation, by Application
9. Cryogenic Fuels Market Segmentation, by End-Use Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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