Cryogenic Vaporizer Market - By Product (Ambient Air Heated Vaporizer, Steam Heated Vaporizer), By Cryogen Type (Nitrogen, Oxygen, Natural Gas, Argon), By End-User (Power, Chemical, Mettallurgy, Healthcare, Shipping, Agriculture), & Forecast, 2023 – 2032

Cryogenic Vaporizer Market - By Product (Ambient Air Heated Vaporizer, Steam Heated Vaporizer), By Cryogen Type (Nitrogen, Oxygen, Natural Gas, Argon), By End-User (Power, Chemical, Mettallurgy, Healthcare, Shipping, Agriculture), & Forecast, 2023 – 2032

Cryogenic Vaporizer Market Size

Cryogenic Vaporizer Market size valued at USD 4.8 billion in 2022 and is projected to expand at a 5.1% CAGR from 2023 to 2032. The growing demand for LNG as a clean and efficient fuel source for power generation, transportation, and industrial application will stimulate the industry landscape. Ongoing government mandates and effective policies toward the cleaner energy source along with rising investment in efficient LNG infrastructure across the key geographies will energize the business expansion.

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Increasing investment in liquefaction plants, regasification terminals, and storage facilities by the several private and public entities will augment the cryogenic vaporizer market revenue. Growing industrial application including food & beverage production, pharmaceutical manufacturing, petrochemical processing, and metal fabrication will positively influence the penetration of these vaporizers. Moreover, the growth of these industries and the increasing demand for cryogenic gases in their processes contribute to the demand for vaporizers. Ongoing technological advancement in cryogenic vaporization technique comprising of more efficient heat transfer materials and methods will drive industry growth.

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COVID-19 Impact

The pandemic has caused disruptions in global supply chains, including the availability of raw materials and components for cryogenic vaporizers. Lockdown measures, travel restrictions, and temporary closures of manufacturing facilities have led to delays in production and supply chain disruptions, affecting the availability of vaporizers. The global economic slowdown caused by the pandemic has led to a temporary slowdown in industrial activity in various sectors. This has impacted the demand for cryogenic gases and, subsequently, the demand for cryogenic vaporizers used in industrial applications.

Many projects related to the expansion of LNG infrastructure including the construction of liquefaction plants and regasification terminals have faced delays due to the pandemic. Uncertainty in the business environment and financial constraints have led to the postponement or cancellation of some investment plans, affecting the demand for cryogenic vaporizers.

Cryogenic Vaporizer Market Trends

The cryogenic vaporizer industry has witnessed significant growth on account of increasing environmental concerns and stringent regulation toward adoption of energy efficient and sustainable solutions. The cryogenic vaporizers minimize energy consumption and reduce greenhouse gas emissions, which in turn will gain appreciable momentum in forthcoming years. Paradigm shift toward expansion of industrial sectors in emerging economies together with increasing energy efficiency concern and growing demand for LNG as a marine fuel will foster the business outlook.

Cryogenic Vaporizer Market Analysis

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The ambient air heated vaporizer industry accounted for over USD 2 billion in 2022 and is set to attain gains at nearly 5% through 2032. Increasing demand for natural gas particularly in industrial and energy sectors will boost positively influence cryogenic vaporizer market development. Ambient air heated vaporizers are utilized in the storage and transportation of liquefied natural gas (LNG) by converting it from a liquid state to a gaseous state for use in various applications. Growing expansion of LNG infrastructure and development of efficient handling and distribution of LNG will create industry growth. In addition, the global shift towards cleaner and more sustainable energy sources coupled with ongoing advancements in vaporization technology will complement the business landscape.

The natural gas market is anticipated to grow at a CAGR of 4.5% through 2032. The positive outlook toward natural gas consumption combined with growing advancements in vaporizer technology will augment the market demand. Increasing availability and supply of natural gas in line with extraction and discovery of shale gas reserves have significantly propelled the favorable business scenario. Ongoing government efforts pertaining to reduce greenhouse gas emissions in conjunction with supporting the growth of natural gas in global energy mix will positively sway the cryogenic vaporizer market landscape. Similarly, stringent environmental regulations and emission reduction targets imposed by governments worldwide are encouraging the adoption of cleaner energy sources.

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The oil & gas industry has gained appreciable growth owing to increase in demand for liquified natural gas and expanding LNG network primarily across the developing economies. Continuous advancements in cryogenic vaporizer technology including improvements in heat transfer efficiency, materials, and control systems will drive the cryogenic vaporizer industry growth. Additionally, these vaporizers are vital in processing and handling shale gas and its byproducts, facilitating the extraction, storage, and transportation of these resources, which will significantly strengthen its market share in oil & gas sector.

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Asia Pacific cryogenic vaporizer market size is anticipated to reach USD 2.6 billion in 2032. The region is observing significant industrial growth on account of growing demand for clean energy sources and need to diversify energy supplies. Increasing industrialization, urbanization, and population growth along with rising need fir LNG and other cryogenic gases will influence the business growth. Escalating investment by the several private and public players in LNG infrastructure including regasification facilities and import terminals will complement the deployment of these cryogenic vaporizers across the region. In addition, the respective regulatory authorities across the region are implementing initiatives and policies to promote clean and sustainable energy sources will energize the business outlook.

Cryogenic Vaporizer Market Share

The key industry players operating in cryogenic vaporizer market include

• Chart Industries
• Cryogas Equipment Pvt. Ltd.
• Nikkiso
• Super Cryogenic Systems Private Limited
• Linde plc
• Cryonorm
• Cryostar
• Cryotek
• Taylor-Wharton
• FIBA Technologies, Inc.
• Cryolor
• Acme Cryo
• Cryo-Tech Industrial Company Limited
• Bronswerk.

Cryogenic vaporizer industry news

• In January 2022, Cryonorm Systems BV in association with LIQVIS France SAS and LIQVIS GmbH have recently signed a contract for the construction of up to 16 additional skid-mounted LNG fueling stations. These stations will be installed in Germany and France in upcoming years by Cryonorm. However, the contract also known as MERCURY II, is an extension of the previous "MERCURY I" EPC Contract. This expansion contract reflects LIQVIS' strong growth ambitions by expanding their national network of LNG stations with an aim to meet the increasing demand for long-haul transportation. Furthermore, this contract has further complemented the cryogenic vaporizer at the LNG stations.

This cryogenic vaporizer market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments

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By Product

• Ambient Air Heated Vaporizer
• Steam Heated Vaporizer
• Others

By Cryogen Type

• Nitrogen
• Oxygen
• Natural Gas
• Argon
• Other Cryogens

By End-User

• O&G Industry
• Power
• Food & Beverage
• Chemical
• Rubber & Plastics
• Mettallurgy
• Healthcare
• Shipping
• Agriculture, Forestry & Fishing
• Other

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • UK
  • Germany
  • Italy
  • France
  • Spain
  • Russia
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Kuwait
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina