According to the report published by Allied Market Research, the global cryogenic fuels market generated $105.6 billion in 2020, and is expected to garner $188.7 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Demand for cryogenic fuels has witnessed tremendous growth driven by increasing penetration in industries such as energy, manufacturing, aerospace, biomedical & healthcare, and chemical. All industry players are investing heavily to find new commercial avenues for their product segments via strategic production and business expansion. Some of the major factors that drive the demand for cryogenic fuels include growing usage of cryogenic fuels in the development of carbon capture technologies, increasing number of M&A activities in the industrial gases industry, and the development of the rapid surface chilling process for the food industry. However, high initial investment for setting up cryogenic plant for large-scale production of cryogenic fuel is expected to hamper the growth of the cryogenic fuels market during the forecast period. Furthermore, rise in space and satellite missions bring opportunities for cryogenic fuel is expected to provide growth opportunities for the cryogenic fuels market during the forecast period.
Download Report Sample (314 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/2977
The report offers detailed segmentation of the global cryogenic fuel market based on type, end-use industry, and region.
Based on type, the liquid air segment contributed to the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the liquid hydrogen segment is projected to manifest the largest CAGR of 6.6% from 2021 to 2030.
Based on end-use industry, the manufacturing segment accounted for the highest share in 2020, contributing to more than half of the global cryogenic fuels market, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the fastest CAGR of 6.5% from 2021 to 2030. The research also analyzes the segments including energy, aerospace, biomedical & healthcare, chemical, and others.
Request a Discount Before Purchasing Report @ https://www.alliedmarketresearch.com/purchase-enquiry/2977
Based on region, Asia-Pacific contributed to the largest share in 2020, holding for nearly two-fifths of the total share, and is projected to continue its dominant share by 2030. Moreover, this region is projected to portray the highest CAGR of 6.6% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
The major players studied and profiled in the global cryogenic fuels market are Air Liquide, Air Products & Chemicals, Air Water, Inc., Gulf Cryo, Maine Oxy, Messer Group GmbH, Mitsubishi Chemical Holdings (Taiyo Nippon Sanso), Narco Inc., Linde Plc (Praxair Technology, Inc.), and SOL Group.
Get detailed COVID-19 impact analysis on the Cryogenic Fuels Market
https://www.alliedmarketresearch.com/request-for-customization/2977?reqfor=covid
COVID-19 analysis:
- According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of cryogenic fuels.
- According to the United Nations Industrial Development Organization (UNIDO), the Micro, Small & Medium Enterprises (MSME) sector across developing economies, such as India, has been worst affected due to the COVID-19 outbreak and the lockdown imposed thereafter. This is expected to decline the demand for cryogenic fuels from various end-use industries such as building & construction, automotive, chemicals, and aerospace. In addition, in the second half of 2020, some countries started to lift restrictions and gradually start business operations in various sectors. Even with the gradual lifting of the lockdown, it is expected to be challenging for the manufacturing sector to get back to normal working conditions. This is expected to subsequently affect the cryogenic fuels market growth in the coming years.
- According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various manufacturing industries, such as automotive, steel, and electrical & electronics, have migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This non-availability or less availability of workforce is expected to directly affect production activities of these industries, thereby resulting in decline in demand for cryogenic fuels. This is expected to decline growth of the market during the forecast period.
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975