Global Cryogenic Vaporizer Growth Rate 2025, Forecast To 2034
19 Mar, 2025
How Has the Cryogenic Vaporizer Market Size Evolved in Recent Years?
The cryogenic vaporizer market has seen considerable growth due to a variety of factors.
• The market for cryogenic vaporizers has seen a significant increase in size over the past few years. Its growth is expected to continue, rising from $4.96 billion in 2024 to $5.29 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.6%.
The expansion observed in the past can be linked to factors like development in the health and medical sector, government policies for reduced emissions, a rise in the adoption of hydrogen, an increased demand for high-purity gases, and growing use of nitrogen.
What Is The Forecast For The Cryogenic Vaporizer Market Size?
The cryogenic vaporizer market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the cryogenic vaporizer market to experience significant expansion in the coming years. It is projected to reach a value of $6.77 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 6.4%.
The predicted rise during the forecast period is due to several factors, including increased requirements for food and drink preservation, the enlargement of the petrochemical sector, substantial investments in cold chain logistics, a growing emphasis on integrating renewable energy sources, and the proliferation of hydrogen liquefaction plants. Key trends for the forecast period encompass carbon capture and storage technologies, advancements in cryogenic vaporization systems, cryogenic air separation plants, the development of lightweight cryogenic vaporizers, and the inclusion of IoT and automation.
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What Are The Essential Drivers Behind The Growth Of The Cryogenic Vaporizer Market?
The surge in natural gas consumption is anticipated to boost the expansion of the cryogenic vaporizer market. Natural gas, predominantly composed of methane, serves as a valuable energy source for heating, generating electricity, and fuelling vehicles. Its demand is primarily driven by its lower carbon emissions, compared to coal and oil, establishing it as a cleaner alternative for power production and industrial applications. A cryogenic vaporizer is integral to the natural gas process as it efficiently transitions LNG from its liquid state into a gas, preparing it for immediate use across various applications. For example, in June 2024, data from the Energy Information Administration, a US governmental body, stated that natural gas usage in the United States was estimated at 2,428 Bcf or 80.9 Bcf/d, marking a 2.8% surge from June 2023's 78.8 Bcf/d. Hence, the rising demand for natural gas propels the cryogenic vaporizer market's growth.
How Is The Global Cryogenic Vaporizer Market Divided Into Key Segments?
The cryogenic vaporizermarket covered in this report is segmented –
1) By Product: Ambient Air Heated Vaporizer, Steam Heated Vaporizer, Other Products
2) By Cryogen Type: Nitrogen, Oxygen, Natural Gas, Argon, Other Cryogen Types
3) By End-User: Oil And Gas Industry, Power, Food And Beverage, Chemical, Rubber And Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Other End-Users
Subsegments:
1) By Ambient Air Heated Vaporizer: Natural Draft Ambient Vaporizer, Forced Draft Ambient Vaporizer
2) By Steam Heated Vaporizer: Low-Pressure Steam Heated Vaporizer, High-Pressure Steam Heated Vaporizer
3) By Other Products: Water Bath Vaporizer, Electric Heated Vaporizer, Direct Fired Vaporizer
What Emerging Trends Are Influencing The Growth Of The Cryogenic Vaporizer Market?
Major corporations active in the cryogenic vaporizer market are prioritizing strategic investments to amplify the production of innovative cryogenic vaporizer offerings. The growth of the cryogenic vaporizer marketplace is bolstered by these strategic investments, which amplify funding for research and development, thereby empowering manufacturers to produce more efficient and larger capacity vaporizers. For example, in December 2022, American Gas Products Inc., a helium distributor based in the US, poured investment into FinnCo vaporizers, a company in the US which specializes in manufacturing cryogenic vaporizers, in an effort to boost their operational output in cryogenic vaporization. Through this financial commitment to FinnCo vaporizers, AGP aims to strengthen its helium supply capabilities and meets the escalating demand from customers.
Who Are the Key Players In The Cryogenic Vaporizer Market?
Major companies operating in the cryogenic vaporizer market are:
• Linde plc
• Kobe Steel Ltd.
• Chart Industries Inc.
• Nikkiso Co Ltd.
• OPW Clean Energy Solutions
• Cryostar
• Cryolor SA
• Taylor-Wharton Cryogenics LLC
• INOX India Pvt Ltd.
• FIBA Technologiesand Inc.
• Armstrong Engineering Associates Chemtec Pte Ltd.
• Isisan Energy Solutions Private Limited
• Cryeng Group Pty Ltd.
• CryoVation
• Cryonorm BV.Incryo Systems Pvt. Ltd.
• Cryogas Equipment Private Limited
• Super Cryogenic Systems Private Limited
• Iec Fabchem Limited
• GMS Interneer Co. Ltd.
• Kagla Vaportech Corporation
What Are The Regional Insights Into The Cryogenic Vaporizer Market?
Asia-Pacific was the largest region in the cryogenic vaporizer market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the cryogenic vaporizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.