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Cryogenic Vaporizer Market Analysis
- Report ID: GMI5959
- Published Date: Jun 2023
- Report Format: PDF
Cryogenic Vaporizer Market Analysis
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.
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.
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
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Cryogenic Vaporizer Market Scope
