Global Cryogenic Vaporizer Market Set For 6.5% Growth, Reaching $6.37 Billion By 2028

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The cryogenic vaporizer market has seen a notable surge in recent years, scaling from $4.66 billion in 2023 to an expected figure of $4.96 billion in 2024. This points to a compound annual growth rate CAGR of 6.3%. Developments in the medical and healthcare sector, regulations aimed at reducing emissions, widespread adoption of hydrogen, increasing demand for high-purity gases, and a rise in the use of nitrogen have been key contributors to this notable growth.

What’s the Future Trend for the Cryogenic Vaporizer Market Size?

Set to maintain its strong growth trajectory, the cryogenic vaporizer market is on track to reach $6.37 billion by 2028, pegging a compound annual growth rate CAGR of 6.5%. Factors fuelling this growth comprise burgeoning food and beverage preservation, expansion of the petrochemical sector, rising investments in cold chain logistics, heightened focus on renewable energy integration, and growth in hydrogen liquefaction plants. Trends to watch for include carbon capture and storage technologies, innovations in cryogenic vaporization systems, cryogenic air separation plants, lightweight cryogenic vaporizers, and the incorporation of Internet of Things IoT and automation.

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What’s Driving the Growth of the Cryogenic Vaporizer Market?

An anticipated growth catalyst for the cryogenic vaporizer market comes in the form of rising millennial travelers. These travelers, born approximately between 1981 and 1996, are part of the Millennial generation or Generation Y. These individuals, typically in their mid-20s to early 40s, prioritize experiences over material possessions. They seek immersive, authentic, and adventure-filled travel experiences like cultural exploration, outdoor activities, and unique local experiences. With customized travel tailoring experiences to their preferences and interests, it offers millennials convenience and satisfaction, in line with their values and lifestyle choices. This phenomenon was further highlighted when American Express, in 2023, revealed that 72% of Millennial and Gen-Z respondents would prefer spending on a holiday with friends or family, over gift-giving, thus fueling the growth of the customized travel market.

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Key players in the cryogenic vaporizer market are intensifying their strategic investments to improve innovative cryogenic vaporizer products production. Such strategic investments lend a helping hand to the cryogenic vaporizer market by boosting funding for research and development, enabling manufacturers to create more efficient and high-capacity vaporizers. As an example, in December 2022, American Gas Products Inc., a US-based helium distributor, chose to invest in FinnCo vaporizers to improve their operational capabilities in cryogenic vaporization, meeting an ever-increasing customer demand.

Examining the Market Through the Lens of Segmentation

The cryogenic vaporizer market has been segmented to offer a comprehensive overview:

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
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