LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global cryogenic fuels market report. This research report also lists eight other prominent vendors that are expected to impact the market during the forecast period.
The demand for cryogenic fuels has increased considerably around the world due to the rise in the application of cryogenic technology in various industries. The increased use of the cryogenic process is mainly attributed to its ability to transport fuel in higher volume at low temperature to long distances.
Competitive vendor landscape
The global cryogenic fuels market is a highly competitive market with major vendors competing on the basis of price, quality, and market presence. The global cryogenic fuel market is slightly declining due to the low prices of oil and gas and steel commodity in the global market.
“The presence of well diversified international and regional vendors characterizes the global cryogenic fuel market. In developed and developing countries, many regional vendors are more prominent, thus increasing the competition,” says Thanikachalam Chandrasekaran, a lead oil and gas research analyst from Technavio.
To increase market share and enhance their geographical presence, vendors are indulging in M&A activities. The companies are adopting acquisitions and partnerships as key strategies along with effective product launches.
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Top five cryogenic fuels market vendors
Air Liquide is engaged in providing gas services to large industries, including healthcare, electronics, engineering, and construction. The company also acts as an industrial merchant and offers its services in welding, diving, and in the global market and technologies segment.
Air Products and Chemicals
In the industrial gases business segment, Air Products and Chemicals provides atmospheric gases such as oxygen, argon, nitrogen, and rare gases. In the process gases segment, it provides gases such as hydrogen, CO₂, helium, syngas, carbon monoxide, and specialty gases.
In the industrial gas business, AIR WATER provides industrial gases such as oxygen, nitrogen, and argon. It provides these gases through tank trucks and supply cylinders, compact liquid nitrogen/oxygen co-production plants, large-scale on-site supply, small- to medium-scale on-site supply, industrial equipment, engineering works, electronics, information electronics materials, and BELLPEARL.
Messer Group provides industrial, medical, and specialty gases. The company is engaged in the production of industrial gases such as oxygen, argon, nitrogen, hydrogen, CO₂, helium, and shielding gases for welding, medical gases, specialty gases, and a wide variety of mixed gases.
The primary products of Praxair Technology include industrial gases extracted from atmospheric gases such as oxygen, nitrogen, argon, and rare gases, and process gases such as CO₂, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company is also involved in the designing, engineering, and building of equipment used for the production of industrial gases.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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