The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Cryogenic Equipment Global Market Report 2024, the cryogenic equipment market is expected to show promising growth in the forecast period.

The cryogenic equipment market has experienced robust growth in recent years, showcasing a trajectory of continuous expansion. With a market size of $14.44 billion in 2023, the forecast predicts an increase to $15.85 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 9.7%. Looking ahead, the anticipated growth in the forecast period points to a market size of $22.48 billion in 2028 at a slightly reduced but still impressive CAGR of 9.1%. This blog explores the key factors propelling this growth, major trends influencing the industry, and the impact of rising demand for liquefied natural gas.

Driving Forces of Market Growth

1. Increased Industrial Gas Demand
   • Growing demand for industrial gases contributes to the expansion of the cryogenic equipment market.
   • Applications range from manufacturing processes to healthcare, highlighting the versatile use of cryogenic systems.
2. Need for Energy Storage and Distribution
   • Cryogenic equipment plays a crucial role in energy storage and distribution processes.
   • The efficiency and effectiveness of cryogenic systems make them indispensable in modern energy infrastructure.
3. Healthcare and Medical Applications
   • Cryogenic equipment is vital in healthcare for applications like cryopreservation and medical advances.
   • The ability to store biological samples at ultra-low temperatures ensures their viability for extended periods.
4. Space Exploration
   • The aerospace industry relies on cryogenic systems for various applications, including rocket propulsion.
   • Cryogenic technology is pivotal in ensuring the success of space exploration missions.
5. Energy Efficiency
   • Cryogenic processes contribute to enhanced energy efficiency across industries.
   • The focus on sustainable and eco-friendly solutions further drives the adoption of cryogenic equipment.

Expanding Horizons in the Forecast Period

1. Growing Need for Electronics Manufacturing
   • Increased demand for electronics fuels the need for cryogenic equipment in manufacturing processes.
   • Cryogenic cooling solutions play a crucial role in semiconductor manufacturing.
2. Aerospace and Defense Requirements
   • Rising demands in the aerospace and defense sector contribute significantly to market growth.
   • Cryogenic applications are essential for various aerospace and defense technologies.
3. Renewable Energy Storage
   • Cryogenic equipment becomes integral to renewable energy storage solutions.
   • The ability to store energy efficiently supports the growth of sustainable energy practices.
4. Environmental Sustainability
   • Increasing focus on environmental sustainability drives the adoption of cryogenic systems.
   • Cryogenic processes offer eco-friendly alternatives in various industries.

Major Trends Shaping the Market

1. Hydrogen Economy Development
   • The development of the hydrogen economy emerges as a prominent trend in the cryogenic equipment market.
   • Cryogenic systems play a pivotal role in the storage and transportation of hydrogen.
2. Biotechnology and Medical Advances
   • Cryogenic equipment becomes a cornerstone in biotechnology and medical advancements.
   • Cryopreservation and stem cell banking showcase the technological strides in the healthcare sector.
3. Cryogenic Cooling Solutions for Semiconductor Manufacturing
   • Technological advancements lead to the adoption of cryogenic cooling solutions in semiconductor manufacturing.
   • Enhanced efficiency and precision in manufacturing processes drive this trend.
4. Cryogenic Systems for Food Freezing and Preservation
   • The food and beverage industry increasingly relies on cryogenic systems for freezing and preservation.
   • Cryogenic solutions offer efficient and rapid freezing, ensuring food quality.

Impact of Liquefied Natural Gas (LNG) Demand

The surge in demand for liquefied natural gas (LNG) is a key driver for the cryogenic equipment market.

• LNG, cooled to -260 degrees Fahrenheit, is used in various applications, including cooking, electricity generation, and heating homes.
• Cryogenic equipment, such as storage tanks and vaporizers, facilitates the transport of LNG.
• Rising global demand, driven by domestic and industrial users, propels the need for cryogenic equipment.

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Technological Advancements and Strategic Acquisitions

1. Cutting-Edge Technologies in Cryo Store Pico
   • Azenta’s Cryo Store Pico, launched in February 2023, showcases advancements in cryogenic technology.
   • The technology optimizes productivity and minimizes human error in long-term sample preservation.
2. Chart Industries’ Acquisition of Cryogenic Gas Technologies
   • In February 2021, Chart Industries acquired Cryogenic Gas Technologies, bolstering its position in hydrogen liquefaction.
   • The acquisition emphasizes the importance of reliable liquefaction and storage equipment in the hydrogen market.

Market Segmentation

The cryogenic equipment market is segmented based on equipment, cryogen type, application, and end-user.

1. By Equipment
   • Tanks
   • Valves
   • Vaporizers
   • Pumps
   • Other Equipment
2. By Cryogen
   • Nitrogen
   • Argon
   • Oxygen
   • LNG
   • Hydrogen
   • Helium
   • Other Cryogens
3. By Application
   • Storage
   • Transportation
   • Processing
   • Other Applications
4. By End-User
   • Energy and Power
   • Chemicals
   • Metallurgy
   • Electronics
   • Shipping
   • Other End Users

Regional Dynamics

• Asia-Pacific emerged as the largest region in the cryogenic equipment market in 2023, showcasing the region’s dominance in this evolving industry.

Conclusion
The cryogenic equipment market is poised for substantial growth, driven by diverse applications across industries. From healthcare to energy storage, and from aerospace to semiconductor manufacturing, cryogenic systems continue to revolutionize various sectors. As technological advancements and environmental sustainability become focal points, the market is expected to witness further innovations, ensuring its pivotal role in the evolving landscape of modern industries.

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