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What is the Expected Growth Rate of the Cryogenic Equipment Market from 2024 to 2033?

The cryogenic equipment market has expanded rapidly. It is expected to grow from $14.44 billion in 2023 to $15.85 billion in 2024, at a CAGR of 9.7%. The growth drivers include the rising demand for industrial gases, energy storage, healthcare applications, space exploration, and energy efficiency.

The cryogenic equipment market is expected to grow to $22.48 billion by 2028, at a CAGR of 9.1%. Growth drivers include electronics manufacturing, food and beverage, aerospace, renewable energy, and environmental sustainability. Trends include hydrogen economy, cryogenic cooling solutions, and cryopreservation advancements.

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What Key Factors Are Fueling the Growth of the Cryogenic Equipment Market?

The rising demand for liquefied natural gas (LNG) is expected to drive the growth of the cryogenic equipment market. LNG, used in various applications such as cooking, electricity generation, and heating, is transported using cryogenic equipment like storage tanks and vaporizers. The increased demand for LNG is driven by both domestic and industrial users, as well as the shift from coal to natural gas for electricity generation. According to the U.S. Energy Information Administration (EIA), LNG accounted for 2% of total natural gas imports in the U.S. in 2020. As demand for LNG grows, the cryogenic equipment market is expected to benefit.

What Are the Major Segments of the Cryogenic Equipment Market?

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

What New Trends Are Transforming the Cryogenic Equipment Market?

Advancements in cryogenic equipment are becoming more prominent. Companies in the cryogenic equipment market are investing in new technologies to provide superior products. In February 2023, Azenta, a US-based biotech company, introduced Cryo Store Pico, designed for the long-term preservation of biological samples at temperatures of -190°C. This technology optimizes productivity and reduces human error in sample storage and retrieval.

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Which Regions Are Driving Growth in the Cryogenic Equipment Market?

Asia-Pacific was the largest region in the cryogenic equipment market in 2023. The regions covered in the cryogenic equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Cryogenic Equipment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cryogenic equipment market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Cryogenic Equipment Market Include

1. Cryogenic Equipment Market Executive Summary

2. Cryogenic Equipment Market Segments

3. Cryogenic Equipment Market Size And Template Market Growth Rate

4. Key Cryogenic Equipment Market Trends

5. Major Cryogenic Equipment Market Drivers

……

25. Key Mergers And Acquisitions In The Cryogenic Equipment Market

26. Top Cryogenic Equipment Companies

27. Cryogenic Equipment Market Opportunities And Strategies

28. Cryogenic Equipment Market, Conclusions And Recommendations

29. Appendix

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The Business Research Company offers the cryogenic equipment market research report 2024 with industry size, share, segments and market growth

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