What is the Growth Potential of the Cryogenic Equipment Market, and How Will It Perform by 2034?
The market for cryogenic equipment has witnessed robust expansion in the past few years. The market, which stood at $21.14 billion in 2024, is projected to ascend to $22.91 billion in 2025, recording a compound annual growth rate (CAGR) of 8.4%. The surge in the preceding period is credited to the rise in demand for industrial gas, amplified necessity for energy storage and distribution, healthcare and medical applications, space exploration, and energy efficiency.

In the coming few years, it is anticipated that the cryogenic equipment market will experience robust growth, with projections estimating a value of $33.13 billion by 2029, at a compound annual growth rate (CAGR) of 9.7%. This growth over the forecast period can be linked to an increasing demand in sectors such as electronics manufacturing, the food and beverage industry, as well as in the aerospace and defense sectors. Furthermore, there is a rising demand for renewable energy storage and an emphasis on environmental sustainability. Key trends likely to be seen within this period include the advancement of the hydrogen economy, breakthroughs in biotechnology and medicine, the use of cryogenic cooling systems in the semiconductor manufacturing process, the utilization of cryogenic systems in food preservation and freezing, along with cryopreservation and stem cell banking.

What Combination of Drivers Is Leading to Accelerated Growth in the cryogenic equipment Market?
It is anticipated that the surge in demand for liquified natural gas (LNG) will fuel the growth of the cryogenic equipment market. LNG, cooled to a liquid state at -260 degrees Fahrenheit, is a natural gas utilized for everyday activities like cooking, power generation, home heating, fertilizer manufacture, among others. This surge in LNG demand is propelled by escalating demand from residential and industrial sectors, along with the ongoing transition from coal to natural gas for electricity production. Cryogenic apparatuses, including storage tanks, vaporizers, and containers, are employed for the transportation of LNG from one location to another. EIN presswire, a press release distribution firm based in the United States, projects that the worldwide cryogenic equipment market, valued at $19.9 billion in 2022, will soar to $39 billion by 2032 at an annual growth rate of 7%. This growth is due to the rise in natural gas consumption, demand for green energy technologies, and increased usage of cryogenic equipment across varied industries such as aerospace, automotive, and healthcare, notwithstanding the challenges of high costs and safety issues.

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Who Are the Major Companies Shaping the Competitive Landscape of the Cryogenic Equipment Market?
Major companies operating in the cryogenic equipment market include:
• Air Liquide S.A.

• Beijing Tianhai Industry Co. Ltd.

• Chart Industries Inc.

• Emerson Electric Co.

• Flowserve Corporation

What Are the Key Emerging Trends in the Cryogenic Equipment Market for the Next Decade?
The cryogenic equipment market has been greatly influenced by the trend of technological innovation. Cryogenic equipment manufacturers are focusing on the creation of advanced technologies in order to deliver superior products to their customers. An example of this would be the Cryo Store Pico, launched by US-based biotech firm Azenta in February 2023. This technology caters mainly to the long-term maintenance and viability of precious biological samples stored at -190°C. Thanks to the automated storage and retrieval processes of The Cryo Store Pico, the risk of human error is minimized, leading to optimal productivity.

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What Major Market Segments Define the Scope and Growth of the Cryogenic Equipment Market?
The cryogenic equipment market covered in this report is segmented –

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

Subsegments:
1) By Tanks: Vertical Tanks, Horizontal Tanks, Cryogenic Storage Tanks
2) By Valves: Cryogenic Globe Valves, Cryogenic Gate Valves, Cryogenic Check Valves, Cryogenic Ball Valves
3) By Vaporizers: Ambient Vaporizers, Heated Vaporizers, Steam Vaporizers
4) By Pumps: Cryogenic Centrifugal Pumps, Cryogenic Positive Displacement Pumps, Submersible Cryogenic Pumps
5) By Other Equipment: Transfer Hoses, Safety Equipment, Pressure Regulators, Insulation Materials

Which Regions Are Making a Mark in the Cryogenic Equipment Market Growth?
Asia-Pacific was the largest region in the cryogenic equipment market in 2024. The regions covered in the cryogenic equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

What Does the Definition of the Cryogenic Equipment Market Include?
Cryogenic equipment is equipment used for producing substances at very low temperatures. Cryogenic equipment is used in the storage and transportation of liquefied gases, the preservation of food, cryosurgery, superconducting electromagnets, and others.

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