The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s cryogenic equipment market report forecasts the cryogenic equipment market size to grow to $19.19 Billion by 2027, with a CAGR (compound annual growth rate) of almost 8%.

Learn More On The Cryogenic Equipment Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cryogenic-equipment-global-market-report

Cryogenic Equipment Market Size Forecast
The global cryogenic equipment market is expected to grow from $13.08 billion in 2022 to $14.14 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cryogenic equipment market size is expected to grow to $19.19 billion in 2027 at a CAGR of 7.9%.

Asia-Pacific held the largest cryogenic equipment market share.

Key Cryogenic Equipment Market Driver ­– Increase In Demand For Liquified Natural Gas
According to the EIA, the U.S. energy information administration, only four nations supplied the US with 49.2 billion cubic feet of LNG in 2020. It accounts for around 2% of total natural gas imports into the United States. Furthermore, according to the National Energy Administration China, a coordinating agency of the State Council of China, China’s total LNG receiving capacity in 2021 is nearly 105.8 million mt/year and is expected to receive 127 million mt/year in 2022. The increasing demand for LNG is expected to increase the demand for cryogenic equipment and hence drive the market.

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Key Cryogenic Equipment Market Trend – Technological Advancement
Companies in cryogenic equipment are investing in developing new technologies to provide enhanced products to their customers. For instance, in June 2020, Cytiva, a US-based biopharma company, developed and optimized the first liquid nitrogen-free cryogenic shipment technology for the shipment of cellular treatments and cryopreserved apheresis. The VIA Capsule system, designed by cryobiologists, consists of a Stirling cryocooler that cools the shipper unit before shipment and provides extended temporary cryogenic storage when attached to a power supply. When detached from its power supply, its internal thermal core provides five days of passive standby, with an LCD interface displaying the time remaining at cryogenic temperature and the current temperature of the shipment. The device also includes a smart monitor that automatically uploads temperature, condition, and location data to a dashboard in the Chronicle software platform in real-time.

Cryogenic Equipment Market Segment
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

Cryogenic Equipment Market Major Players and Strategies
Major players in the cryogenic equipment market are Air Liquide, Beijing Tianhai Industry Co.Ltd., Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Herose GmbH, INOXCVA, Linde plc, Taylor Wharton, VRV S.p.A., Wessington Cryogenics, ACME Cryogenics, Graham Partners, Honeywell International Inc., McDermott International Inc., Nikkiso Cryo Inc., and Sumitomo Heavy Industries Ltd.

In February 2021, Chart Industries, Inc., a US-based manufacturer of highly engineered equipment servicing multiple applications in the clean energy and industrial gas markets acquired Cryogenic Gas Technologies for $55 million in cash. Through this acquisition, Chart and Cryo Technologies will provide a one-stop shop for customers that wish to liquefy and sell hydrogen, independent of plant capacity, but need an experienced and dependable liquefaction and storage equipment and process supplier. They will bring together technology and fabrication capabilities in super insulation, vacuum systems, and helium leak detection, all of which are critical for producing the finest quality and most efficient hydrogen and helium liquefaction systems. Cryogenic Gas Technologies is a US-based provider of custom-engineered process systems to separate, purify, refrigerate, liquefy and distribute high-value industrial gases such as hydrogen, helium, argon, and hydrocarbons with design skills for cold boxes for hydrogen and helium consumption at a global level.

The Cryogenic Equipment Global Market Report 2023 covers regional data on cryogenic equipment market size, cryogenic equipment market trends and drivers, opportunities, strategies, and cryogenic equipment market competitor analysis. The countries covered in the cryogenic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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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