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 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 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.

Cryogenic Equipment Market Driver
The cryogenic equipment market is likely to be driven by increased demand for liquified natural gas. Liquified natural gas is a natural gas that has been cooled to -260 degrees Fahrenheit and is utilised in a variety of daily activities such as cooking, generating electricity, heating homes, creating fertilisers and so on. The rising demand for LNG is being driven by an increase in demand from home and industrial customers, as well as the continued move from coal to natural gas for electricity generation. Cryogenic equipment, such as storage tanks, vaporizers, and containers, is used to move liquified natural gas from one location to another. According to the US Energy Information Administration, only four countries provided 49.2 billion cubic feet of LNG to the US in 2020. It accounts for around 2% of total US natural gas imports. Furthermore, the National Energy Administration China, a coordinating agency of the State Council of China, estimates that China’s total LNG receiving capacity in 2021 will be roughly 105.8 million mt/year, rising to 127 million mt/year in 2022. The rising need for LNG is likely to boost demand for cryogenic equipment, driving the market

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Prominent Cryogenic Equipment Market Trend
In the cryogenic equipment market, technological improvement has been a prominent trend. Companies that manufacture cryogenic equipment are investing in the development of new technologies in order to give better products to their clients. For example, Cytiva, a biopharma business based in the United States, developed and optimised the first liquid nitrogen-free cryogenic shipment system for the shipment of cellular therapies and cryopreserved apheresis in June 2020. Cryobiologists invented the VIA Capsule system, which comprises of a Stirling cryocooler that cools the shipper unit before shipment and allows extended temporary cryogenic storage when connected to a power supply. When disconnected from its power supply, its internal thermal core provides five days of passive standby, with an LCD interface displaying the time left at cryogenic temperature and the shipment’s current temperature. The device also features a smart monitor that automatically uploads temperature, condition, and location data in real-time to a dashboard in the Chronicle software platform.

Cryogenic Equipment Market Prominent Players
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.

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Key Cryogenic Equipment Market Segments
The global cryogenic equipment market 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

The Cryogenic Equipment Global Market Report 2023  provides a comprehensive overview on the cryogenic equipment market size, trends and drivers, opportunities, strategies, and companies 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.

View More Related Reports –
Cryogenic Pump Global Market Report 2023
Cryogenic Insulation Global Market Report 2023
Cryogenic Tanks Global Market Report 2023

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