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What Is the Forecast for the Cryogenic Equipment Market Growth in 2025?

There has been robust growth in the size of the cryogenic equipment market in the past few years. Expanding from $21.14 billion in 2024, it is set to reach $22.91 billion in 2025 at a compound annual growth rate (CAGR) of 8.4%. Various factors have been responsible for the growth recorded in the historical period including the surge in industrial gas needs, a heightened demand for energy storage and distribution, the utilization in healthcare and medical applications, space exploration endeavors, and a focus on energy efficiency.

What Is the Forecast for the Cryogenic Equipment Market Size Through 2029?

The market for cryogenic equipment is projected to exhibit robust growth in the upcoming years, hitting $33.13 billion by 2029, with an impressive compound annual growth rate (CAGR) of 9.7%. The propulsion in market growth during the prediction period comes from the escalating demand within the electronics manufacturing sector, food and beverage industry, the expanding needs of the aerospace and defense sectors, renewable energy storage, and environmental sustainability. The forecast period also sets the stage for major developments including the progression of the hydrogen economy, advancements in biotechnology and medicine, the application of cryogenic cooling solutions for semiconductor manufacturing, implementation of cryogenic systems in the preservation and freezing of food, as well as the advent of stem cell banking and cryopreservation.

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What are the Key Market Players in Cryogenic Equipment Market and How They’re Evolving?

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, Herose GmbH, Inoxca India Ltd., Linde plc, Taylor Wharton International LLC, Wessington Cryogenics Ltd., ACME Cryogenics Inc., Graham Partners Inc., Honeywell International Inc., McDermott International Inc., Nikkiso Cryo Inc., Sumitomo Heavy Industries Ltd., Parker Hannifin Corporation, SHI Cryogenics Group, Sulzer Ltd., PHPK Technologies, INOX India Pvt. Ltd., Fives SAS, Cryofab Inc., Shell-n-Tube Pvt. Ltd., Canadian Nuclear Laboratories, CCH Equipment Company, Chase Research Cryogenics Ltd., Clark Industries Inc.

What Are the Primary Growth Drivers in the Cryogenic Equipment Market?

The rise in demand for liquified natural gas is anticipated to fuel the growth of the cryogenic equipment market. Liquified natural gas, a natural gas cooled to a liquid state at -260 degrees Fahrenheit, is used in everyday activities such as cooking, generation of electricity, home heating, fertilizer production, and more. The demand surge for LNG is propelled by increased need from residential and industrial consumers, and the continued transition from coal to natural gas for electricity generation. Cryogenic equipment is employed for the transportation of liquified natural gas from one location to another through storage tanks, vaporizers, and containers. EIN presswire, a US-based company that distributes press releases, suggests that the global cryogenic equipment market, worth $19.9 billion in 2022, is predicted to reach $39 billion by 2032, growing at an annual rate of 7%. This growth is fueled by the rising consumption of natural gas, the need for clean energy technologies, and increased application of cryogenic equipment in industries such as aerospace, automotive, and healthcare, despite hurdles like high costs and safety issues.

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What Are the Leading Segments in the Global Cryogenic Equipment Industry?

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

What Are the Key Market Trends in the Cryogenic Equipment Industry?

A significant trend shaping the cryogenic equipment market is the progression of technology. Firms operating within this industry have been channeling resources towards the evolution of innovative technology, to deliver superior products for their clients. An illustration of this is the Cryo Store Pico, debuted by Azenta, an American biotech firm, in February 2023. This technology is specially designed for the long-term safekeeping and viability of high-value biological samples maintained at a temperature of -190°C. The Cryo Store Pico addresses the risk of human error and optimizes efficiency by providing automated sample storage and retrieval processes.

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What Is the Regional Outlook for the Cryogenic Equipment Market?

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.

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This Report Delivers Insight On:

1. How big is the cryogenic equipment market, and how is it changing globally?

2. Who are the major companies in the cryogenic equipment market, and how are they performing?

3. What are the key opportunities and risks in the cryogenic equipment market right now?

4. Which products or customer segments are growing the most in the cryogenic equipment market?

5. What factors are helping or slowing down the growth of the cryogenic equipment market?

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