How the Cryogenic Equipment Market Will Grow: Key Trends, Market Size, and Opportunities Beyond 2025
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Drivers Are Shaping the Growth and Development of theCryogenic Equipment Market?
Expectations are high that the upsurge in the requirement for liquified natural gas would stimulate the cryogenic equipment market. Liquified natural gas, cooled to a chilly -260 degrees Fahrenheit to achieve a liquid state, is routinely used in various applications, including cooking, power generation, home heating, and fertilizer production. This swell in LNG demand is as a response to heightened interest from household and industrial users and the consistent shift from utilizing coal to natural gas for electricity generation. Cryogenic devices, encompassing storage tanks, vaporizers, and containers, are utilized for the conveyance of liquified natural gas from one location to another. As reported by US-based EIN presswire press release distribution, it is anticipated that the value of the global cryogenic equipment market will surge from $19.9 billion in 2022 to reach $39 billion by 2032, representing an annual growth rate of 7%. Despite the challenges of high costs and safety, this growth is facilitated by increased natural gas usage, clean energy technology demand, and the escalating application of cryogenic equipment in sectors like aerospace, automotive, and healthcare.
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#What Growth Opportunities Will Drive the Cryogenic Equipment Market’s CAGR Through 2034?
In recent times, there has been a significant expansion in the cryogenic equipment market size. It’s projected to rise from $21.14 billion in 2024 to $22.91 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. The growth seen in the historical period can be linked to factors like a spike in industrial gas demand, a heightened requirement for energy storage and distribution, applications in healthcare and medicine, space exploration, and the need for energy efficiency.
The market size for cryogenic equipment is forecasted to experience substantial growth in the impending years, reaching $33.13 billion in 2029 with a compound annual growth rate (CAGR) of 9.7%. This projected growth during the forecast period is linked to the escalating needs in electronics production, food and beverage sector, burgeoning aerospace and defense demands, renewable energy storage, and concerns for environmental sustainability. The forecast period also suggests significant trends such as the evolution of the hydrogen economy, progress in biotechnology and medical fields, adoption of cryogenic cooling methods in semiconductor production, utilization of cryogenic systems for food storage and freezing, alongside cryopreservation and stem cell banking.
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Which Cutting-Edge Market Trends Are Expected to Drive theCryogenic Equipment Market’s Growth?
The surge in technological innovations has been a prime trend in the cryogenic equipment sector. Firms in this industry are channelizing their resources to pioneer new technologies that would deliver superior products to their clients. For instance, Azenta, a biotech firm based in the US, introduced Cryo Store Pico in February 2023. This technological advancement is designed majorly for the long-lasting safety and viability of valuable biological samples preserved at a temperature of -190°C. By incorporating automated sample storage and retrieval functions in The Cryo Store Pico, the risk of human error is minimized while maximizing efficiency.
What Are the Leading Market Players Impacting theCryogenic Equipment Market’s Growth Trend?
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.
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How Are the Key Segments of the Cryogenic Equipment Market Driving Opportunities and Innovations?
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
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What Regions Are At the Forefront of #What Drivers Are Shaping the Growth and Development of theCryogenic Equipment Market?# Market Expansion?
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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