Cryogenic Equipment Market Overview: Market Size, Drivers And Trends
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
Asia-Pacific held the largest cryogenic equipment market share.
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%.
Major Driver In The Cryogenic Equipment Market – Increase In Demand For Liquified Natural Gas
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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Key Cryogenic Equipment Market Segments
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
Recent Cryogenic Equipment Market Trend – Technological Advancement
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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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.
Cryogenic equipment is used to create compounds at extremely low temperatures. Cryogenic equipment is used in liquefied gas storage and transportation, food preservation, cryosurgery, superconducting electromagnets, and other applications.
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