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How has the cryogenic equipment market size evolved in recent years?
The market size for cryogenic equipment has seen significant growth lately. The market assets, which were valued at $21.14 billion in 2024, are predicted to rise to $22.91 billion in 2025, boasting a compound annual growth rate (CAGR) of 8.4%. Various reasons contribute to this growth witnessed in the historic period, including greater demand for industrial gases, heightened energy storage and distribution needs, applications in healthcare and medicine, space exploration, and the requirement for energy efficiency.
What are the predictions for the cryogenic equipment market size in the coming years?
In the coming years, the market size of cryogenic equipment is projected to experience robust growth. It is anticipated to increase to $33.13 billion in 2029 with a compound annual growth rate (CAGR) of 9.7%. This growth during the projected period can be credited to an escalating demand in the realm of electronics manufacturing, food and beverage sector, augmented aerospace and defense needs, renewable energy storage, and commitment to environmental sustainability. The period also forecasts major trends such as the evolution of hydrogen economy, breakthroughs in biotechnology and medical sciences, utilization of cryogenic cooling approaches in semiconductor manufacturing, application of cryogenic system in food freezing and preservation, and the introduction of cryopreservation and stem cell banking.
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What key factors are fueling the growth of the cryogenic equipment market?
The cryogenic equipment market’s expansion is anticipated to be propelled by the growing demand for liquified natural gas (LNG). This natural gas is chilled to a liquid state at -260 degrees Fahrenheit and plays a significant role on a day-to-day basis, being used for activities like cooking, electricity generation, home heating, and fertilizer production, to name a few. The uptick in LNG demand can be attributed to increased consumption by domestic and industrial sectors and the ongoing transition from coal to natural gas as a power source. Cryogenic equipment, encompassing storage tanks, vaporizers, and containers, is utilized to facilitate the transportation of LNG from one location to another. According to EIN Presswire, a US-based press release distribution firm, the global cryogenic equipment market, which stood at $19.9 billion in 2022, is forecasted to climb to $39 billion by 2032, reflecting a 7% annual growth rate. The increase in natural gas consumption, demand for clean energy technology, and the mounting usage of cryogenic equipment in industries such as aerospace, automotive, and healthcare are key drivers of this growth, notwithstanding the high costs and safety issues involved.
How is the global cryogenic equipment market divided into key segments?
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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Who are the key firms paving the way for growth in the cryogenic equipment market?
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.
Which trends are expected to transform the cryogenic equipment market?
A significant development in the cryogenic equipment marketplace is technological innovation. Firms in this sector are funding the creation of newcomers to offer superior products to their clients. As an illustration, in February 2023, a bio-technology firm from the US – Azenta, introduced Cryo Store Pico. This tech is essentially designed for the long-lasting safeguarding and efficacy of invaluable bio-samples that are maintained at -190°C. With the engagement of automatic storage and retrieval processes by The Cryo Store Pico, the risk of errors by humans is diminished, thereby increasing efficiency.
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What regions are contributing significantly to the growth of 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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