How Has The Cryogenic Equipment Market Size Evolved Historically?
The cryogenic equipment market has seen considerable growth due to a variety of factors.
• Over recent years, there has been significant growth in the size of the cryogenic equipment market. It is projected to expand from a size of $21.14 billion in 2024 to $22.91 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.4%.
Factors such as the growing demand for industrial gas, the increasing need for energy storage and distribution, medical and healthcare applications, space exploration initiatives, and energy efficiency drive have contributed to the growth observed in the historical period.
What Will Be The Cryogenic Equipment Market Size In The Future?
The cryogenic equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Significant expansion is forecasted for the cryogenic equipment market in the coming years, with its size predicted to reach $33.13 billion in 2029, growing at a compound annual growth rate (CAGR) of 9.7%.
The anticipated growth during this period can be linked to the increased demand in areas such as electronics manufacturing, food and beverage industry, and expanding aerospace and defense requirements, as well as renewable energy storage and environmental sustainability. Key trends in the forecast period encompass the evolution of a hydrogen economy and advancements in biotechnology and medical fields, the adoption of cryogenic cooling solutions in semiconductor manufacturing, the use of this technology for food freezing and preservation, and applications in cryopreservation and stem cell banking.
What Are The Primary Growth Drivers In The Cryogenic Equipment Market?
The surge in the requirement for liquified natural gas is predicted to propel the cryogenic equipment market. The said gas, reduced to a liquid state at -260 degrees Fahrenheit, is utilized in various everyday tasks, including cooking, electricity generation, domestic heating, and fertilizer production among others. The escalating demand for LNG is spurred on by an increased demand from residential and industrial consumers and a sustained shift from coal to natural gas for electricity creation. Cryogenic apparatus is vital for transporting this liquefied natural gas via storage tanks, vaporizers, and containers. As per EIN presswire, an American press release distribution firm, the worldwide cryogenic equipment market, estimated at $19.9 billion in 2022, is expected to hit $39 billion by 2032, exhibiting a 7% compound annual growth rate. This expansion is propelled by increased consumption of natural gas, the need for clean energy technology, and a growing utilization of cryogenic equipment in sectors such as aerospace, automotive, and healthcare - despite hurdles like high expenses and safety issues.
What Is The Segmentation Of The Global Cryogenic Equipment Market?
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 Emerging Trends Are Shaping The Cryogenic Equipment Market Landscape?
One of the key trends in the cryogenic equipment market is the progression of technology. Cryogenic equipment companies are injecting funds into the creation of new technologies to offer superior products to their clients. For example, Azenta, a biotechnology firm from the US, introduced Cryo Store Pico in February 2023. This technology is geared mainly towards maintaining the longevity and viability of high-value biological samples at a storage temperature of -190°C. The Cryo Store Pico offers automated sample storage and retrieval, thereby minimizing the risk of human error and augmenting productivity.
Who Are the Key Players 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.
What are the Regional Insights into 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.
