Press release
Global Cryogenic Equipment Market Projected to Surpass $22.48 Billion by 2028 - Driven by Rising LNG Demand and Healthcare Sector Expansion
Global Cryogenic Equipment Market
The cryogenic equipment market has experienced robust growth, escalating from $14.44 billion in 2023 to an anticipated $15.85 billion in 2024, marking a Compound Annual Growth Rate (CAGR) of 9.7%. This upward trajectory is set to continue, reaching $22.48 billion by 2028, with a sustained CAGR of 9.1%.
Key Growth Drivers:
Rising Demand for Liquefied Natural Gas (LNG): The surge in liquefied natural gas demand is a primary driver for the cryogenic equipment market. The utilization of cryogenic equipment, including storage tanks, vaporizers, and containers, is crucial for transporting LNG efficiently. The global increase in LNG demand stems from domestic and industrial users, coupled with the ongoing transition from coal to natural gas for electricity generation.
Healthcare Sector Expansion: The cryogenic equipment market is significantly influenced by the burgeoning demand for liquefied natural gas (LNG), especially in the healthcare sector. Cryogenic equipment, including tanks, plays a pivotal role in storing and transporting LNG securely. Notably, LNG cargo shipments to Europe surged by 63% in 2022, as reported by the International Energy Agency (IEA), emphasizing the pivotal role of cryogenic equipment in facilitating LNG transportation.
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Major Players:
Key players shaping the cryogenic equipment market landscape include Air Liquide S.A., Beijing Tianhai Industry Co. Ltd., Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Linde PLC, and others. Their strategic contributions and advancements are instrumental in steering the market's growth.
Trends and Innovations:
Technological Advancements: The cryogenic equipment market is witnessing a prominent trend of technological advancements. Companies are investing in cutting-edge technologies to enhance product offerings. Azenta, for instance, introduced Cryo Store Pico, a technology designed for the long-term preservation of high-value biological samples at -190°C, minimizing the risk of human error and optimizing productivity.
Innovative Products: Companies are introducing innovative products to augment their market position. Cole-Parmer Instrument Company launched Cryo-Blade, an advanced cryogenic grinder designed for efficient sample processing in scientific and research applications. The Cryo-Blade combines cryogenic temperature control with effective grinding capabilities, providing a reliable and efficient solution for cryogenic sample preparation and processing.
Regional Dynamics and Market Segmentation:
Asia-Pacific emerged as the largest region in the cryogenic equipment market in 2023.
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
Access the Complete Report for In-Depth Analysis:
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Cryogenic Equipment Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Cryogenic Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cryogenic equipment market size, cryogenic equipment market drivers and trends, cryogenic equipment market major players, competitors' revenues, market positioning, and market growth across geographies. The cryogenic equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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