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Global Cryogenic Equipment Market 2024 : Trends, Business Growth And Major Driving Factors
Cryogenic Equipment Global Market Report 2024
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According to The Business Research Company's, The cryogenic equipment market size has grown strongly in recent years. It will grow from $14.44 billion in 2023 to $15.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increased industrial gas demand, increased need for energy storage and distribution, healthcare and medical applications, space exploration, and energy efficiency.
The cryogenic equipment market size is expected to see strong growth in the next few years. It will grow to $22.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to growing need for electronics manufacturing, food and beverage industry, increasing aerospace and defense needs, renewable energy storage, and environmental sustainability. Major trends in the forecast period include hydrogen economy development, biotechnology and medical advances, cryogenic cooling solutions for semiconductor manufacturing processes, use of cryogenic systems for food freezing and preservation, and cryopreservation and stem cell banking.
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Market Drivers and Trends:
The increase in demand for liquified natural gas is expected to drive the cryogenic equipment market. Liquified natural gas is a natural gas that is cooled to a liquid state at -260 degrees Fahrenheit and is used in various day-to-day activities such as cooking, generating electricity, heating homes, manufacturing fertilizers, and so on. The increased demand for LNG is driven by a rise in demand from domestic and industrial users and the continuing shift from coal to natural gas to generate electricity. Cryogenic equipment is used to transport liquified natural gas from one place to another in the form of storage tanks, vaporizers, and containers. According to the EIA, the U.S. energy information administration, only four nations supplied the US with 49.2 billion cubic feet of LNG in 2020. It accounts for around 2% of total natural gas imports into the United States. Furthermore, according to the National Energy Administration China, a coordinating agency of the State Council of China, China's total LNG receiving capacity in 2021 is nearly 105.8 million mt/year and is expected to receive 127 million mt/year in 2022. The increasing demand for LNG is expected to increase the demand for cryogenic equipment and hence drive the cryogenic equipment market.
Technological advancement has been a major trend in the cryogenic equipment market. Companies in cryogenic equipment are investing in developing new technologies to provide enhanced products to their customers. For instance, in February 2023, Azenta, a US-based biotech company launched Cryo Store Pico. The technology is intended primarily for the long-term preservation and viability of high-value biological samples stored at a temperature of -190°C. With automated sample storage and retrieval methods provided by The Cryo Store Pico, the danger of human mistake is reduced, and productivity is optimized.
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Major Key Players of the Market:
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., Praxair Inc., Parker Hannifin Corporation, SHI Cryogenics Group, Sulzer Ltd., Nikkiso Co. 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.
Cryogenic Equipment Market 2024 Key Insights:
• The cryogenic equipment market size is expected to see strong growth in the next few years. It will grow to $22.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Rising Demand For Liquefied Natural Gas (LNG) And Its Impact On The Cryogenic Equipment Market
• Advancing The Cryogenic Equipment Market With Cutting-Edge Technologies
• Asia-Pacific was the largest region in the cryogenic equipment market in 2023
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