Press release
Accelerating Growth in Cryogenic Equipment Market With Projected CAGR of 9.7% to Reach $39 Billion by 2032
Cryogenic Equipment Market
Key Drivers, Major Players and Emerging Trends Spurring the Growth in Global Cryogenic Market
What Is The Projected Market Size Of The Global Cryogenic Equipment Market And Its Growth Rate?
The global cryogenic market has evidenced noteworthy growth in recent years and is expected to maintain a strong growth trajectory in the future:
• Market size in 2024: $21.14 billion
• Market size in 2025: $22.91 billion (8.4% CAGR)
• Predicted market size in 2029: $33.13 billion (9.7% CAGR)
This steadfast growth can be attributed to factors such as:
• growing need for electronics manufacturing
• increasing dependence in the food and beverage industry
• escalating needs in aerospace and defence
• the requirement for renewable energy storage
• importance of environmental sustainability
What Is Driving The Growth In The Cryogenic Equipment Market?
A significant factor propelling the growth of the cryogenic equipment market is the rise in demand for liquified natural gas (LNG). Often cooling to a liquid state at -260 degrees Fahrenheit, it is used in multiple activities such as generating electricity, heating homes, manufacturing fertilizers, to name a few. With an escalating demand from various sectors, the market value of the global cryogenic equipment is projected to reach $39 billion by 2032, growing at a 7% annual rate.
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Who Are the Key Players Driving Cryogenic Equipment Market Growth?
Key market contributors include:
• Air Liquide S.A.
• Beijing Tianhai Industry Co. Ltd.
• Chart Industries Inc.
• Flowserve Corporation
• Emerson Electric Co.
• Herose GmbH
• Inoxca India Ltd
• Linde plc
• Taylor Wharton International LLC
• Wessington Cryogenics Ltd.
What Are The Key Trends In The Cryogenic Equipment Market?
Prominent trends include:
• Development of hydrogen economy
• Biotechnology and medical advances
• Cryogenic cooling solutions for semiconductor manufacturing processes
• Use of cryogenic systems for food freezing and preservation
• Cryopreservation and stem cell banking
What Are The Segments Of The Global Cryogenic Equipment Market?
The market can be segmented as follows:
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
Which Region Leads The Cryogenic Equipment Market?
Asia-Pacific region held the dominant position in the cryogenic market in 2024. It continues to show persuasive potential, owing to the robust growth in industries requiring the use of cryogenic equipment.
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What Is Covered In The Cryogenic Equipment Market Global Market Report?
- Market Size Analysis: Analyze the Cryogenic Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cryogenic Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cryogenic Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cryogenic Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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