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Comprehensive Cryogenic Equipment Market Share Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Cryogenic Equipment Market Share
The cryogenic equipment market is poised for growth, driven by the rising demand for liquified natural gas (LNG). LNG is a form of natural gas that is cooled to a liquid state at -260 degrees Fahrenheit and has diverse uses in everyday life, such as generating electricity, cooking, home heating, and manufacturing fertilizers. The surging demand for LNG can be attributed to the growing requirements from domestic and industrial end-users and the ongoing transition from coal to natural gas for electricity production. Cryogenic equipment, comprising storage tanks, vaporizers, and containers, is employed to transport LNG. EIN presswire, an American press release distribution firm, asserts that the global cryogenic equipment market, which was worth $19.9 billion in 2022, is estimated to reach $39 billion by 2032, growing at a yearly rate of 7%. Factors propelling this growth include the escalating consumption of natural gas, the demand for green energy solutions, and the increasing application of cryogenic equipment in sectors like aerospace, automotive, and healthcare, notwithstanding the high costs and safety issues associated with it.
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What growth opportunities are expected to drive the cryogenic equipment market's CAGR through 2034?
The market size of cryogenic equipment has seen substantial growth in the past few years. There's a predicted rise from $21.14 billion in 2024 to $22.91 billion in 2025, marking a compound annual growth rate (CAGR) of 8.4%. The expansion during the historical phase can be linked to the heightened demand for industrial gas, the escalating requirements for energy storage and distribution, applications in healthcare and medicine, space exploration, and energy efficiency.
In the coming years, it is anticipated that the cryogenic equipment market will experience significant growth, expanding to $33.13 billion by 2029, with a compound annual growth rate (CAGR) of 9.7%. Elements contributing to this predicted growth during the projected period include the rising demand in electronics manufacture, the food and beverage sector, escalating aerospace and defense requisites, renewable energy storage, and environmental sustainability. Key trends in the projected period encompass the evolution of the hydrogen economy, advancements in biotechnology and medical fields, cryogenic cooling solutions for semiconductor manufacturing procedures, utilization of cryogenic systems for food freezing and preservation, and developments in cryopreservation and stem cell banking.
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What are the emerging trends shaping the future of the cryogenic equipment market?
The cryogenic equipment market has been significantly impacted by advancements in technology. Cryogenic equipment corporations are directing their investments towards the invention of innovative technologies to deliver superior products to their clientele. For example, in February 2023, Azenta, a biotech company based in the US, introduced the Cryo Store Pico. This technology primarily targets the prolonged preservation and longevity of premium biological samples that are stored at a cooling degree of -190°C. The implemented automated sample storage and retrieval techniques by The Cryo Store Pico minimize the risk of potential human error, thus enhancing productivity.
Which growth-oriented segments of the cryogenic equipment market are leading the industry's development?
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 regions are leading the charge in 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.
What companies are at the forefront of innovation 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.
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What Is Covered In The Cryogenic Equipment Global Market Report?
•Market Size Forecast: Examine the cryogenic equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cryogenic equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the cryogenic equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cryogenic equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cryogenic equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cryogenic equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the cryogenic equipment market.
•Competitive Landscape: Review strategic developments in the cryogenic equipment market, including expansions, agreements, and new product launches.
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