Cryogenic Equipment Market on track for USD 34.42 Billion valuation by 2030

The Cryogenic Equipment Market is poised for significant growth, supported by technological advancements, rising demand from end-use sectors, coupled with favorable government legislations. This press release talk about Current Valuation of Market, Number of Growth Drivers, Opportunities, Recent trends in the U.S Market, Market Segments, Competitive Landscape, Generation by region and the Future outlook.

Market estimates, growth drivers and opportunities

The Cryogenic Equipment market size was estimated to be US$ 22.45 Billion in 2023. The market is projected to grow US$ 34.42 Billion by 2030, at a CAGR of 6.29% during the forecast period (2024-2030).

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A few things are driving this expansion:

Growing Liquefied Natural Gas (LNG) Demand - The increasing demand for cleaner energy capabilities has resulted in an increasing need for LNG all over the world and consequently, having the equipment required for cryogenic storage and transportation of LNG.

Healthcare Industry Growth: Cryogenic equipment is essential for medical usages such as the storage of biological specimens and cryosurgeries, resulting in rapid adoption within the healthcare sector.

Cryogenic technology possesses special attributes enabling its utilization in metallurgy and automotive industries which in-turn generating lucrative demand for cryogenic technology market.

Trends and Investments in the US Market

The cryogenics equipment section witnessed some notable trends in the United States in 2024. The rapid construction of LNG infrastructure along with the national goal of decarbonization prompted the investments of cryogenic solutions. In addition, other applications of cryogenics like cryopreservation and cryosurgeries in healthcare sector, have further expanded the opportunities of the market for cryogenics business.

Segmentation Analysis: Overshadowing Segments

The cryogenic equipment market can be segmented by product type, cryogen type, and end-user industry. Storage segment comprises of cryogenic tanks and vessels and is the largest market share holder. The increasing demand for secure storage for gases such as liquefied natural gas, nitrogen, and oxygen in numerous sectors is driving this domination.

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COMPETITION ANALYSIS: TOP COMPANIES

Some of the major companies in the cryogenic equipment market that have contributed to the market growth through various strategies and innovations are as follows:

Linde PLC: As a leader in the industrial gases and engineering field, Linde is one of the earliest companies het to cryogenic technologies. Its well-established distribution networks and wide-ranging portfolio complement its ability to fulfil a wide variety of customer needs.

Air Liquide Specialized in cryogenic storage - their focus drives expertise and solutions3

Liquid Air: Air Products & Chemicals offers automation and control equipment integrated with advanced technology for improved efficiency and reliability in cryogenic applications.

Chart Industries Inc.: This leading maker of cryogenic equipment have been steadily building its product and geographical presence for some time. It has a strong market position, reinforced by the recent investments in LNG infrastructure and acquisitions.

Beijing Tianhai Industry Co. Ltd - A leading manufacture of cryogenic storage tanks with strong manufacturing capacity enabling it to manufacture and supply on competitive prices in greater Asia

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USA, UK, Germany, France, Japan, and China Market Outlook

USA - The U.S. market, valued at $2.8 Billion in 2023, estimated to develop considerably due to the rising demand for LNG and innovations in the medical field. This is further bolstered by government initiatives geared towards clean energy, thus encouraging technological innovation.

UK and Germany - The cryogenic equipment market in these countries is growing significantly across various end-use industries owing to expanding industrial infrastructure along with an upgrading healthcare sector. Net-zero emissions target goals have also driven the demand of LNG and hydrogen cryogenic gear.

France: The growth of the cryogenic equipment market in this country can be attributed to the development of renewable energy storage solutions and focus on environmental sustainability. These energies are experiences insulation under the initiatives of government policies, that enables the transition toward clean energy.

Japan And China - These nations are achieving quick industrialization and urbanization, which, along these lines, is driving the development of interest for cryogenic hardware. The Chinese market is further supported by government measures driving clean energy and technological advances, and is expected to grow at a staggering 7.5% CAGR to $3.1 billion by 2030.

Conclusion

The cryogenic equipment market will grow significantly as LNG demand increases, along with progress in healthcare applications and supportive governmental policies. The key players are focusing to invest in technological innovations as well as strategically expand to meet the diverse requirements of the emerging industries. This also indicates that there will be key growth opportunities for cryogenic equipment market during next years owing to the rising clean energy and technological developments.

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