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Emerging Trends Influencing The Growth Of The Cryogenic Equipment Market:Advancing The Cryogenic Equipment Market With Cutting-Edge Technologies
Cryogenic Equipment
How Big Is the Cryogenic Equipment Market Size Expected to Be by 2034?
In the past few years, the size of the cryogenic equipment market has seen significant expansion. It's projected to surge from $21.14 billion in 2024 to $22.91 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. The historic period's growth is linked to surging demand for industrial gas, growing needs for energy storage and distribution, applications in healthcare and medicine, space exploration, as well as energy efficiency.
In the following years, a robust expansion is anticipated in the cryogenic equipment market, bringing its worth to $33.13 billion by 2029. This indicates a Compound Annual Growth Rate (CAGR) of 9.7%. This development over the forecast period is mainly due to the escalating demands in electronics production, the food and beverage sector, aerospace and defense, renewable energy storage, and environmental sustainability. The major market trends are anticipated to be hydrogen economy enhancement, advancements in biotechnology and medical fields, cryogenic cooling solutions for semiconductor manufacturing procedures, employment of cryogenic systems in food freezing and preservation, and stem cell banking and cryopreservation.
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What Are the Emerging Segments Within the Cryogenic Equipment Market?
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 Long-Term Drivers Are Shaping Cryogenic Equipment Market Trends?
Anticipated growth in the cryogenic equipment market is seen to be propelled by the escalating demand for liquified natural gas (LNG). This type of natural gas is cooled to a liquid state at -260 degrees Fahrenheit, and finds its applications in mundane activities like cooking, electricity generation, home heating, and fertilizer manufacturing. The surge in LNG demand stems from an increased need from household and industrial users, as well as the ongoing transition from coal to natural gas for electricity generation. Cryogenic equipment, which includes storage tanks, vaporizers, and containers, is employed for the transportation of liquified natural gas. As per EIN presswire, an American press release distribution firm, the global cryogenic equipment market, which currently stands at $19.9 billion as of 2022, has a projected value of $39 billion by 2032, growing at a steady 7% per annum. Despite challenges like high expenses and safety issues, this market growth is fueled by the rising natural gas intake, the demand for green energy technologies, and the increased application of cryogenic equipment in sectors like aerospace, automotive, and healthcare.
Who Are the Top Competitors in Key Cryogenic Equipment Market Segments?
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.
What Cryogenic Equipment Market Trends Are Gaining Traction Across Different Segments?
The advent of new technologies is a significant trend in the cryogenic equipment sector. Companies involved in this field are focusing on the creation of innovative technologies to offer improved products to their clients. For example, in February 2023, Azenta, an American biotech firm, introduced Cryo Store Pico. This technology is designed mainly for the enduring preservation and durability of high-value biological specimens maintained at a temperature of -190°C. The Cryo Store Pico provides automated specimen storage and retrieval services, thus minimizing potential human error and increasing efficiency.
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Which Regions Are Becoming Hubs for Cryogenic Equipment Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cryogenic Equipment Market?
2. What is the CAGR expected in the Cryogenic Equipment Market?
3. What Are the Key Innovations Transforming the Cryogenic Equipment Industry?
4. Which Region Is Leading the Cryogenic Equipment Market?
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