Cryogenic Equipment Market Dynamics Including Drivers Challenges and Growth Potential in Global Energy Storage and Metallurgy Industries

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Cryogenic Equipment Market Size, Share & Trends Analysis Report By Equipment(, Valves, Vaporizers, Pumps, Other Equipment), By Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen, Other Cryogens), By End-User Industry (Metallurgy, Energy & Power, Chemical, Electronics, Transportation, Other End-User Industries), By System Type(Storage System, Handling System, Supply System, Others), By Application (Casu (Cryogenic Air Separation Unit), Non-Casu (Non-Cryogenic Air Separation Unit))- Market Outlook And Industry Analysis 2034"

The global cryogenic equipment market is estimated to reach over USD 25.25 billion by the year 2034, exhibiting a CAGR of 7.2% during the forecast period.

Global cryogenic equipment market 2025-2034 full Research Repot latest version is now available.

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Cryogenic equipment is used to create compounds at extremely low temperatures. Cryogenic equipment is used in liquefied gas storage and transportation, food preservation, cryosurgery, superconducting electromagnets, and other applications. Rising investments in LNG power plants to generate sustainable energy resources are expected to increase product adoption. The emergence of several manufacturing industries and power plants may enhance product acceptance. Furthermore, increased investments in the electronics, metallurgy, food and beverage, mining, and metal industries are expected to drive product adoption.

Furthermore, the demand for energy storage in numerous industries is driven by the widespread usage of renewable energy in infrastructure. Cryogenics-based Energy Storage (CES) will become more important as power station energy storage is coupled with renewable electricity generation, which is expected to increase global demand for these goods. The ongoing repair and upgrading of current healthcare infrastructure, as well as an increase in gas-to-liquid conversion projects, are expected to drive industry growth in the coming year.

List of Prominent Players in the Cryogenic Equipment Market:
• LINDE PLC
• AIR LIQUIDE
• AIR PRODUCTS AND CHEMICALS, INC.
• CHART INDUSTRIES
• PARKER HANNIFIN CORP
• FLOWSERVE CORPORATION
• NIKKISO CO., LTD.
• INOX INDIA LIMITED
• TAYLOR-WHARTON
• EMERSON ELECTRIC CO.
• WESSINGTON CRYOGENICS
• SULZER LTD
• ACME CRYO.
• SHI CRYOGENICS GROUP
• FIVES SAS
• CRYOFAB
• HEROSE GMBH
• CRYOSTAR
• SHELL-N-TUBE

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Market Dynamics:
Drivers-
The demand for renewable energy power is expected to drive the market in the near future. Transportation, storage, and regasification applications for producing clean energy have significant market growth potential. Growth in the healthcare industry from developing economies, as well as a major investment in the metallurgical, chemical, and petrochemical sectors, would drive demand for cryogenic equipment. As a result, the growing global awareness of the importance of using sustainable energy sources drives the demand for this equipment in the near future.

Challenges:
Cryogenic equipment contains a stainless steel outer pressure containment tube and an intermediate static support tube. But, by changing and replacing the stainless-steel drive shaft and concentric static stainless-steel components with glass/epoxy composite components, the efficiency of this equipment can be increased. Stringent rules for the emission of hazardous greenhouse gases (GHGs) from the steel sector and the frequent rise and drop of crude oil supply according to demand are the key factors linked to the volatility in steel production and prices. This aspect is anticipated to limit the market's growth.

Regional Trends:
Asia Pacific's cryogenic equipment market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future owing to rapidly changing consumer behavior, supportive policies to achieve sustainable development and investment in industrial infrastructure. A significant increase in power demand, combined with a growing awareness of the benefits of renewable energy generation, drives the demand for gas-fired power plants. In North America, the U.S. and Canada possess tremendous potential for LNG exports. In the event of dwindling coal supplies, LNG-based power plants are growing their market share, and this provides a potential expansion opportunity for cryogenic equipment, which propels the market growth. The demand for gas is projected to increase in the coming years. This is mostly attributed to expansion in the industrial and power sectors.

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Recent Developments:
• In April 2023, Linde acquired a contract to supply green hydrogen to Singapore through Evonik, a well-known specialty chemicals firm. The agreement states that Linde would construct, own, and run a nine-megawatt alkaline electrolyzer facility on Singapore's Jurong Island. Evonik will use the green hydrogen produced by the plant to make methionine, a crucial ingredient in animal feed.
• In March 2023, Air Products and Chemicals, Inc. and Shaanxi LNG Reserves & Logistics Company signed a contract with Shaanxi LNG Reserves & Logistics Company Ltd. in ShaanXi Province, China, to provide Technip Energies with its exclusive LNG process technology and equipment for the Xi'An LNG Emergency Reserve & Peak Regulation Project.

Segmentation of Cryogenic Equipment Market-
By Equipment
• Valves
• Vaporizers
• Pumps
• Other Equipment
By Cryogen
• Nitrogen
• Argon
• Oxygen
• LNG
• Hydrogen
• Other Cryogens
By End-User Industry
• Metallurgy
• Energy & Power
• Chemical
• Electronics
• Transportation
• Other End-User Industries
By System Type
• Storage System
• Handling System
• Supply System
• Others
Cryogenic Equipment Market By Application
• Casu (Cryogenic Air Separation Unit)
• Non-Casu (Non-Cryogenic Air Separation Unit)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.