Cryogenic Equipment Market Expected to Achieve 9.7% CAGR by 2029: Growth Forecast Insights

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How Large Will the Cryogenic Equipment Market Size By 2025?
The market for cryogenic equipment has seen robust expansion in recent times. This market is projected to escalate from $21.14 billion in 2024 to approximately $22.91 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth during the historic period include a rise in industrial gas demand, a heightened need for energy storage and distribution, application in healTH*Care and medicine, space exploration, and energy efficiency.

How Big Is the Cryogenic Equipment Market Size Expected to Grow by 2029?
The market for cryogenic equipment is projected to demonstrate robust growth in the succeeding years, ballooning to a formidable size of $33.13 billion in 2029 with a compound annual growth rate of 9.7%. The predicted expansion during the forecast period owes to rising demand from the electronics manufacturing industry, the food and beverage sector, escalating aerospace and defense needs, renewable energy storage necessities, and environmental sustainability efforts. Notable trends during the anticipated period encompass the expansion of the hydrogen economy, advancements in biotechnology and medical fields, the implementation of cryogenic cooling solutions in semiconductor manufacturing processes, the application of cryogenic systems in food freezing and preservation, alongside cryopreservation and stem cell banking.

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Which Key Market Drivers Powering Cryogenic Equipment Market Expansion and Growth?
The cryogenic equipment market is set to be propelled by the burgeoning demand for liquified natural gas (LNG). LNG, a form of natural gas chilled to -260 degrees Fahrenheit, features prominently in a multitude of everyday activities, from cooking and electricity generation to home heating and fertilizer production. The escalating consumption of LNG can be attributed to the growing needs of domestic and industrial sectors, coupled with the persistent transition from coal-powered electricity to that generated by natural gas. Cryogenic equipment, including storage tanks, vaporizers, and containers, plays a crucial role in transferring LNG from one location to another. As per EIN presswire, an American press release distribution company, the worldwide cryogenic equipment market, valued at $19.9 billion in 2022, is forecasted to almost double to $39 billion by 2032, marking an annual growth rate of 7%. This expansion is underpinned by the rise in natural gas use, demand for green energy technologies, and increased application of cryogenic equipment in industries such as aerospace, automotive, and healTH*Care, notwithstanding the associated high costs and safety issues.

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Which Fast-Growing Trends Are Poised to Disrupt the Cryogenic Equipment Market?
The cryogenic equipment market has largely been influenced by technological advancements. Cryogenic equipment enterprises are focusing their investments on the creation of new technologies to offer improved products to their clientele. For example, Azenta, a biotech firm based in the US, took the initiative to launch Cryo Store Pico in February 2023. This sophisticated technology primarily aims at the long-term storage and viability of biological samples of high value at -190°C. The Cryo Store Pico incorporates automated storage and recovery processes that minimize human error and maximize efficiency.

What Are the Emerging Segments in 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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Cryogenic Equipment Industry?
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.

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