Cryogenic Equipment Market Share, Demand and Forecast 2024-2032

The global cryogenic equipment market size reached US$ 21.8 Billion in 2023.

IMARC Group's report titled "Cryogenic Equipment Market Report by Equipment (Tanks, Pumps, Heat Exchanger, Valves, and Others), Cryogen (Nitrogen, Liquified Natural Gas, Helium, and Others), Application (Storage, Transportation, Processing, and Others), End Use Industry (Oil and Gas, Energy and Power, Food and Beverages, Healthcare, Marine and Aerospace, Chemicals, and Others), and Region 2024-2032", The global cryogenic equipment market size reached US$ 21.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.

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Factors Affecting the Growth of the Cryogenic Equipment Industry:

• Stringent Environmental Regulations:

Governing bodies in many counties are implementing stringent environmental regulations to reduce greenhouse gas emissions and promote sustainable industrial practices. These regulations are encouraging industries to adopt cleaner and more energy-efficient technologies, where cryogenic equipment plays a critical role. Additionally, cryogenic carbon capture technologies are being explored as a viable solution for reducing carbon dioxide (CO2) emissions in power plants and other heavy industries. The requirement to comply with environmental standards is thus pushing the market forward as industries seek effective solutions that align with regulatory demands. This regulatory shift is also promoting innovations within the cryogenic equipment sector.

• Healthcare Services Demand:

The healthcare sector, especially biobanking, pharmaceuticals, and medical gases, which require cryogenic equipment for proper storage and handling of biological samples, vaccines, and oxygen, is strengthening the market growth. Besides this, the growing geriatric population and the need for medical services are encouraging healthcare facilities to invest more in cryogenic storage systems to ensure the integrity and efficacy of critical medical supplies. This trend is supported by the demand for reliable cryogenic tanks and refrigeration systems, driving further development and expansion of the cryogenic equipment market.

• Demand in the Renewable Energy Sector:

Renewable energy sources like solar and wind require effective energy storage solutions to manage supply and demand fluctuations. Cryogenic energy storage systems, which use low-temperature liquids, such as liquid air, to store and release energy, are gaining traction. They store excess energy by cooling air to a liquid state and release energy by warming the liquid back to a gas, generating power. This technology enhances the reliability and efficiency of renewables, facilitating their broader integration into energy grids. Increased investments from government and private entities in renewable energy are driving the demand for cryogenic systems.

Leading Companies Operating in the Global Cryogenic Equipment Industry:

• Air Liquide S.A.

• Air Products and Chemicals Inc.

• Chart Industries Inc.

• Cryofab Inc.

• Cryoquip LLC (Nikkiso Co. Ltd.)

• Emerson Electric Co.

• Flowserve Corporation

• Herose GmbH

• INOX India Pvt. Ltd

• Linde Plc

• Parker-Hannifin Corporation

• Wessington Cryogenics

Cryogenic Equipment Market Report Segmentation:

By Equipment:

• Tanks

• Pumps

• Heat Exchanger

• Valves

• Others

Tanks exhibit a clear dominance in the market due to their critical role in safely storing and transporting cryogens at extremely low temperatures.

By Cryogen:

• Nitrogen

• Liquified Natural Gas

• Helium

• Others

Liquified natural gas represents the largest segment, driven by increasing energy demands and its pivotal role in clean energy transitions.

By Application:

• Storage

• Transportation

• Processing

• Others

Storage holds the biggest market share attributed to the critical need for maintaining the integrity and efficiency of stored cryogens across various industries.

By End Use Industry:

• Oil and Gas

• Energy and Power

• Food and Beverages

• Healthcare

• Marine and Aerospace

• Chemicals

• Others

Chemicals account for the majority of the market share accredited to its reliance on cryogenic processes for the preservation and processing of chemicals.

Regional Insights:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa

Asia Pacific dominates the market owing to the growing energy needs and rising investments in infrastructure development across the region.

Global Cryogenic Equipment Market Trends:

The development of space exploration and aerospace applications, where cryogenic equipment is essential for the storage and management of fuels and life support systems in extreme conditions, is bolstering the market growth.

Additionally, the shift towards sustainable and precision agriculture practices presents a new avenue for cryogenics, particularly in the area of cryopreservation of seeds and genetic material, which can enhance crop resilience and productivity.

Apart from this, the growing integration of internet of things (IoT) technology with cryogenic systems to improve functionality is offering a favorable market outlook. IoT-enabled cryogenic equipment can offer real-time monitoring and data analytics, improving operational efficiency and safety in industries like healthcare and energy.

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