Cryogenic Equipment Market Size, Strategic Analysis, Growth Drivers, Industry Trends, Demand and Future Opportunities and Forecast Period

 

The cryogenic equipment market was estimated to be worth USD 11.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2032, reaching USD 19.9 billion in 2032. For the purpose of keeping materials functional and intact throughout storage and transportation at low temperatures, cryogenic equipment is required. The market is developing and sustainable since it is associated with a variety of sectors.

Cryogenic genic equipment is machinery that can operate at extremely low temperatures, usually below 150°C. It is utilized for the storage and transportation of goods that are not suitable for preservation with conventional refrigeration systems. They are made up of many pieces of machinery, such as vacuum jacketed pipework, compressors, vaporizers, heat exchangers, pumps, regulators, and valves, all of which are made to handle and keep materials at extremely low temperatures while guaranteeing their integrity and stability.

 

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GROWTH DRIVERS

One of the key factors driving the market is the growing use of electronics and the growth of the semiconductor industry, which is one of the main consumers of cryogenic equipment. Deloitte predicted that sales in 2023 will reach USD 520 billion for the year. Global sales of USD 588 billion are now expected for 2024, which would be 2.5% more than the record industry revenues of USD 574 billion in 2022 and 13% better than 2023.

The market is expected to increase due to the increasing use of cryogenic equipment for the production, storage, and distribution of industrial gases such as argon, nitrogen, and oxygen in metallurgy, compact cheering, and other applications. According to Statista, the industrial gases market was valued at USD 93.7 billion in 2021 and is projected to grow to USD 129.1 billion by 2029. The primary uses for these gases are in the chemical manufacturing processes, semiconductor manufacturing, steel and metal fabrication, breathing and medicinal gases, food and beverage gases, and hydrogen energy industries.

MARKET SEGMENTATION:

·         By Equipment Type – Tanks, Valves, Regulators, Pumps, Compressors, Vaporizers, Heat exchangers, vacuum jacketed piping

·         By Gas Used Type – liquified nitrogen, liquified helium, liquified oxygen, liquified natural gas and other

·         By Application- storage, transportation, distributing, processing and other

·         By End-User Industry - Oil and gas, energy and power, food and beverages, electronics and semiconductor, marine and aerospace, chemical and healthcare and others

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Global Key Players:

·         Linde plc

·         Emerson Electric Co.

·         INOXCVA

·         Beijing Tianhai Industry Co Ltd

·         Cryofab Inc

·         Chart Industries, Inc.

·         Air Products and Chemicals, Inc.

·         Air Liquide S.A.

·         Flowserve Corporation

·         Nikkiso Co., Ltd.

·         Other players

 

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

                                   

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