Cryogenic Equipment Market is Estimated to grow at a CAGR of 7.9% during the 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. Oil and gas, energy and power, food and beverage, semiconductor and electronics, marine and aerospace, chemical and healthcare, and other industries use it extensively.

 

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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 worldwide electronics industry is anticipated to expand at a compound annual growth rate of 9.78% between 2024 and 2028, reaching a predicted market volume of USD 1,340 billion by that year, according to Statista. By 2028, there will likely be 2.5 billion users of the electronic market. Global consumer electronics sales are projected to reach USD 1,782.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2032. By the end of 2032, it is anticipated that the demand for consumer electronics would exceed USD 1,150 billion worldwide.

The market is growing due to the demand for renewable energy storage and cryogenic energy storage (CES) devices, which store energy in cryogenically liquified gases. The International Energy Agency (IEA) projects that the global renewable energy market will expand by 50% in 2023, adding 510 gigawatts (GW) of capacity to energy networks worldwide. Three-quarters of the additions were made up of solar PV, with China installing more in 2023 than the entire globe did in 2022.

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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