Cryogenic Equipment Market is projected to reach USD 21.9 billion by 2035

 

The cryogenic equipment market was estimated to be worth USD 12.9 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 12.9% to reach USD 21.9 billion in 2035. For materials to be transported and stored at low temperatures while maintaining their usefulness and integrity, cryogenic equipment is necessary. The market is sustainable and expanding since it is in line with many different areas.

The market for cryogenic equipment is made up of devices that work at extremely low temperatures, usually around -150°C. These devices are used to transport and store goods that conventional refrigeration systems are unable to preserve. They are made up of a variety of devices, including as tanks, valves, regulators, pumps, compressors, vaporizers, heat exchangers, and vacuum-jacketed pipework, all of which are intended to handle and maintain materials at extremely low temperatures while guaranteeing their stability and integrity.

 

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GROWTH DRIVERS

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

Statista projects that the worldwide electronics market will reach a predicted market volume of USD 1,340 billion by 2028, growing at a compound annual growth rate of 9.78% between 2024 and 2028. By 2028, it is anticipated that there will be 2.5 billion customers of the electronic market. From 2023 to 2032, the global consumer electronics market is projected to expand at a compound annual growth rate (CAGR) of 6.6%, reaching USD 1,782.6 billion. By the end of 2032, consumer electronics demand is expected to exceed USD 1,150 billion worldwide.

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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