Cryogenic Equipment Market Forecast: US$ 47.84 Billion by the End...

Cryogenic Equipment Market Forecast: US$ 47.84 Billion by the End of 2034

Posted 2024-04-18 20:05:16

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Global demand for Cryogenic Equipment is expected to rise at a compound annual growth rate (CAGR) of 6.9% between 2022 and 2032. The market for cryogenic equipment is now estimated to be worth US$ 13.6 billion.

Over the next few years, it is anticipated that the need for cryogenic equipment will be driven by the growing need for clean energy and the rising use of gas-powered vehicles. Long-term market potential is also anticipated to be influenced by the growing use of technical gases in a variety of industrial applications, rising aerospace industry investments, and global manufacturing sector growth.

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Competitive Landscape

Prime companies in the cryogenic equipment market are launching new innovative solutions to enhance their market presence and boost their sales potential.

In November 2021, Envirotainer, a global leader in secure cold chain solutions for pharmaceuticals announced the launch of the CryoSure platform. The new platform was the most sustainable, high-performance, and superior-duration solution available in the market at the time of its launch. The CryoSure platform enables -70°C intercontinental shipping.

More recent developments and key strategies adopted by market players have been listed in this latest cryogenic equipment market research report by Fact.MR, a market research and competitive intelligence provider.

Key Takeaways from Market Study

The global cryogenic equipment market in 2022 is valued at US$ 13.6 billion.
Over the next ten years, demand for cryogenic equipment is slated to rise at a 6.9% CAGR.
Sales revenue of cryogenic equipment is expected to be valued at US$ 26.5 billion by the end of 2032.
Rising investments in the space industry, advancements in cryogenic technology, growing demand for clean energy, and expansion of LNG infrastructure across the world are major drivers for the market.
Leakage of cryogen gases from cryogenic systems is anticipated to be a key challenge for cryogenic equipment manufacturers across the forecast period.
In 2021, Asia Pacific held a market share of around 45% in the global industry landscape.
High CAPEX & OPEX costs are expected to be major restraints for cryogenic equipment market development in the long run.
Sales of cryogenic equipment in China are anticipated to increase at 8% CAGR over the next ten years.
Demand for nitrogen as a cryogen is projected to progress at a 7.3% CAGR from 2022 to 2032.

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Key Companies Profiled

Chart Industries Inc.
Standex International
Air Liquide SA
INOX India Ltd.
Linde plc
Nikkiso Co. Ltd.
Galileo Technologies S.A.
MAN Energy Solutions SE
Wessington Cryogenics
SAS Cryo Pur
Ulvac Technologies Inc.
Herose GmbH
Braunschweiger Flammenfilter GmbH
Lapesa Grupo Empresarial s.l
Premier Cryogenics Ltd.
Cryolor SA

Winning Strategy

Cryogenic equipment manufacturers are expected to focus on product innovation and launch new products to gain a competitive advantage over other market players. Mergers, acquisitions, and collaborations are also expected to be significant strategies that established market players could deploy to expand their market share.

Key Segments in Cryogenic Equipment Industry Research

By Product:

Tanks
Valves
Pumps & Vaporizers
Vacuum Jacketed Piping

By Cryogen:

Nitrogen
Oxygen
Argon
Liquefied Natural Gas (LNG)

By Application:

Distribution
Storage

By End-use Industry:

Oil & Gas
Metallurgy
Automotive
Food & Beverages
Chemicals

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global cryogenic equipment market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.

The study divulges essential insights on the market on the basis of product (tanks, valves, pumps & vaporizers, vacuum jacketed piping, others), cryogen (nitrogen, oxygen, argon, liquefied natural gas (LNG), others), application (distribution, storage), and end-use industry (oil & gas, metallurgy, automotive, food & beverages, chemicals, other industries), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).

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Competitive Landscape:

Key players in the cryogenic equipment market are concentrating on strategically expanding their presence in both established and high-potential markets. Global market expansion tactic allows leading companies to tap into regions with growing industrialization, increasing demand for cryogenic solutions, and supportive regulatory environments. Establishing a strong international presence further broadens the customer base and also mitigates risks associated with regional economic fluctuations.