Cryogenic Equipment Market Analysis:
Cryogenic Equipment Market sizethe Cryogenic Equipment Market is driven by a rapidly evolving power segment with a healthy CAGR of ~7.3% during the forecast period of 2022 to 2030.
According to MRFR analysis, the Cryogenic Equipment Market is expected to register a CAGR of~7.3% from 2022 to 2030 and hold a value of over USD 37.18 billion by 2030.
The Cryogenic Equipment Market refers to the global market for devices and systems designed to operate at very low temperatures. This includes equipment used for the storage, transportation, and handling of liquefied gases such as nitrogen, oxygen, argon, and hydrogen, as well as equipment used in cryogenic applications such as medical research, food processing, and semiconductor manufacturing. Cryogenic equipment can include tanks, valves, pumps, and other components that are specifically designed to withstand extreme temperatures and maintain the integrity of the materials they contain. The market for cryogenic equipment is driven by industries such as healthcare, energy, and aerospace, among others.
The COVID-19 pandemic had both positive and negative impacts on the Cryogenic Equipment Market. On the positive side, the demand for medical gases such as oxygen, nitrogen, and argon has increased significantly during the pandemic, leading to a surge in demand for cryogenic equipment used for their storage and transportation.
On the negative side, the pandemic has disrupted global supply chains and led to delays in the construction of new cryogenic equipment facilities. This has caused some companies to postpone or cancel their investments in new equipment, leading to a temporary slowdown in the market.
Key Players
Some of the key market players are:
- Beijing Tianhai Industry
- Cryofab Inc.
- Emerson
- Graham Partners
- Herose GmbH
- Linde Group AG
- Air Liquide
- Chart Industries Inc.
- Cryoquip LLC
Regional Analysis
Asia-Pacific region is expected to be the fastest-growing region for cryogenic equipment due to the increasing demand for liquefied natural gas and the expansion of the healthcare industry in countries like China and India.
In terms of specific markets, the industrial gas segment is expected to dominate the cryogenic equipment market, with the Asia-Pacific region being the largest market due to its rapidly growing industrial sector. The healthcare segment is also expected to grow significantly, particularly in developing countries where healthcare infrastructure is expanding.
North America and Europe are also significant markets for cryogenic equipment, particularly in the aerospace and energy industries. The increasing focus on renewable energy sources and the growing adoption of LNG as a fuel source for transportation are expected to drive demand for cryogenic equipment in these regions.
Market Segmentation
TheCryogenic Equipment Market sharehas been segmented into type and end-use.
Based on the type, the cryogenic equipment market has been segmented into oxygen, nitrogen, liquified natural gas and argon.
Based on the end-use, the cryogenic equipment market has been segmented into chemical, electronics and metallurgical.
