Cryogenic Equipment Market to Grow with a CAGR of 8.19% through 2029
Increasing demand for LNG and rising need for clean energy sources are likely to drive the market in the forecast period
According to
TechSci Research report, “Cryogenic Equipment Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029”, the
Global Cryogenic Equipment Market is experiencing a surge in demand in the
forecast period. One primary driver propelling the global cryogenic equipment
market is the escalating demand for Liquefied Natural Gas (LNG). As the world
transitions towards cleaner energy sources, LNG has emerged as a pivotal
component in the global energy mix. Cryogenic equipment, such as LNG storage
tanks and vaporization systems, plays a critical role in the liquefaction,
transportation, and regasification of natural gas. The
rise in demand for LNG is attributed to its environmental benefits, as it
produces fewer greenhouse gas emissions compared to traditional fossil fuels.
This shift towards LNG is particularly notable in the transportation and power
generation sectors. The construction of new LNG terminals, coupled with
expansion projects, is fueling the need for advanced cryogenic equipment. As
countries invest in enhancing their LNG infrastructure to meet growing energy
demands, the cryogenic equipment market is experiencing a substantial boost,
reflecting the industry's integral role in supporting the global adoption of
cleaner energy alternatives.
Significant driver steering the global cryogenic equipment market is the
expanding range of applications in healthcare and biotechnology. Cryogenic
equipment, including cryogenic storage tanks and freezers, is instrumental in
preserving and storing biological materials, pharmaceuticals, and medical gases
at ultra-low temperatures. In
the healthcare sector, cryogenic applications are indispensable for the storage
of stem cells, tissues, and organs, facilitating advancements in regenerative
medicine and organ transplantation. Also, the biotechnology industry relies
heavily on cryogenic solutions for the preservation of research materials,
vaccines, and biomolecules. As medical and biotechnological research and
development continue to advance, the demand for cryogenic equipment is
witnessing a surge. The
precision and reliability of cryogenic systems in maintaining the integrity of
biological samples make them indispensable in laboratories, hospitals, and
biorepositories. Consequently, the expansion of healthcare infrastructure and
ongoing developments in biotechnology drive the growth of the cryogenic
equipment market, positioning it as a critical enabler of breakthroughs in
medical science and biopharmaceutical innovation.
Browse over XX Market
data Figures spread through XX Pages and an in-depth TOC on "Global Cryogenic Equipment Market.”
The Global Cryogenic
Equipment Market is segmented into product type, cryogen type, end user and
region.
Based on end
user, The Energy & Power segment held the largest Market share in 2023. The
Energy & Power sector, particularly the LNG industry, is a major consumer
of cryogenic equipment. LNG, which is natural gas cooled to cryogenic
temperatures for storage and transportation, is becoming increasingly important
as a cleaner and more versatile energy source. The demand for
LNG is growing globally, driven by factors such as the transition to cleaner
fuels, increased energy consumption, and the rise in international LNG trade. Cryogenic
storage tanks and transportation systems are integral components of the LNG
supply chain. Cryogenic conditions are necessary to keep natural gas in a
liquid state, reducing its volume for more efficient storage and transport. The construction
and expansion of LNG infrastructure, including liquefaction plants, storage
terminals, and LNG carriers, contribute significantly to the demand for
cryogenic equipment. The Energy &
Power sector is undergoing a transition toward cleaner energy alternatives, and
LNG is positioned as a key player in this shift. LNG is considered a
cleaner-burning fuel compared to traditional fossil fuels, contributing to
reduced greenhouse gas emissions.
Governments and
industries worldwide are increasingly adopting LNG as a cleaner energy source
for power generation, industrial processes, and transportation, further driving
the demand for cryogenic equipment. Cryogenic
technologies are essential for the production and storage of hydrogen, which is
gaining prominence as a clean and sustainable energy carrier. Cryogenic storage
is particularly effective in maintaining hydrogen at extremely low
temperatures, allowing for denser storage. The increasing
focus on green hydrogen and the development of hydrogen-based energy systems
contribute to the demand for cryogenic equipment in the Energy & Power
sector. Cryogenic
technologies play a crucial role in enhancing the efficiency and reliability of
power plants. Cryogenic air separation units are used to produce
industrial gases like oxygen and nitrogen, which find applications in
combustion processes for power generation. The overall
growth in global energy demand, coupled with the need for cleaner and more
efficient energy sources, drives investments in energy infrastructure.
Cryogenic equipment supports the development and operation of advanced energy
systems. The strategic
importance of LNG in global energy trade makes the Energy & Power sector a
key driver of the cryogenic equipment market. LNG terminals and facilities,
equipped with cryogenic technology, facilitate international energy trade and
distribution.
Major companies
operating in the Global Cryogenic Equipment Market are:
- Air Liquide S.A.
- Linde Plc
- Emerson Electric Co.
- Chart Industries Inc.
- Baker Hughes Company
- IHI Corporation
- Kawasaki Heavy Industries Ltd
- Mitsubishi Heavy Industries Ltd
- Howden Broking Group Limited
- Burckhardt Compression AG
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The Global Cryogenic Equipment Market is poised for significant growth in the forthcoming years, anticipated to demonstrate a noteworthy Compound Annual Growth Rate (CAGR) throughout the forecast period. This upward trajectory is underpinned by several key drivers propelling market dynamics. The escalating demand for liquefied natural gas (LNG) as a cleaner energy alternative, alongside the increasing emphasis on clean energy sources, serves as a catalyst for market expansion. Moreover, the pervasive utilization of cryogenic equipment across diverse sectors including healthcare, food processing, and electronics industries further amplifies market prospects. The surging popularity of LNG as a clean and efficient energy source drives heightened demand for cryogenic equipment, instrumental in the storage and transportation of LNG. The global shift towards cleaner energy alternatives such as solar, wind, and geothermal power underscores the indispensability of cryogenic equipment in facilitating the storage and transportation of these renewable energy sources. As a result, the Cryogenic Equipment Market is poised to witness significant growth in the ensuing years, fueled by evolving energy needs and expanding applications across various industries”, said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
“Cryogenic Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Valve, Tank, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Others), By End User (Energy & Power, Chemical, Electronics, Shipping, Metallurgical, and Others), By Region, By Competition 2019-2029F”,
has evaluated the future growth potential of Global Cryogenic Equipment Market
and provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Cryogenic Equipment Market.
Contact
Techsci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States-
10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com