Cryogenic Equipment Market Demand, Analysis And Outlook 2023-2032 | Air Liquide, Beijing Tianhai Industry Co.Ltd., Chart Industries Inc., Emerson Electric Co., Flowserve Corporation

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The Cryogenic Equipment Global Market Report 2023 by The Business Research Company, provides cryogenic equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Cryogenic Equipment Global Market Report 2023, the market size grew from $13.08 billion in 2022 to $14.14 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the cryogenic equipment is expected to grow to $19.19 billion in 2027 at a CAGR of 7.9%.

The increase in demand for liquified natural gas is expected to drive the cryogenic equipment market. Liquified natural gas is a natural gas that is cooled to a liquid state at -260 degrees Fahrenheit and is used in various day-to-day activities such as cooking, generating electricity, heating homes, manufacturing fertilizers, and so on. The increased demand for LNG is driven by a rise in demand from domestic and industrial users and the continuing shift from coal to natural gas to generate electricity. Cryogenic equipment is used to transport liquified natural gas from one place to another in the form of storage tanks, vaporizers, and containers.

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The cryogenic equipment market is segmented:

1) By Equipment: Tanks, Valves, Vaporizers, Pumps, Other Equipment

2) By Cryogen: Nitrogen, Argon, Oxygen, LNG, Hydrogen, Helium, Other Cryogens

3) By Application: Storage, Transportation, Processing, Other Applications

4) By End-User: Energy And Power, Chemicals, Metallurgy, Electronics, Shipping, Other End Users

Technological advancement has been a major trend in the cryogenic equipment market. Companies in cryogenic equipment are investing in developing new technologies to provide enhanced products to their customers. For instance, in June 2020, Cytiva, a US-based biopharma company, developed and optimized the first liquid nitrogen-free cryogenic shipment technology for the shipment of cellular treatments and cryopreserved apheresis. The VIA Capsule system, designed by cryobiologists, consists of a Stirling cryocooler that cools the shipper unit before shipment and provides extended temporary cryogenic storage when attached to a power supply. When detached from its power supply, its internal thermal core provides five days of passive standby, with an LCD interface displaying the time remaining at cryogenic temperature and the current temperature of the shipment. The device also includes a smart monitor that automatically uploads temperature, condition, and location data to a dashboard in the Chronicle software platform in real-time.

The cryogenic equipment market report table of contents includes: