Cryogenic Equipment Market By Product Type (Valve, Tank, Vaporizer, Pump), By Cryogenic Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas), By End-User (Energy & Power, Chemical, Electronics, Shipping), & Region for 2024-2031

Cryogenic Equipment Market Valuation – 2024-2031

The Cryogenic Equipment Market is growing significantly due to growing uses in healthcare, aerospace and energy industries. These businesses use cryogenic equipment to store and transfer liquid gases such as nitrogen and oxygen at extremely low temperatures. Advances in medical therapies that need cryopreservation, as well as increasing industrial gas utilization, are driving market expansion. The market’s future growth is expected to be driven by ongoing technical advancements and rising industrial applications worldwide. These factors are likely to enable the market size surpass USD 23.25 Billion valued in 2023 to reach a valuation of around USD 37.73 Billion by 2031.

However, challenges such as high beginning costs and complications in handling cryogenic chemicals limit market expansion. Despite these obstacles, more investment in R&D is likely to improve the efficiency and reliability of cryogenic equipment, increasing its usage across a variety of industries. Furthermore, strict safety standards and environmental concerns are encouraging manufacturers to develop eco-friendly cryogenic systems, which could further shape the market landscape in the coming years. The rising demand for Cryogenic Equipment is enabling the market grow at a CAGR of 7.5% from 2024 to 2031.

Cryogenic Equipment MarketDefinition/ Overview

Cryogenic equipment is made to handle materials at extremely low temperatures, usually below -150°C (-238°F). This equipment consists of specialized storage tanks, valves and transfer systems designed to securely contain and transport liquefied gases such as nitrogen, oxygen and helium. Cryogenic equipment is used in a variety of industries, including healthcare (to store biological samples), food processing and aerospace.

This equipment is used in a variety of industries, including healthcare, aircraft and research. It includes cryocoolers, cryogenic storage tanks, and cryogenic valves that are used to liquefy gases such as nitrogen and oxygen for medicinal treatments, biological sample preservation, rocket propulsion systems and semiconductor fabrication. These technologies guarantee the safe handling and storage of ultra-low-temperature compounds for a variety of research and industrial applications.

In the future, cryogenic equipment will transform a variety of sectors. It is used in numerous applications, including superconducting magnets in medical imaging and quantum computers, as well as preserving biological samples and enabling deep space travel. Cryogenic technologies will also advance energy storage options, improve material qualities and help to sustainable development by enabling efficient liquefaction and transportation of gasses such as hydrogen.

Will Rising Need for Clean Energy Sources Drive the Cryogenic Equipment Market?

The growing demand for renewable energy sources will drive expansion in the Cryogenic Equipment Market. Cryogenic technologies play an important role in the storage, transportation, and use of sustainable energy sources including liquefied natural gas (LNG) and liquid hydrogen.

LNG, in particular, is becoming acknowledged as a cleaner alternative to traditional fossil fuels, with lower emissions and higher energy efficiency. The growth of LNG infrastructure necessitates modern cryogenic equipment for liquefaction, storage and regasification operations.

Furthermore, liquid hydrogen is gaining popularity as a potential fuel for fuel cell vehicles and renewable energy storage systems. Cryogenic equipment is required for handling and storing liquid hydrogen due to its exceptionally low boiling point and high energy density.

As governments and industry throughout the world resolve to lowering carbon emissions and shifting to sustainable energy sources, demand for cryogenic equipment will rise, driven by investments in clean energy infrastructure and technical advancements.

Will Increase in Volatility in Prices of Stainless-Steel Hamper the Cryogenic Equipment Market?

Increasing volatility in stainless steel pricing may have a negative impact on the Cryogenic Equipment Market. Because of its strength, corrosion resistance and capacity to sustain low temperatures, stainless steel is an essential material for the building of cryogenic tanks, valves and other components.

Price fluctuations in stainless steel can have a direct impact on cryogenic equipment manufacturing costs, resulting in increased production expenses. This, in turn, may result in higher prices for end users, as well as a delay or reduction in new cryogenic project investments.

Supply chain disruptions or stainless-steel shortages could exacerbate these issues, compromising the availability and delivery timelines of cryogenic equipment. To mitigate these risks, industry participants frequently monitor stainless steel price patterns and may investigate alternate materials or supply chain strategies to maintain competitiveness and ensure stability in the Cryogenic Equipment Market.

Category-Wise Acumens

Will Increase in Demand for Storing and Transporting Liquefied Gases Drive the Product Type Segment?

The growing need for liquefied gas storage and transportation will have a substantial impact on the cryogenic tank product type segment. As industries like healthcare, energy and manufacturing increase, there is a greater demand for efficient and dependable storage solutions for gases such as nitrogen, oxygen, argon and LNG.

Cryogenic tanks serve an important role in the safe storage and transportation of these liquefied gases by keeping them at extremely low temperatures to prevent evaporation and assure stability. With developments in materials and insulation technologies, cryogenic tanks are becoming more durable, efficient and cost-effective, increasing demand.

Also, as global energy demands rise and the transition to cleaner energy sources continues, demand for LNG and other cryogenic gases is likely to rise, consequently boosting the growth of cryogenic tank solutions. This trend underscores the pivotal role that cryogenic tanks will play in meeting the growing needs of various industries for secure and efficient gas storage and transport solutions.

Will Growing Global Energy Demands Drive the Cryogenic Equipment Market?

Rising worldwide energy consumption is likely to fuel significant expansion in the Cryogenic Equipment Market. Cryogenic technologies, particularly in liquefied natural gas (LNG) are critical for addressing rising energy demand effectively and responsibly.

LNG plays an important part in the shift to cleaner energy sources by providing a viable alternative to traditional fossil fuels. LNG infrastructure expansion, including liquefaction plants, storage facilities and transportation networks, necessitates the use of modern cryogenic equipment to ensure efficient handling and distribution. Furthermore, the use of cryogenic solutions extends beyond LNG to energy storage applications such as liquid hydrogen for fuel cells and renewable energy integration.

As governments work to reduce carbon emissions and improve energy security, demand for cryogenic equipment will rise, owing to investments in energy infrastructure, technological improvements and legislative backing. This trend puts the Cryogenic Equipment Market at the forefront of promoting sustainable energy solutions and fulfilling changing global energy demands.

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Country/Region-wise Acumens

Will Increase in Industrial Sectors and Technological Advancements Drive the North America Region?

Increasing industrial sectors and technological improvements will continue to drive the North American Cryogenic Equipment Market. North America boasts a strong industrial foundation in industries such as healthcare, aircraft, electronics and energy, all of which rely significantly on cryogenic technologies in diverse applications.

Technological breakthroughs, particularly in the domains of LNG (liquefied natural gas) infrastructure, superconducting materials, and medical imaging, continue to drive demand for sophisticated cryogenic equipment. Also, the region’s emphasis on sustainability and energy efficiency is driving a rise in cryogenic solutions for renewable energy storage and transmission.

Furthermore, North America’s excellent research and development skills, together with a supportive legislative environment and large investments in innovation, position it favorably to lead the adoption of advanced cryogenic technologies. This combination of factors ensures that the industrial sectors in North America will continue to drive growth and innovation in the Cryogenic Equipment Market in the coming years.

Will Increasing Healthcare Expenditures Drive the Asia Pacific Region?

Increasing healthcare expenditures is anticipated to drive expansion in the Asia-Pacific Cryogenic Equipment Market. As Asia-Pacific countries face demographic trends such as aging populations and increased healthcare demands, innovative medical technologies and infrastructure are becoming increasingly important.

Cryogenic equipment is essential in medical applications such as magnetic resonance imaging (MRI), cryosurgery and the preservation of biological samples and vaccines. The growing healthcare sector in China, India, Japan and South Korea is driving investments in new healthcare facilities outfitted with cutting-edge diagnostic and therapeutic technologies.

As these economies grow, there is a greater emphasis on improving healthcare access and quality, which involves modernizing hospital infrastructure and implementing cutting-edge medical technology. This tendency is bolstered by government programs aimed at improving healthcare services and meeting healthcare sustainability targets.

As therefore, rising healthcare expenditures in the Asia-Pacific region are likely to considerably contribute to the growth of the Cryogenic Equipment Market in the near future.

Competitive Landscape

The Cryogenic Equipment Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the Cryogenic Equipment Market.

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

Latest Developments

• In June 2022, SC Johnson and the Global Fund partnered to eradicate malaria. The Global Fund accounts for 56% of international malaria financing (39% of total resources) and has invested over USD 16 billion in malaria control projects to date.
• In February 2022, the Kenya Medical Research Institute (KEMRI) launched the Plasmochek malaria diagnostic kit.

Report Scope

Cryogenic Equipment Market, By Category

Product Type

• Valve
• Tank
• Vaporizer
• Pump

Cryogenic Type

• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas

End-User

• Energy & Power
• Chemical
• Electronics
• Shipping
• Metallurgical

Geography

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as a future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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