The latest report by IMARC Group, titled “Cryogenic Equipment Market Report by Equipment (Tanks, Pumps, Heat Exchanger, Valves, and Others), Cryogen (Nitrogen, Liquified Natural Gas, Helium, and Others), Application (Storage, Transportation, Processing, and Others), End Use Industry (Oil and Gas, Energy and Power, Food and Beverages, Healthcare, Marine and Aerospace, Chemicals, and Others), and Region 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the global cryogenic equipment market Growth. The global market size reached US$ 20.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.91 Billion by 2028, exhibiting a growth rate (CAGR) of 4.80% during 2023-2028.

Cryogenic equipment encompasses a specialized category of devices and systems designed to handle extremely low temperatures, typically below -150 degrees Celsius (-238 degrees Fahrenheit). These frigid conditions are encountered in various scientific, industrial, and medical applications. One of the fundamental components of cryogenic equipment is the cryogenic vessel or container, which is built to withstand the extreme cold and store cryogenic substances such as liquid nitrogen, liquid oxygen, or liquid helium. These substances are crucial in scientific research, particularly in fields like physics and chemistry, where they are used for cooling and conducting experiments at ultra-low temperatures. In the medical field, cryogenic equipment plays a pivotal role in the preservation and storage of biological samples, including sperm, eggs, and tissues, ensuring their long-term viability. Additionally, the aerospace industry relies on cryogenic equipment for rocket propulsion and the liquefaction of rocket fuels.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/cryogenic-equipment-market/requestsample

Cryogenic Equipment Market Trends and Drivers:

Cryogenic equipment is crucial for the production and transportation of industrial gases, such as liquid nitrogen, oxygen, and argon. These gases find extensive use in various industries, including metal fabrication, electronics, and food processing. As industrial activities continue to expand globally, the demand for cryogenic equipment to handle these gases rises accordingly. Additionally, the aerospace industry relies heavily on cryogenic equipment for the storage and transport of cryogenic propellants like liquid hydrogen and liquid oxygen. With an increasing number of space missions, both governmental and commercial, the demand for cryogenic equipment in this sector is on the rise. Other than this, cryogenic energy storage, a technology that uses liquefied air or gases for energy storage, is gaining traction as a viable solution for grid energy storage. This technology has the potential to revolutionize renewable energy integration, making cryogenic equipment crucial for the future of the energy sector. Besides this, the pharmaceutical and biotechnology industries require cryogenic equipment for the production and storage of biopharmaceuticals, vaccines, and other temperature-sensitive products. As these industries grow, so does the demand for cryogenic equipment.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Equipment:

  • Tanks
  • Pumps
  • Heat Exchanger
  • Valves
  • Others

Breakup by Cryogen:

  • Nitrogen
  • Liquified Natural Gas
  • Helium
  • Others
  •  

Breakup by Application:

  • Storage
  • Transportation
  • Processing
  • Others

Breakup by End Use Industry:

  • Oil and Gas
  • Energy and Power
  • Food and Beverages
  • Healthcare
  • Marine and Aerospace
  • Chemicals
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • Air Liquide S.A.
  • Air Products and Chemicals Inc.
  • Chart Industries Inc.
  • Cryofab Inc.
  • Cryoquip LLC (Nikkiso Co. Ltd.)
  • Emerson Electric Co.
  • Flowserve Corporation
  • Herose GmbH
  • INOX India Pvt. Ltd
  • Linde Plc
  • Parker-Hannifin Corporation
  • Wessington Cryogenics

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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