Cryogenic Equipment Market Regional Insights And Emerging Opportunities For Stakeholders

Cryogenic Equipment Industry Overview

The global cryogenic equipment market size was estimated at USD 22,249.67 million in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 6.5% from 2023 to 2030. The demand for technical gases in various industries to attain a particular temperature level is expected to drive the global industry during the forecast period. The COVID-19 pandemic has had a substantial impact on the global industry. Various industries remained closed during the pandemic, which resulted in a declined demand for various gases and affected industry growth. However, the demand for liquid oxygen was high for medical purposes.

Gather more insights about the market drivers, restrains and growth of the Cryogenic Equipment Market

Increasing expenditure on space and satellite missions is expected to drive the demand for these products for storing specimens from space in cryogenic gases due to their inert nature. In addition, with the depletion of coal resources, LNG-based power plants are growing as a clean source of energy, which presents a significant market expansion opportunity for cryogenic equipment. Furthermore, initiatives have been taken by the U.S. government to build 18 GW of new gas-based power plants, which is attributed to the expansion in the industrial and power sectors. This holds a potential growth opportunity for these products. Increased natural gas consumption and improved healthcare in the nations are two essential industry drivers for cryogenic equipment.

The demand for broad use of renewable energy in the infrastructure considerably drives the need for energy storage across many industries. Cryogenics-based Energy Storage (CES) will become more critical as power station energy storage is combined with renewable electricity generation, which is projected to boost the demand for these products globally. The continuing renovation and modernization of current healthcare infrastructure and a rise in gas-to-liquid conversion projects are anticipated to drive the industry growth over the projected year. The industry is restrained by the high costs associated with specialty materials and the maintenance of cryogenic equipment.

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Key Companies profiled:

• 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 s.l

• Galileo Technologies S.A.

• MAN Energy Solutions SE

• Cryolor SA

• SAS Cryo Pur

• Ulvac Technologies, Inc.