Cryogenic Equipment Market Outlook
According to a new report by Expert Market Research titled, “Cryogenic Equipment Market Growth, Share, Analysis, Report and Forecast 2023-2028″, the cryogenic equipment market is projected to grow at a CAGR of 7.3% between 2023 and 2028. Aided by the growing demand for low-temperature operations in various industries and the rising need for Liquefied Natural Gas (LNG), the market is expected to grow significantly by 2028.
Cryogenic equipment includes devices and machinery that enable the production, handling, and application of extremely low-temperature materials. The preservation and manipulation of materials like LNG, nitrogen, oxygen, and argon, which are employed in numerous industrial processes, is made possible by these pieces of equipment, including cryogenic storage tanks, valves, and refrigeration systems. They ensure the stability and integrity of the product in fields like medical technology, food processing, and energy generation.
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The growing demand for LNG and other cryogenic gases across numerous industries is driving the global cryogenic equipment market growth. With the rising awareness of the benefits of LNG, such as reduced emissions and energy efficiency, there has been a significant shift towards its use, resulting in increased demand for cryogenic equipment for its storage and transport. Also, the increasing emphasis on sustainable and clean energy sources has further propelled the popularity of LNG and, by extension, cryogenic equipment.
The broadening applications of cryogenic equipment in various industries also play a significant role in contributing to the cryogenic equipment market development. Cryogenic equipment is used in the medical field to perform cryosurgery to preserve and store biological material. Cryogenic equipment is used in the food and beverage industry for flash freezing, preserving food items’ nutritional value and flavour. Cryogenic equipment is necessary for the storage and transportation of LNG and other gases in the energy sector.
Moreover, the rising demand for cold chain logistics in the pharmaceutical and food sectors has led to a growing focus on cryogenic equipment, thereby increasing the cryogenic equipment market demand. As more temperature-sensitive products enter the market, the need for robust cold chain solutions becomes more pressing. With the increasing global distribution of these products, cryogenic equipment, integral to maintaining product integrity during transit, is poised to experience significant growth.
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Cryogenic Equipment Market Segmentation
The market can be divided based on equipment, cryogen, end user, and region.
Market Breakup by Equipment
Market Breakup by Cryogen
Market Breakup by End User
- Energy and Power
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cryogenic equipment companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Nikkiso Cryogenic Industries
- Linde plc
- HEROSE GMBH
- Wessington Cryogenic Ltd.
- Sulzer Ltd.
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