Global Cryogenic Equipment Market to Grow at 4.8% During 2023-2028, Spurred by Increasing Demand For LNG

According to the latest report by IMARC Group, titled "Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global cryogenic equipment market reached a value of US$ 20.7 Billion in 2022. Cryogenic equipment are machinery that are utilized for the storage and transportation of numerous materials at extremely low temperatures. They commonly consist of cryogenic refrigerators, cryogenic storage racks and boxes, cryogenic tanks, and temperature controllers. A cryogenic tank is employed for the storage of cryogenic gases, such as liquid oxygen, carbon dioxide, argon, nitrogen and methane, whereas a cryogenic refrigerator uses a refrigerant to be circulated in a fluid flow path between the chambers to preserve cryogenic materials. These equipment are commonly used for cooling, freezing, metal processing and biomedical and chemical storage purposes across the chemical, oil and gas, food and beverage, healthcare, energy and power, and marine sectors.

Global Cryogenic Equipment Market Trends:

The global market is majorly driven by the rising demand for Liquified Natural Gas (LNG) that is widely used to facilitate numerous industrial processes. With rapid industrialization, there has been an escalating demand for LNG-based power generation systems across the globe. This, coupled with the growing utilization of liquid gases in complex industrial processes, is providing an impetus to the market growth. Moreover, significant growth in the aerospace and aviation industries is also creating a positive outlook for the market. The rising employment of oil tankers, vaporizers, pumps, refrigerators and valves across the oil and gas sector is also providing an impetus to the market growth. Some of the other factors contributing to the market include the launch of mobile cryogenic equipment and the continual technological advancements in pharmaceuticals, immunotherapy, vaccinations and regenerative medicines. On account of the aforementioned factors, the market is expected to grow at a CAGR of 4.8% during the forecast period (2023-2028).

Market Summary:

• On the basis of the equipment, the market has been divided into tanks, pumps, heat exchanger, valves and others.
• Based on the cryogen, the market has been classified into nitrogen, liquified natural gas, helium and others.
• On the basis of the application, the market has been categorized into storage, transportation, processing and others.
• Based on the end use industry, the market has been segmented into oil and gas, energy and power, food and beverages, healthcare, marine and aerospace, chemicals and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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 and Wessington Cryogenics.

Report Scope:

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