The latest market report published by Acute Market Reports “Cryogenic Equipment Market: Growth, Future Prospects, and Competitive Analysis, 2023 - 2030” the cryogenic equipment market was valued at US$ 20.27 Bn in 2021 and expected to grow at a CAGR of 7.4% during the forecast period from 2023 to 2030.

Market Insights

"Increasing demand for LNG coupled with improvements in healthcare services in developing economies will upgrade the market growth during the forecast period"

The LNG business is poised to play a vital role for economic growth in developing countries. In addition, developments in LNG and natural gas will facilitate economic development and arouse further investment in national infrastructures. Furthermore, large discoveries of natural gas have focused the attention of international players involved in oil and gas industry business, thereby driving the demand for LNG across the globe. Moreover, increasing government interest towards clean energy, growing demand from domestic consumers, and raising engineering solutions for gas and LNG projects will provide a wide spectrum of opportunities for cryogenic equipment market.

Furthermore, growing needs for genetically live tissue drug therapy, biopharma therapy, and respiratory healthcare are urging the growth of cryogenic equipment market. Additionally, technological advancement and improved innovations in areas like immunotherapy, vaccinations, biopharmaceuticals, and regenerative medicines is likely to enhance the market growth. For instance, Air Liquide Healthcare introduced a quality control system i.e. ”aerALin™”, a healthcare exclusive parametric used for quality control on-site production of medical gases such as  oxygen 93 percent USP, nitrogen NF, and medical air USP.

Growing technological advancement and substantial investments for energy & power sector will further expand the cryogenic equipment market

Increasing demand towards energy storage across numerous industries has significantly urge the need for a large-scale utilization of renewable energy in the grid. Additionally, integration of grid-scale energy storage with renewable electricity generation offers flexibility across the grid, and Subsiquently will increase the need for cryogenics-based energy storage (CES). The aforementioned factors projected to increase the demand for cryogenic equipment on a global scale.

Moreover, growing awareness for the use of renewable energy coupled with government plans and financial investments globally for emission reduction has urge the need for the deployment of “Cryogenic Energy Storage”. For instance, in March 2023, Highview Power has entered into a joint venture (JV) with the TSK, a Spanish engineering and construction (EPC) company for the development of gigawatt-hour, long-duration energy storage systems using cryogenic energy storage solution.

Industrial Developments

• In May 2023, Advanced Research Systems, Inc., has registered a technology, which automatically refill liquid helium mostly used in laboratory equipment, which will further reduce the downtime, recover more helium and increase overall efficiency.
• In April 2023, Cryostar, a cryogenic equipment supplier for LNG fueling stations, has launched its new “FUELNG-Deploy” concept a cost-effective refueling solution for serving small vehicles (up to 75 refueling per day).

Key Market Movements:

• Globally, the cryogenic equipment market is rising at a CAGR of 7.4% for the estimated period from 2023 to 2030.
• The Asia Pacific emerged as a dominant market for cryogenic equipment and accounted to hold a market share of around 38% in 2021. Additionally, the development in Asian countries, owing towards increasing investments in LNG transportation, long anticipated easing of foreign investments for power, heavy industries, thereby driving the demand.
• Europe to internment a sizeable market share over the forecast period owing to significant application across healthcare, food & beverage, and electronics industries.
• An increasing need for on-site gas supply for numerous projects, upgradation in technological development, and increasing technological investments in cryogenic storage and handling in the emerging nations will drive the overall demand.

List of Companies Covered:

• Emerson Electric Co.
• Air Liquide SA
• Nikkiso Co Ltd
• Parker-Hannifin Corp
• Air Products & Chemicals, Inc.
• Chart Industries, Inc.
• Cryofab Inc.
• Cryoquip LLC.
• Herose GmbH
• INOX India Ltd.
• Linde Group AG
• Taylor-Wharton International LLC.
• VRV SpA
• Wessington Cryogenics Ltd.

Browse the full report at https://www.acutemarketreports.com/report/cryogenic-equipment-market

The Global Cryogenic Equipment Market is Segmented into:

*Complete segmentation list is on report page