Cryogenic Equipment Sales Surge, Forecasted to Reach US$47.84 Billion By 2034

The global market for cryogenic equipment (極低温機器市場) is poised to soar to US$ 25.25 billion by 2034, with a projected CAGR of 6.6%, reaching a staggering US$ 47.84 billion by the end of the same year.

𝗚𝗲𝘁 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁 𝗖𝗼𝗽𝘆:

https://www.factmr.com/connectus/sample?flag=S&rep_id=7818

Cryogenic equipment encompasses a variety of devices and systems engineered to handle materials at ultra-low temperatures, typically dipping below -150 degrees Celsius (-238 degrees Fahrenheit), falling within the realm of cryogenic temperatures. These specialized tools are instrumental in the storage, transportation, and processing of gases, liquids, and solids under such extreme conditions.

Driving this surge in demand are factors such as the escalating need for gases across diverse industrial sectors and their pivotal role in liquefied natural gas (LNG) storage and distribution networks. The global appetite for LNG is expected to play a pivotal role in propelling the cryogenic equipment market forward over the long haul.

Projections indicate that sales of cryogenic equipment earmarked for storage applications will surge to US$ 26.22 billion by 2034. The burgeoning demand for portable cryogenic tanks and liquid nitrogen storage solutions is anticipated to be a significant catalyst in the growth trajectory of cryogenic storage tanks over the next decade.

Furthermore, the uptick in investments within the space industry, coupled with a surge in space missions, is poised to fuel demand for cryogenic devices in the forthcoming years. Cryogenic systems are indispensable for preserving space specimens, owing to the inert nature of cryogenic gases, which ensures the integrity of the specimens' characteristics over time.

A landmark development in this arena occurred when Boeing successfully tested a linerless, full composite, large cryogenic tank at NASA's Marshall Space Flight Center by the close of 2021, demonstrating its viability for integration into future aerospace vehicles.

The East Asia region is positioned to emerge as the epicenter of growth in the cryogenic equipment market, buoyed by the escalating demand for gas-powered energy generation plants and the surging interest in clean energy solutions. Government backing and robust economic expansion in countries like China, Japan, and South Korea are anticipated to further galvanize demand for cryogenic equipment through 2034, with East Asia projected to command a substantial 33.9% share of the global market by that year.

Meanwhile, the North American market for cryogenic equipment is estimated to reach a size of US$ 6.51 billion in 2024, laying the groundwork for continued growth and innovation in the region.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗞𝗲𝘆 𝗗𝗿𝗶𝘃𝗲𝘀:

The cryogenic equipment market has been experiencing substantial growth owing to several key factors:

Expanding Industrial Applications: Cryogenic equipment finds widespread use in various industries such as healthcare, food processing, electronics, and aerospace. As these industries continue to grow and diversify, the demand for cryogenic equipment escalates, driving market expansion.

Rising Adoption in Healthcare: The healthcare sector relies heavily on cryogenic equipment for medical imaging, preserving biological samples, and storing pharmaceuticals. With advancements in medical technology and increasing healthcare expenditure worldwide, the demand for cryogenic equipment in this sector is expected to surge.

Growing Demand for LNG and Industrial Gases: The liquefied natural gas (LNG) industry is witnessing significant growth due to the increasing demand for cleaner energy sources. Cryogenic equipment plays a crucial role in the liquefaction, transportation, and regasification processes of LNG. Moreover, industries requiring industrial gases such as nitrogen, oxygen, and helium rely on cryogenic equipment for their production and storage.

Advancements in Cryogenic Technology: Ongoing advancements in cryogenic technology are enhancing the efficiency, safety, and reliability of cryogenic equipment. Innovations such as improved insulation materials, advanced refrigeration systems, and better control systems are driving market growth by expanding the application scope of cryogenic equipment.

Focus on Environmental Sustainability: With a growing emphasis on environmental sustainability and reducing carbon emissions, there is a heightened interest in cryogenic technologies for applications such as liquefied hydrogen storage and transportation. Cryogenic equipment enables the storage and distribution of hydrogen, facilitating the transition to clean energy solutions.

Expansion of Space Exploration Activities: The space exploration sector relies on cryogenic equipment for the storage and handling of cryogenic fuels such as liquid oxygen and liquid hydrogen. With increasing investments in space exploration by governments and private entities, the demand for cryogenic equipment for aerospace applications is poised to increase significantly.

𝗙𝘂𝘁𝘂𝗿𝗲 𝗢𝘂𝘁𝗹𝗼𝗼𝗸:

The future outlook for the cryogenic equipment market (Marché des équipements cryogéniques) appears promising, with sustained growth anticipated across various sectors. Factors such as technological advancements, expanding industrial applications, and increasing environmental concerns are expected to drive market growth. Moreover, with ongoing developments in areas like LNG infrastructure expansion, healthcare advancements, and space exploration initiatives, the demand for cryogenic equipment is likely to continue on an upward trajectory. However, the market may face challenges related to high initial investment costs and regulatory constraints, which could influence market dynamics. Overall, the cryogenic equipment market is projected to witness robust growth in the foreseeable future, presenting lucrative opportunities for industry players.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗙𝗼𝗿 𝗙𝗥𝗘𝗘 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝗽𝗼𝗿𝘁:.

https://www.factmr.com/connectus/sample?flag=RC&rep_id=7818

𝗠𝗮𝗿𝗸𝗲𝘁 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀:

Emerson Electric Co.
Chart Industries Inc.
Linde plc
SAS Cryo Pur
Ulvac Technologies Inc.
Nikkiso Co. Ltd.
Air Liquide SA
Galileo Technologies S.A.
Standex International
Wessington Cryogenics
Cryolor SA
Beijing Tianhai Industry Co. Ltd
Cryofab Inc.
Herose GmbH
Premier Cryogenics Ltd.
Braunschweiger Flammenfilter GmbH
Lapesa Grupo Empresarial s.l

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲:

Major participants in the market for cryogenic equipment are focusing on deliberately growing their footprint in both high-potential and existing regions. Leading businesses can enter markets with favorable regulatory frameworks, rising industrialization, and a developing need for cryogenic solutions by utilizing the global market expansion strategy. Having a significant global presence reduces the risks related to local economic swings and expands the client base even further.

𝗕𝗿𝗼𝘄𝘀𝗲 𝗙𝘂𝗹𝗹 𝗥𝗲𝗽𝗼𝗿𝘁 @ https://www.factmr.com/report/cryogenic-equipment-market

𝗠𝗮𝗿𝗸𝗲𝘁 𝗞𝗲𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻:

By Product :
Tanks
Valves
Pumps & Vaporizers
Vacuum Jacketed Piping
Others

By Cryogen :
Nitrogen
Oxygen
Argon
Liquefied Natural Gas (LNG)
Others

By Application :
Distribution
Storage

By End-use Industry :
Oil and Gas
Metallurgy
Automotive
Food & Beverages
Chemicals
Others

By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

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