The Cryogenic Equipment Market is projected to grow due to the rising demand for liquefied natural gas (LNG) and the increasing need for clean energy sources. These factors are expected to drive significant expansion in the market.
According to TechSci Research report, “Cryogenic Equipment Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Cryogenic Equipment Market is experiencing a surge in demand in the forecast period. One primary driver propelling the global cryogenic equipment market is the escalating demand for Liquefied Natural Gas (LNG). As the world transitions towards cleaner energy sources, LNG has emerged as a pivotal component in the global energy mix. Cryogenic equipment, such as LNG storage tanks and vaporization systems, plays a critical role in the liquefaction, transportation, and regasification of natural gas.
The rise in demand for LNG is attributed to its environmental benefits, as it produces fewer greenhouse gas emissions compared to traditional fossil fuels. This shift towards LNG is particularly notable in the transportation and power generation sectors. The construction of new LNG terminals, coupled with expansion projects, is fueling the need for advanced cryogenic equipment. As countries invest in enhancing their LNG infrastructure to meet growing energy demands, the cryogenic equipment market is experiencing a substantial boost, reflecting the industry’s integral role in supporting the global adoption of cleaner energy alternatives.
Significant driver steering the global cryogenic equipment market is the expanding range of applications in healthcare and biotechnology. Cryogenic equipment, including cryogenic storage tanks and freezers, is instrumental in preserving and storing biological materials, pharmaceuticals, and medical gases at ultra-low temperatures. In the healthcare sector, cryogenic applications are indispensable for the storage of stem cells, tissues, and organs, facilitating advancements in regenerative medicine and organ transplantation. Also, the biotechnology industry relies heavily on cryogenic solutions for the preservation of research materials, vaccines, and biomolecules.
As medical and biotechnological research and development continue to advance, the demand for cryogenic equipment is witnessing a surge. The precision and reliability of cryogenic systems in maintaining the integrity of biological samples make them indispensable in laboratories, hospitals, and biorepositories. Consequently, the expansion of healthcare infrastructure and ongoing developments in biotechnology drive the growth of the cryogenic equipment market, positioning it as a critical enabler of breakthroughs in medical science and biopharmaceutical innovation.
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The Global Cryogenic Equipment Market is segmented into product type, cryogen type, end user and region.
Based on end user, The Energy & Power segment held the largest Market share in 2023. The Energy & Power sector, particularly the LNG industry, is a major consumer of cryogenic equipment. LNG, which is natural gas cooled to cryogenic temperatures for storage and transportation, is becoming increasingly important as a cleaner and more versatile energy source. The demand for LNG is growing globally, driven by factors such as the transition to cleaner fuels, increased energy consumption, and the rise in international LNG trade. Cryogenic storage tanks and transportation systems are integral components of the LNG supply chain.
Cryogenic conditions are necessary to keep natural gas in a liquid state, reducing its volume for more efficient storage and transport. The construction and expansion of LNG infrastructure, including liquefaction plants, storage terminals, and LNG carriers, contribute significantly to the demand for cryogenic equipment. The Energy & Power sector is undergoing a transition toward cleaner energy alternatives, and LNG is positioned as a key player in this shift. LNG is considered a cleaner-burning fuel compared to traditional fossil fuels, contributing to reduced greenhouse gas emissions.
Governments and industries worldwide are increasingly adopting LNG as a cleaner energy source for power generation, industrial processes, and transportation, further driving the demand for cryogenic equipment. Cryogenic technologies are essential for the production and storage of hydrogen, which is gaining prominence as a clean and sustainable energy carrier. Cryogenic storage is particularly effective in maintaining hydrogen at extremely low temperatures, allowing for denser storage.
The increasing focus on green hydrogen and the development of hydrogen-based energy systems contribute to the demand for cryogenic equipment in the Energy & Power sector. Cryogenic technologies play a crucial role in enhancing the efficiency and reliability of power plants. Cryogenic air separation units are used to produce industrial gases like oxygen and nitrogen, which find applications in combustion processes for power generation.
The overall growth in global energy demand, coupled with the need for cleaner and more efficient energy sources, drives investments in energy infrastructure. Cryogenic equipment supports the development and operation of advanced energy systems. The strategic importance of LNG in global energy trade makes the Energy & Power sector a key driver of the cryogenic equipment market. LNG terminals and facilities, equipped with cryogenic technology, facilitate international energy trade and distribution.
Major companies operating in the Global Cryogenic Equipment Market are:
- Air Liquide S.A.
- Linde Plc
- Emerson Electric Co.
- Chart Industries Inc.
- Baker Hughes Company
- IHI Corporation
- Kawasaki Heavy Industries Ltd
- Mitsubishi Heavy Industries Ltd
- Howden Broking Group Limited
- Burckhardt Compression AG
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“The Global Cryogenic Equipment Market is poised for significant growth in the forthcoming years, anticipated to demonstrate a noteworthy Compound Annual Growth Rate (CAGR) throughout the forecast period. This upward trajectory is underpinned by several key drivers propelling market dynamics. The escalating demand for liquefied natural gas (LNG) as a cleaner energy alternative, alongside the increasing emphasis on clean energy sources, serves as a catalyst for market expansion. Moreover, the pervasive utilization of cryogenic equipment across diverse sectors including healthcare, food processing, and electronics industries further amplifies market prospects.
The surging popularity of LNG as a clean and efficient energy source drives heightened demand for cryogenic equipment, instrumental in the storage and transportation of LNG. The global shift towards cleaner energy alternatives such as solar, wind, and geothermal power underscores the indispensability of cryogenic equipment in facilitating the storage and transportation of these renewable energy sources. As a result, the Cryogenic Equipment Market is poised to witness significant growth in the ensuing years, fueled by evolving energy needs and expanding applications across various industries”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Cryogenic Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Valve, Tank, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Others), By End User (Energy & Power, Chemical, Electronics, Shipping, Metallurgical, and Others), By Region, By Competition 2019-2029F”, has evaluated the future growth potential of Global Cryogenic Equipment Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Cryogenic Equipment Market.
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