As per our research Report, the Global Cryogenic Equipment Market is forecasted to be growing at CAGR of 6.8% from 2024 to 2030.
Cryogenic equipment is a highly valuable machine for achieving and maintaining an extremely low temperature, typically around -150°C. These products are applied in a variety of applications, including the manufacture and transportation of liquefied natural gas (LNG), as well as the storage of liquid oxygen, helium, or nitrogen, blood transfusions, and the saving of biological samples. Cryogenic liquids have several crucial medical and industrial applications, involving the use of liquid nitrogen for low-temperature chemical reactions and liquid hydrogen and oxygen as rocket fuels. Smaller vacuum flasks and Dewar flasks are utilised to store liquefied gases, while large-scale industrial operations depend on massive cryogenic storage tanks.
Cryogenic equipment offers many benefits. They are suitable for applications requiring extremely less temperatures due to their low-temperature capabilities. They help in preserving the quality of products and materials by holding them at very low temperatures, which, throughout the freezing process, minimizes the escape of moisture and the formation of ice. They are beneficial for the long-term storage of products and materials, such as biological samples or food items, to hold their quality over extended periods. They are unique, which means, they can be used in a variety of industries varying from food and beverage to space exploration. They are also sustainable as the majority of the cryogen equipment uses natural gases like LNG as cryogens, which assist in reducing waste and pollution.
The demand for liquefied natural gas (LNG) as cryogenic is rising in developing nations as an impact of the advantages it provides over other cryogenics. LNG is highly felt as an eco-friendly fuel as it generates lower emissions of carbon dioxide and nitrogen oxide and no emissions of particulate, which makes it harmless and toxic less. It is safe to use as it quickly disperses in the air in a situation of accidental spillage. To transport and store large amounts of LNG in compact volumes, cryogenic equipment is required. Therefore, this factor pushes the demand for cryogenic equipment.
Cryogenic systems help in the manufacture of numerous gases for applications in the medical industry, involving medical oxygen, medical air, nitrous oxide, helium gas, etc. Owing to the several significant applications of oxygen as a respiratory help, liquid oxygen systems are important to the pharmaceutical and medical industries. Nitrogen is also utilised to guarantee quick cooling for the transportation and preservation of cells and tissues; while cryosurgery is progressively applied to kill unwanted tissues or tumours, including both benign and malign skin conditions, by using liquefied nitrogen. Therefore, this element also drives the need for cryogenic equipment.
The global cryogenic equipment market is experiencing problems, mainly in terms of high capital investment and negative damage to human health. Small and medium-sized businesses can face concerns in the installation and maintenance of cryogen equipment as installing a cryogen manufacturing facility needs high capital investment. Furthermore, frostbite and oxygen deficiency can impact from prolonged exposure to cryogen, which can cause fatal damage to the lungs and other body parts. Thus, these hurdles inhibit the growth of the global cryogenic equipment market.
The expansion of cryogenic equipment to emerging industries offers lucrative opportunities in the global cryogenic equipment market. Given the increasing demand for cryogenic equipment due to their benefits of low-temperature capabilities, preserved product quality, long-term storage capability, versatility, and environment-friendly, key manufacturing companies specializing in cryogenic device can stand to earn significantly from this opportunity by widening their products, including tanks, pumps, and vaporizers, valves, etc., to emerging markets, such as 3D printing industry, carbon capture, utilization, and storage (CCUS) industry, and biotechnology industry, to widen their customer base and push their overall revenue.
Key Market Insights:
In 2023, the tanks segment held the largest market share. The growth can be dedicated to the requirement to maintain gases for a several essential industrial processes that provide superior insulation, longer durability, and lower maintenance as opposite to conventional cooling lubricants. Cryogenic tanks are used for the storage of cryogenics, involving oxygen, argon, nitrogen, hydrogen, and helium among others. Cryogenic tanks are considered a significant component of cryogenic infrastructure as they are set up in such a way that can easily control high pressure and extremely low temperatures.
In 2023, the liquefied natural gas segment held the biggest market share. The growth can be dedicated to the growing adoption of LNG as a clean energy source, the rising demand in the applications of power generation, transportation, and industrial, and the continuous improvements in LNG storage technologies. LNG is produced by cooling and lowering the volume of natural gas, enabling it shipping around the world, simpler, safer, and more cost-friendly. LNG generates 40% less carbon dioxide than coal and 30% less than oil, making it the cleanest of petroleum products. It does not manufacture minimal amounts of sulphur dioxide, mercury, and other compounds, which are considered detrimental to the environment.
In 2023, the storage segment held the biggest market share. The growth can be dedicated to the rising use of cryogenic equipment, such as cryogenic tanks, for storing cryogenic fluids, including liquefied natural gas, nitrogen, oxygen, and argon, at extremely low temperatures in the industries of healthcare, food and beverages, oil and gas, and marine among others.
In 2023, the metallurgy segment held the biggest market share. The growth can be credited to the vast usage of cryogenic fluids, such as oxygen, nitrogen, and argon, in the uses of the metallurgy industry, involving sintering, annealing, neutral hardening, cyanidation, and during blast furnaces.
In 2023, the region of Asia-Pacific held the biggest share of the global cryogenic equipment market. The growth can be dedicated to the rising demand for cryogenic equipment in a number of industries, involving food and beverage, chemical and petrochemical, and metallurgy, the growing adoption of liquefied natural gas as an impact of reducing carbon emissions, and the growing demand for gas-fired power plants owing to the augmented renewable energy awareness.
Pumps & Vaporizers
Tanks
Vacuum Jacketed Piping
Valves
Others
Argon
Liquefied Natural Gas
Nitrogen
Oxygen
Others
Processing
Storage
Transportation & Distribution
Others
Automotive
Chemical & Petrochemical
Food & Beverage
Metallurgy
Oil & Gas
Others
North America
Europe
Asia-Pacific
South America
Middle East and Africa
Request sample for this report: https://virtuemarketresearch.com/report/cryogenic-equipment-market/request-sample
Analyst Support
Every order comes with Analyst Support.
Customization
We offer customization to cater your needs to fullest.
Verified Analysis
We value integrity, quality and authenticity the most.