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3. Cryogenic Equipment Market Size & Share - Future Growth Expectations

The global cryogenic equipment market is projected to reach USD 16.6 billion by 2028 from an estimated USD 11.9 billion in 2023, at a CAGR of 6.9% during the forecast period. The Cryogenic Equipment Market refers to the industry that manufactures and distributes equipment designed to work at extremely low temperatures, often below -150°C (-238°F). Cryogenic equipment includes storage tanks, valves, pumps, vaporizers, and other components used to store, transport, and handle liquefied gases such as nitrogen, oxygen, argon, and LNG (liquefied natural gas).

The cryogenic equipment industry is undergoing rapid evolution, driven by emerging trends and global forecasts.

Emerging trends in the global Cryogenic Equipment Market are:

• Rise in LNG Infrastructure
• Advancements in Cryogenic Storage
• Cryotherapy and Medical Applications
• Hydrogen Economy
• Cryogenic Cooling in Electronics
• Digitalization and Automation

The global cryogenic equipment market is witnessing dynamic shifts driven by changing consumer preferences, technological advancements, and regulatory developments. Several emerging trends are shaping the trajectory of the cryogenic equipment industry:

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Rise in LNG Infrastructure:

As demand for cleaner fuel sources grows, there is a greater emphasis on LNG infrastructure development, which drives demand for cryogenic equipment used in LNG storage, transportation, and regasification.

Advancements in Cryogenic Storage:

Innovations in cryogenic storage technologies, such as enhanced insulation materials and tank designs, are increasing storage capacity, safety, and efficiency to meet the growing need for cryogenic storage solutions.

Cryotherapy and Medical Applications:

As cryotherapy becomes more widely used in medical treatments and research, cryogenic equipment makers will have more chances to develop specialized devices for cryosurgery, tissue preservation, and medicinal gas storage.

Hydrogen Economy:

The developing hydrogen economy is boosting demand for cryogenic equipment used in hydrogen liquefaction, storage, and transportation, as hydrogen emerges as a critical energy carrier in decarbonization efforts.

Cryogenic Cooling in Electronics:

The demand for cryogenic cooling solutions in electronics, notably quantum computing and superconducting electronics, is increasing, prompting the development of specialist cryogenic equipment designed for these applications.

Digitalization and Automation:

Integrating digitalization and automation technologies into cryogenic equipment, such as IoT (Internet of Things) sensors and AI (Artificial Intelligence), improves monitoring, control, and maintenance capabilities while also increasing operational efficiency and safety.

Related Reports

Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application & Region - Forecast to 2028