Cryogenic Equipment Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Cryogenic Equipment Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Cryogenic Equipment Market size will depict over 5.5% CAGR between 2024 and 2032, owing to innovations in cryogenic systems. For example, in March 2024, Air Products and DSI Dantech combined their knowledge in food freezing manufacturing experience to launch the most advanced cryogenic freezing technologies. Rapid improvements in insulation materials, energy-efficient refrigeration cycles, and automated control systems are enhancing the performance and reliability of these equipment, making them more attractive to a wider range of industries. The influx of supportive government policies and funding for R and D in cryogenic technologies, especially in energy storage and space exploration will also boost the market growth.

The cryogenic equipment industry is classified into product, cryogen type, application, end use, and region.

By cryogen type, the industry size from the argon segment will accrue a lucrative CAGR through 2032. In metal manufacturing and processing, furnaces and heat treatment processes utilize argon to establish an inert atmosphere whilst safeguarding against oxidation and other undesired reactions. To support these processes, cryogenic storage systems play a crucial role in ensuring a consistent argon supply.

Based on end use, the cryogenic equipment market value from the chemical segment will account for a significant revenue share by 2032. This equipment is utilized to liquefy and store gases, such as nitrogen, oxygen, hydrogen, and carbon dioxide, often required in liquid form for chemical reactions or for easier storage and transportation. Growing usage in processing materials that are sensitive to high temperatures will also prove favorable for the segment growth.

Europe cryogenic equipment industry size will register a substantial CAGR from 2024 to 2032 due to the growth of the healthcare and biotechnology sectors along with the subsequent need for storage and transportation of biological samples, vaccines, and other sensitive materials. The surging emphasis on reducing carbon emissions has resulted in increased investments in LNG infrastructure, further boosting product demand for LNG storage and transportation across the region.