Cryogenic Equipment Market Research Report: Information by Product Type (Valve, Tank, Vaporizer, Pumps, Others), and by Region (North America, Europe, Asia-Pacific, Rest of the World (ROW)) Market Industry Forecast Till 2032

Cryogenic Equipment Market Research Report: Information by Product Type (Valve, Tank, Vaporizer, Pumps, Others), and by Region (North America, Europe, Asia-Pacific, Rest of the World (ROW)) Market Industry Forecast Till 2032

In 2023, the market for cryogenic equipment was estimated to be worth USD 13,077.9 million. With a compound annual growth rate (CAGR) of 6.59% from 2024 to 2032, the global cryogenic equipment market is expected to increase from USD 13,894.0 million in 2024 to USD 23,232.9 million by 2032.

The market for cryogenic equipment is being driven by the growing need for low-temperature operations in sectors like food technology, healthcare, and metal processing.

Due to the growing use of LNG in gas-based power plants and the use of LNG fuel in transportation, there is a greater demand for LNG. The oil and gas industry's increased use of cryogenic equipment, including oil tankers, valves, vaporizers, pumps, and refrigerators, is a result of the growing energy demand from LNG-powered facilities. Subterranean gas reserves are cooled to about -162°C to create LNG, which makes storage and transit easier. Another cryogenic gas, hydrogen, can be generated using water electrolysis from renewable resources including LNG. Cryogenic gases can be stored in smaller tanks because they stay liquid when maintained chilly.

They become gaseous, though, at higher temperatures, thus equipment design must take pressure and insulation into account. The purpose of safety laws is to safeguard both people and the environment. Cryogenic equipment is the collective term for the apparatus used to handle cooled gases.

Perspectives on Market Segments
Valve, Tank, Vaporizer Pumps, and Others (pipes, regulators, freezers, storage dewars, strainers, samplers, heat exchangers, leak detection equipment, dispensers, and accessories) are the product categories into which the Cryogenic Equipment Market has been divided.

Regional Perspectives
The North American cryogenic equipment market is anticipated to expand at a compound annual growth rate (CAGR) of 6.35% from 2023 to 2032. The aerospace and healthcare industries, which rely significantly on cryogenic equipment, are prominent players in North America, especially the United States and Canada. Cryogenic equipment is used in a variety of aerospace applications, such as satellite technology, rocket propulsion systems, and space exploration programs.

As a result of the expansion of industrial infrastructure, Europe is seeing tremendous economic growth. With a Compound Annual Growth Rate (CAGR) of 6.79% between 2023 and 2032, the region is expected to grow rapidly, albeit marginally slower than Asia-Pacific and North America. The renovation of Germany's healthcare system, the development of Europe's LNG infrastructure, and European nations' attempts to reach net-zero emissions are the main drivers of this increase. The need for LNG and hydrogen cryogenic equipment is anticipated to rise as a result of these causes.

The largest market for cryogenic equipment, Asia-Pacific, is also projected to develop at the highest rate between 2023 and 2032. China and Japan are the main drivers of this demand, with India coming in second. With a rising focus on switching to low-carbon technologies in industry and transportation, the requirement for LNG is the main driver of the need for cryogenic equipment in this region.

Key Players
Chart Industries, Nikkiso Co., Ltd., Air Liquide, Cryofab Inc., Air Products and Chemicals, Inc., INOX India Limited, Parker Hannifin Corp., Flowserve Corporation, Linde plc, SHI Cryogenics Group, and numerous others are significant market participants.