Wilmington, Delaware, June 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Cryogenic Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, by Gas Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global cryogenic equipment market generated $19.9 billion in 2022, and is anticipated to generate $39 billion by 2032, rising at a CAGR of 7% from 2023 to 2032.
Prime Determinants of Growth
The rise in natural gas consumption and demand for clean energy production technologies, increasing adoption of cryogenic equipment in aerospace & automotive industries, and the growing demand for LNG in energy, healthcare, and electronics sectors are the factors expected to drive the growth of the global cryogenic equipment market in the forecast period from 2023 to 2032. However, the high initial costs, safety concerns, and regulatory hurdles may restrict market growth in the coming future. Contrarily, advancements in materials science for more durable & efficient equipment and the growing focus on sustainable energy sources like hydrogen storage are expected to offer remunerative opportunities for the cryogenic equipment market expansion during the forecast period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $19.9 billion |
| Market Size in 2032 | $39 billion |
| CAGR | 7% |
| No. of Pages in Report | 320 |
| Segments covered | Product, Gas Type, Application, and Region |
| Drivers | Rising natural gas consumption Increasing need for clean energy production technologies Growing demand for metallurgical processes |
| Opportunities | Technological advancements Increasing focus on sustainable energy sources |
| Restraints | High costs and regulatory hurdles |
Product: Tanks Sub-segment to Hold Major Market Share by 2032
The tanks sub-segment accounted for the largest global cryogenic equipment market share of 34.4% in 2022 and is expected to hold major share by 2032. The pivotal role of tanks in transporting and storing cryogenic gases across industries like energy, healthcare, and aerospace is driving the sub-segment's growth. Besides, increasing demand for LNG due to its clean-burning properties drives the need for cryogenic tanks, especially as more LNG facilities emerge.
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Gas Type: Liquified Natural Gas (LNG) Sub-segment to be the Most Dominant During the Forecast Period
The liquified natural gas (LNG) sub-segment held the largest market share of 45.1% in 2022 and is predicted to grow at the highest CAGR of 7.3% during the forecast period. This dominant growth is driven by the growing acceptance of LNG as a cleaner energy alternative, particularly in regions lacking natural gas pipelines like Asia-Pacific and Europe. In addition, increased awareness of climate change prompts nations to adopt LNG, fueling the demand across industrial sectors like petrochemicals and steel.
Application: Storage Sub-segment to Flourish Immensely During the Forecast Period
The storage sub-segment held the largest market share of 62.1% in 2022 and is predicted to lead and grow at the highest CAGR of 7.2% during the forecast period. The dominance of the sub-segment is driven by its crucial role in LNG production and transportation, which facilitates easier and more efficient transport by converting natural gas into a liquid state. Besides, cryogenic storage is essential for storing industrial gases and biological samples, ensuring their preservation for various applications.
Region: Asia-Pacific Market to Witness Prominent Growth by 2032
The Asia-Pacific cryogenic equipment market accounted for the largest share of 39.5% in 2022 and is predicted to continue to dominate by 2032. This growth is majorly owing to the region’s rapid industrialization, technological advancements, and the increasing demand for LNG. Besides, the region’s growing space industry, with active involvement in space research and satellite launches, is further expected to boost the demand for cryogenic equipment.
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Leading Players in the Cryogenic Equipment Market:
- Emerson Electric Co.
- NIKKISO
- Auguste Cryogenics
- MAN Energy Solutions
- Chart Industries
- Cryolor
- INOX India Limited
- Cryofab, Inc.
- LAPESA GRUPO EMPRESARIAL
- Linde plc
The report provides a detailed analysis of the key players of the global cryogenic equipment market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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