Rockville , March 08, 2023 (GLOBE NEWSWIRE) -- From 2022 to 2032, worldwide demand for cryogenic equipment is projected to increase at a CAGR of 6.9%. Currently, the market for cryogenic equipment is valued at US$ 13.6 billion.
Growing demand for clean energy and increasing use of gas-powered transportation are expected to drive the demand for cryogenic equipment over the coming years. Rising use of technical gases in several industrial applications, increasing investments in the aerospace industry, and expansion of the manufacturing industry across the world are other factors that are expected to govern market potential in the long run.
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Competitive Landscape
Prime companies in the cryogenic equipment market are launching new innovative solutions to enhance their market presence and boost their sales potential.
In November 2021, Envirotainer, a global leader in secure cold chain solutions for pharmaceuticals announced the launch of the CryoSure platform. The new platform was the most sustainable, high-performance, and superior-duration solution available in the market at the time of its launch. The CryoSure platform enables -70°C intercontinental shipping.
More recent developments and key strategies adopted by market players have been listed in this latest cryogenic equipment market research report by Fact.MR, a market research and competitive intelligence provider.
Key Takeaways from Market Study
- The global cryogenic equipment market in 2022 is valued at US$ 13.6 billion.
- Over the next ten years, demand for cryogenic equipment is slated to rise at a 6.9% CAGR.
- Sales revenue of cryogenic equipment is expected to be valued at US$ 26.5 billion by the end of 2032.
- Rising investments in the space industry, advancements in cryogenic technology, growing demand for clean energy, and expansion of LNG infrastructure across the world are major drivers for the market.
- Leakage of cryogen gases from cryogenic systems is anticipated to be a key challenge for cryogenic equipment manufacturers across the forecast period.
- In 2021, Asia Pacific held a market share of around 45% in the global industry landscape.
- High CAPEX & OPEX costs are expected to be major restraints for cryogenic equipment market development in the long run.
- Sales of cryogenic equipment in China are anticipated to increase at 8% CAGR over the next ten years.
- Demand for nitrogen as a cryogen is projected to progress at a 7.3% CAGR from 2022 to 2032.
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Key Companies Profiled
- Chart Industries Inc.
- Standex International
- Air Liquide SA
- INOX India Ltd.
- Linde plc
- Nikkiso Co. Ltd.
- Galileo Technologies S.A.
- MAN Energy Solutions SE
- Wessington Cryogenics
- SAS Cryo Pur
- Ulvac Technologies Inc.
- Herose GmbH
- Braunschweiger Flammenfilter GmbH
- Lapesa Grupo Empresarial s.l
- Premier Cryogenics Ltd.
- Cryolor SA
Winning Strategy
Cryogenic equipment manufacturers are expected to focus on product innovation and launch new products to gain a competitive advantage over other market players. Mergers, acquisitions, and collaborations are also expected to be significant strategies that established market players could deploy to expand their market share.
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Key Segments in Cryogenic Equipment Industry Research
By Product:
- Tanks
- Valves
- Pumps & Vaporizers
- Vacuum Jacketed Piping
By Cryogen:
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas (LNG)
By Application:
- Distribution
- Storage
By End-use Industry:
- Oil & Gas
- Metallurgy
- Automotive
- Food & Beverages
- Chemicals
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cryogenic equipment market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product (tanks, valves, pumps & vaporizers, vacuum jacketed piping, others), cryogen (nitrogen, oxygen, argon, liquefied natural gas (LNG), others), application (distribution, storage), and end-use industry (oil & gas, metallurgy, automotive, food & beverages, chemicals, other industries), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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