Home > Industrial Machinery > Industrial Equipment > Cryogenic Equipment > Cryogenic Equipment Market

Cryogenic Equipment Market Trends

Report ID: GMI2918
Published Date: Jul 2024
Report Format: PDF

Download Free Sample

Cryogenic Equipment Market Trends

The rising demand for cryogenic equipment in the commercial and industrial sectors, primarily for power distribution, is poised to reshape the industry landscape, fueled by escalating energy needs. This surge is further propelled by heightened construction and infrastructure projects. Moreover, in line with the global push for energy conservation and sustainability, manufacturers are enhancing the energy efficiency of Cryogenic Equipment. To achieve this, firms are integrating cutting-edge technologies and materials, aiming to slash power losses and boost system efficiency.

The growth of the cryogenic equipment market is driven by increasing demand in the healthcare sector for medical gases, expanding liquefied natural gas (LNG) production, and advancements in cryogenic technology. Additionally, the rise in space exploration and industrial gas applications further fuels market expansion.

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size of cryogenic equipment was worth over USD 19.4 billion in 2023 and is expected to register 5.5% CAGR from 2024 to 2032, owing to the growing public and private participation in infrastructural developmental activities creating a significant boom in the global economy worldwide.

Cryogenic equipment industry from the tanks segment is expected to surpass USD 13.2 billion by 2032, due to shifting trends towards gas-based power generation plants along with increasing gas storage capacity by various nations.

Asia Pacific cryogenic equipment industry is likely to cross USD 11.1 billon by 2032, due to increasing urbanization and rising per capita income in the region.

Emerson Electric Co., Flowserve Corporation, Hypro, INOXCVA, IWI Cryogenic Vaporization Systems (India) Pvt. Ltd., Kelvin Technology, Linde PLC, Schlumberger Limited, Shell-n-Tube, Vacuum Barrier Corporation, and VRV S.r.L, are some of the major cryogenic equipment companies worldwide.