Cryogenic Equipment Market Analysis:

The cryogenic equipment market is driven by the increasing demand for industrial gases such as nitrogen, oxygen, and carbon dioxide, which are used in a wide range of industries such as healthcare, food and beverage, chemicals, and electronics. Cryogenic equipment is used to store and transport these gases at extremely low temperatures, typically below -150°C, which allows them to be transported and stored in liquid form.

One of the key drivers of the cryogenic equipment market is the increasing demand for liquefied natural gas (LNG). LNG is rapidly becoming a popular fuel choice for power generation and transportation due to its lower emissions compared to traditional fossil fuels. Cryogenic equipment is used to transport and store LNG, and as the demand for LNG grows, so does the demand for cryogenic equipment.

Cryogenic Equipment Market is projected to be worth USD 37.18 billion by 2030, registering a CAGR of 7.29% during the forecast period (2022 - 2030).

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Segmentation:

The global cryogenic equipment market is segmented on the basis of product type, cryogen type, end use, and region.

• By product type, the global cryogenic equipment market is segmented into valves, tanks, vaporizers, pumps, and others.
• By cryogen type, the global cryogenic equipment market is segmented into oxygen, nitrogen, LNG, argon, and others.
• By end use, the global cryogenic equipment market is segmented into energy and power, chemical, electronics, shipping, metallurgical, and others.

Regional Analysis:

Asia Pacific is likely to emerge as an important regional market for cryogenic equipment over the forecast period due to the growing oil and gas industry in the region.

The global cryogenic equipment market is projected to grow at a significant growth rate during the forecast period owing to the increase in demand for cryogenic equipment across multiple end-use industries such as power generation, healthcare, electronics, and others. Increasing LNG production and demand for medical gases in the healthcare sector would give impetus to the use of cryogenic equipment. The growth in the demand for medical gases for diagnosis and treatment of various respiratory diseases such as asthma, cardiovascular, and others could lead to the demand for medical gases, which is likely to boost the cryogenic equipment market.  

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Competitive Leaderboard:

Leading players in the global cryogenic equipment market include Beijing Tianhai Industry Co. Ltd., Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde Group AG, VRV SpA, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve Corporation, Parker Hannifin, and INOX India Ltd.