Global Cryogenic Equipment Market Outlook
Revenue, 2024
Forecast, 2034
CAGR, 2024 - 2034
Cryogenic Equipment plays a role in a wide range of applications including deep space exploration and cutting edge medical treatments as well as advancements in superconductors and storage of liquefied gases due to its reputation for being sturdy and dependable while also being adaptable to various uses. The current shift, towards smaller scale designs has brought about an age of compact and effective systems that broaden their use and availability while also driving down expenses.
Market Key Insights
- The Cryogenic Equipment market is projected to grow from $48.7 billion in 2024 to $126 billion in 2034. This represents a CAGR of 10%, reflecting rising demand across Space Exploration, Food and Beverage Industry and Medical Industry.
- Linde Group, Chart Industries Inc, Parker Hannifin are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Cryogenic Equipment market and are expected to observe the growth CAGR of 7.3% to 10.5% between 2024 and 2030.
- Emerging markets including Brazil, India and South Africa are expected to observe highest growth with CAGR ranging between 9.6% to 12.5%.
- Transition like Shift Towards Green Energy is expected to add $10.3 billion to the Cryogenic Equipment market growth by 2030
- The Cryogenic Equipment market is set to add $77.6 billion between 2024 and 2034, with manufacturer targeting Power & Chemical End User projected to gain a larger market share.
- With Increasing demand in healthcare sector, and Expansion of lng infrastructure, Cryogenic Equipment market to expand 159% between 2024 and 2034.
Opportunities in the Cryogenic Equipment
In the healthcare industry cryogenic equipment is making advancements by freezing and preserving samples to treat skin issues and store cord blood stem cells which shows promising growth potential.
Growth Opportunities in North America and Europe
North America Outlook
In the market for Cryogenic Equipment, North America holds a substantial portion because of the continuous growth in sectors like energy and power metallurgy, and chemicals. The area shows competition with many leading companies investing significantly in research and development to improve their operations. Additionally the developed healthcare facilities also drive up the need, for cryogenic equipment.
Europe Outlook
The Cryogenic Equipment market in Europe is poised for growth as the demand for natural gas and LNG continues to rise steadily in the region with strict regulatory standards encouraging industry players to invest in top notch cryogenic equipment; besides that the growing focus on renewable energy is opening up new avenues, for the Cryogenic Equipment market.
Market Dynamics and Supply Chain
Driver: Increasing Demand in Healthcare Sector, and Technological Advancements in Cryogenic Equipment
The increase in the use of Liquid Natural Gas (LNG) across sectors along with the development of LNG docks and pipelines has also driven the need for cryogenic tools and devices. The requirement for effective storage and transportation mechanisms, for LNG is also encouraging the utilization of cryogenic innovations.
Restraint: High Installation and Maintenance Costs
Opportunity: Adoption in Aerospace & Defense and Cryogenics in the Food Packaging
The importance of equipment in the food sector is becoming more evident nowadays when it comes to frozen and chilled food products. It helps in preserving the quality and extending the shelf life by using gases, in packaging and transportation processes to keep the products at the right temperature.
Challenge: Skilled Labour Deficiency
Supply Chain Landscape
ArcelorMittal
Rio Tinto Group
Cryofab Inc
Herose GmbH
Chart Industries
Inox India Ltd
Linde PLC
Medical
Energy
Space Research
Food & Beverage
ArcelorMittal
Rio Tinto Group
Cryofab Inc
Herose GmbH
Chart Industries
Inox India Ltd
Linde PLC
Medical
Energy
Space Research
Food & Beverage
Applications of Cryogenic Equipment in Space Exploration, Food & Beverage & Medical
Cryogenic devices are crucial in the realm of space exploration for tasks like storing and propelling fuel efficiently at low temperatures in rockets destined for space missions. They provide an efficient way to store volatile substances like rocket fuels and are utilized by key players such, as SpaceX and NASA in their spacecraft operations.
In the field of medicine cryogenic tools are utilized for cryosurgery, cryotherapy and storing samples. These methods entail utilizing cold temperatures to freeze and eliminate diseased tissues, like cancer cells. An exceptional benefit of this use is its invasive approach to treatment, which lowers the chances of infection and accelerates healing. Prominent companies such as Medtronic and CooperSurgical are at the forefront of employing equipment, in healthcare applications.
Cryogenic equipment plays a role, in the food and beverage industry by helping to preserve and transport perishable goods effectively and safely for extended periods of time while keeping the products fresh.
Recent Developments
The Linde Group introduced a product. An advanced cryogenic freezer to meet the growing need, for energy saving freezing options.
Air Liquide expanded its range of products by launching cryogenic tanks that boast enhanced safety features and increased capacity.
With the acquisition of a smaller competitor, in the cryogenic equipment industry Herose GmbH has strengthened its market position and broadened its product offerings.