Global Cryogenic Equipment Market Overview And Prospects – Includes Cryogenic Equipment Market Size
Learn about the global cryogenic equipment market through The Business Research Company, which provides information on cryogenic equipment market size, cryogenic equipment market drivers and restraints, cryogenic equipment market players, the COVID-19 impact on the cryogenic equipment market, and more.
The global cryogenic equipment market size is expected to grow from $12.15 billion in 2021 to $13.01 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The cryogenic equipment market is expected to grow to $17.44 billion in 2026 at a CAGR of 7.6%.
The increasing demand for liquified natural gas is expected to drive the cryogenic equipment market.
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The cryogenic equipment market consists of the sale of cryogenic equipment by entities (organizations, sole traders, and partnerships) that are used in the production of very low-temperature materials or processes. The cryogenic equipment is designed to reach ultra-low temperatures ranging from -238 °F (-150° C, 123.2 K°) to absolute zero at a slow rate to prevent thermal shock to the components being treated. Cryogenic equipment is used in the storage and transportation of liquefied gases, preservation of food, cryosurgery, superconducting electromagnets, etc.
Global Cryogenic Equipment Market Segments Include:
By Equipment: Tanks, Valves, Vaporizers, Pumps, Others
By Cryogen: Nitrogen, Argon, Oxygen, LNG, Hydrogen, Helium, Others
By Application: Storage, Transportation, Processing, Others
By End-User: Energy and Power, Chemicals, Metallurgy, Electronics, Shipping, Others
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the cryogenic equipment market in 2021.
Technological advancement has been a major trend in the cryogenic equipment market. Companies in cryogenic equipment are investing in developing new technologies to provide enhanced products to their customers.
TBRC’s cryogenic equipment market report covers:
Major Market Players: Air Liquide, Beijing Tianhai Industry Co.Ltd, Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Herose GmbH, INOXCVA, Linde plc, Taylor Wharton, VRV S.p.A., Wessington Cryogenics, ACME Cryogenics, Graham Partners, Honeywell International Inc., McDermott International Inc, Nikkiso Cryo Inc, and Sumitomo Heavy Industries Ltd.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)
The Cryogenic Equipment Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides cryogenic equipment market overviews, analyzes and forecasts market size, share, cryogenic equipment market players, cryogenic equipment market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s cryogenic equipment market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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