LONDON, April 04, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s cryogenic equipment global market report 2024, the cryogenic equipment market has witnessed robust growth, with projections indicating a steady rise in the coming years. From $14.44 billion in 2023, the cryogenic equipment market is set to reach $15.85 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.7%. Further, by 2028, it is expected to expand to $22.48 billion, with a CAGR of 9.1%. This upward trajectory is attributed to the increasing demand for electronic manufacturing, particularly in Asia-Pacific.
Driving Force: Electronic Manufacturing
The surge in electronic manufacturing activities worldwide is a primary driver behind the growth of the cryogenic equipment market. With the electronic equipment production value reaching significant figures, precise temperature control becomes imperative. Cryogenic equipment plays a vital role in semiconductor fabrication processes, enhancing electronic component performance and yield. For example, Japan has witnessed substantial growth in consumer electronics production, underscoring the importance of cryogenic equipment in such manufacturing processes.
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Market Dynamics
Regional Dominance: Asia-Pacific leads the cryogenic equipment market, accounting for 34.5% of the total market share in 2023. However, other regions like Western Europe and South America are poised for significant growth, with anticipated CAGRs of 11.3% and 9.6% respectively.
Key Players: The cryogenic equipment market is characterized by a fragmented landscape, with numerous players vying for market share. Leading companies such as Nikkiso Co. Ltd., Linde plc, and Chart Industries, Inc. are implementing strategies like strategic acquisitions, product launches, and partnerships to bolster their positions in the market.
Segmentation
The cryogenic equipment market is segmented based on equipment type, cryogen, application, and end-user. Equipment categories include tanks, valves, vaporizers, pumps, and others. Cryogens encompass nitrogen, argon, oxygen, LNG, hydrogen, helium, and others. Applications span storage, transportation, processing, and other specific uses. End-users consist of energy and power, chemicals, metallurgy, electronics, shipping, and others.
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As the demand for electronic manufacturing continues to surge, the cryogenic equipment market is poised for substantial growth. Key regions such as Asia-Pacific, Western Europe, and South America present lucrative opportunities for market players. By focusing on innovation, strategic partnerships, and product diversification, companies can capitalize on this growth trajectory and solidify their positions in the global cryogenic equipment market.
Cryogenic Equipment Global Market Report 2024 by The Business Research Company provides insights on the cryogenic equipment market size, cryogenic equipment market segments, cryogenic equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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