Cryogenic Equipment Market to Reach $39 Billion Globally by 2032 at 7% CAGR: Allied Market Research

The increased demand for natural gas & clean energy and growing focus on sustainable energy sources are projected to drive the global cryogenic equipment market’s growth during the forecast period. The Asia-Pacific region is predicted to hold the major market share by 2032.

Wilmington, Delaware, June 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Cryogenic Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, by Gas Type, by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global cryogenic equipment market generated $19.9 billion in 2022, and is anticipated to generate $39 billion by 2032, rising at a CAGR of 7% from 2023 to 2032.

Prime Determinants of Growth

The rise in natural gas consumption and demand for clean energy production technologies, increasing adoption of cryogenic equipment in aerospace & automotive industries, and the growing demand for LNG in energy, healthcare, and electronics sectors are the factors expected to drive the growth of the global cryogenic equipment market in the forecast period from 2023 to 2032. However, the high initial costs, safety concerns, and regulatory hurdles may restrict market growth in the coming future. Contrarily, advancements in materials science for more durable & efficient equipment and the growing focus on sustainable energy sources like hydrogen storage are expected to offer remunerative opportunities for the cryogenic equipment market expansion during the forecast period.

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Report Coverage & Details:

Report Coverage Details
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022 $19.9 billion
Market Size in 2032 $39 billion
No. of Pages in Report 320
Segments covered Product, Gas Type, Application, and Region
Drivers Rising natural gas consumption

Increasing need for clean energy production technologies

Growing demand for metallurgical processes
Opportunities Technological advancements

Increasing focus on sustainable energy sources
Restraints High costs and regulatory hurdles

Product: Tanks Sub-segment to Hold Major Market Share by 2032

The tanks sub-segment accounted for the largest global cryogenic equipment market share of 34.4% in 2022 and is expected to hold major share by 2032. The pivotal role of tanks in transporting and storing cryogenic gases across industries like energy, healthcare, and aerospace is driving the sub-segment's growth. Besides, increasing demand for LNG due to its clean-burning properties drives the need for cryogenic tanks, especially as more LNG facilities emerge.

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Gas Type: Liquified Natural Gas (LNG) Sub-segment to be the Most Dominant During the Forecast Period

The liquified natural gas (LNG) sub-segment held the largest market share of 45.1% in 2022 and is predicted to grow at the highest CAGR of 7.3% during the forecast period. This dominant growth is driven by the growing acceptance of LNG as a cleaner energy alternative, particularly in regions lacking natural gas pipelines like Asia-Pacific and Europe. In addition, increased awareness of climate change prompts nations to adopt LNG, fueling the demand across industrial sectors like petrochemicals and steel.

Application: Storage Sub-segment to Flourish Immensely During the Forecast Period

The storage sub-segment held the largest market share of 62.1% in 2022 and is predicted to lead and grow at the highest CAGR of 7.2% during the forecast period. The dominance of the sub-segment is driven by its crucial role in LNG production and transportation, which facilitates easier and more efficient transport by converting natural gas into a liquid state. Besides, cryogenic storage is essential for storing industrial gases and biological samples, ensuring their preservation for various applications.

Region: Asia-Pacific Market to Witness Prominent Growth by 2032

The Asia-Pacific cryogenic equipment market accounted for the largest share of 39.5% in 2022 and is predicted to continue to dominate by 2032. This growth is majorly owing to the region’s rapid industrialization, technological advancements, and the increasing demand for LNG.  Besides, the region’s growing space industry, with active involvement in space research and satellite launches, is further expected to boost the demand for cryogenic equipment.

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Leading Players in the Cryogenic Equipment Market:

  • Emerson Electric Co.
  • Auguste Cryogenics
  • MAN Energy Solutions
  • Chart Industries
  • Cryolor
  • INOX India Limited
  • Cryofab, Inc.
  • Linde plc

The report provides a detailed analysis of the key players of the global cryogenic equipment market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

 We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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