Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Cryogenic Equipment Market - Global Industry Size, Share, Trends, Opportunity & Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Cryogenic Equipment Market was valued at USD 21.08 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.19% through 2029
The cryogenic equipment market refers to the global industry involved in the design, manufacturing, and supply of specialized equipment designed to handle and manipulate materials at extremely low temperatures. This market encompasses a diverse range of products, including cryogenic storage tanks, liquefaction systems, vaporization units, and related components used in various applications such as healthcare, energy, aerospace, and industrial processes.
Growing Adoption of Cryogenic Equipment in Healthcare and Pharmaceuticals
Cryogenic equipment plays a crucial role in various applications within the healthcare and pharmaceutical industries, driving a significant trend in market growth. The demand for cryogenic equipment in these sectors is propelled by its ability to store and transport biological materials, vaccines, blood products, and other sensitive medical supplies at ultra-low temperatures.
key factor contributing to the growth of cryogenic equipment in healthcare is the increasing focus on regenerative medicine and cell therapy research. These innovative medical approaches require precise cryopreservation techniques to maintain the viability of cells and tissues for therapeutic purposes. Cryogenic freezers, storage tanks, and cryopreservation systems are indispensable tools in this field, supporting the storage and transportation of biological samples at temperatures as low as -196C (-320F).
The pharmaceutical industry relies on cryogenic equipment for the storage and distribution of temperature-sensitive drugs and vaccines. With the global expansion of vaccination programs and the development of biopharmaceuticals, there is a growing need for cryogenic storage solutions that ensure the integrity and efficacy of these products throughout the supply chain.
Significant trend driving the adoption of cryogenic equipment in healthcare is the emergence of cryogenic medical imaging technologies. Cryogenic magnetic resonance imaging (MRI) and cryo-electron microscopy (cryo-EM) techniques offer high-resolution imaging capabilities for studying biological structures and disease mechanisms. These advanced imaging modalities require specialized cryogenic systems to maintain the samples at ultra-low temperatures during the imaging process, thereby enabling groundbreaking discoveries in medical research.
The growing emphasis on healthcare infrastructure development, coupled with the increasing demand for advanced medical treatments and diagnostic technologies, is fueling the expansion of the cryogenic equipment market in the healthcare and pharmaceutical sectors.
North America
North America held the largest market share in 2023. Primary factors propelling North America's dominance in the global cryogenic equipment market is its unrivaled technological prowess. The region boasts cutting-edge research and development facilities coupled with a highly skilled workforce dedicated to innovation in cryogenic technologies. Companies based in North America continually invest in research and development to enhance the efficiency and reliability of cryogenic equipment, thereby maintaining a competitive edge in the global market.
North America is home to a diverse range of industrial sectors, including healthcare, electronics, aerospace, and energy, all of which heavily rely on cryogenic equipment for various applications. The region's robust industrial infrastructure and high demand for cryogenic equipment contribute significantly to its dominance in the global market. Moreover, stringent safety regulations and quality standards implemented in North America ensure the production of high-quality cryogenic equipment, further solidifying its position in the market.
key factor driving North America's dominance in the global cryogenic equipment market is the strategic partnerships and collaborations forged between industry players, research institutions, and government agencies. These collaborations facilitate knowledge exchange, technology transfer, and joint research initiatives aimed at advancing cryogenic technologies. By leveraging synergies and pooling resources, companies in North America gain a competitive advantage in terms of innovation, product development, and market penetration.
The growing demand for liquefied natural gas (LNG) as a cleaner alternative to traditional fuels is a significant driver of the cryogenic equipment market in North America. The region's abundant shale gas reserves and increasing emphasis on energy diversification have spurred investments in LNG infrastructure, including liquefaction plants, storage facilities, and transportation networks. As a result, the demand for cryogenic equipment such as LNG storage tanks, vaporizers, and regasification units has surged, further bolstering North America's dominance in the global market.
North America's dominance in the global cryogenic equipment market can be attributed to its technological prowess, thriving industrial sectors, strategic partnerships, and rising demand for LNG. As the region continues to innovate and invest in cryogenic technologies, it is poised to maintain its leadership position in the global market. However, with emerging economies in Asia-Pacific and Europe ramping up their investments in cryogenic infrastructure, North America will face increasing competition, necessitating continuous innovation and strategic alliances to sustain its competitive edge.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $21.08 Billion |
| Forecasted Market Value (USD) by 2029 | $34.01 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Cryogenic Equipment Market.
- Air Liquide S.A.
- Linde Plc
- Emerson Electric Co.
- Chart Industries Inc.
- Baker Hughes Company
- IHI Corporation
- Kawasaki Heavy Industries Ltd
- Mitsubishi Heavy Industries Ltd
- Howden Broking Group Limited
- Burckhardt Compression AG
Report Scope:
Cryogenic Equipment Market, By Product Type:
- Valve
- Tank
- Vaporizer
- Pump
- Others
Cryogenic Equipment Market, By Cryogen Type:
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas
- Others
Cryogenic Equipment Market, By End User:
- Energy & Power
- Chemical
- Electronics
- Shipping
- Metallurgical
- Others
Cryogenic Equipment Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/lfriem
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