Cryogenic equipment is used to store and transport materials at extremely low temperatures, typically below -150°C. The market for cryogenic equipment is driven by a number of factors, including the increasing demand for advanced technologies, the widespread adoption of cryogenic products in the healthcare industry, and growing environmental concerns among consumers.

The global cryogenic market size was USD 21.32 Billion in 2022 and is expected to register a revenue CAGR of 6.4% during the forecast period, according to the latest analysis by Emergen Research. One of the key drivers of the cryogenic market is the increasing demand for advanced technologies. As industries continue to evolve and become more complex, there is a growing need for equipment that can operate at extremely low temperatures. Cryogenic equipment is used in a wide range of industries, including healthcare, energy and power, food and beverages, and chemicals, among others.

Another driver of the cryogenic market is the widespread adoption of cryogenic products in the healthcare industry. Cryogenic equipment is used to store and transport medical supplies, such as vaccines, organs, plasma, and other biopharmaceuticals, at extremely low temperatures. The increasing demand for cryogenic chemicals from the healthcare sector is driving the market, as is the growing awareness of the environmental benefits of cryogenic equipment.

Despite the many drivers of the cryogenic market, there are also a number of restraints that are limiting its growth. One of the main restraints is the high cost of cryogenic equipment. The process of liquefaction for cryogenic gases is expensive, which can make it difficult for some companies to invest in this technology. Additionally, the lack of skilled professionals in the field of cryogenics can also be a limiting factor.

There are a number of growth factors that are expected to drive the cryogenic market in the coming years. One of the main growth factors is the increasing use of natural gas and LNG by countries looking to phase out or shift from coal-based energy to a cleaner form of energy. The tank segment is expected to be the fastest-growing segment in the cryogenic equipment market during the forecast period, due to its use in multiple industries to carry out different types of jobs.

Furthermore, the report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.

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Key companies operating in the Cryogenic market include:

Air Liquide, Linde Plc, Wessington Cryogenics, Chart Industries, SHI Cryogenics Group, INOX India Limited, Herose GmbH, Cryofab, Taylor-Wharton, Cryostar, Praxair Technology, Inc., Parker Hannifin Manufacturing Ltd., Absolut system, Creare LLC

Key market aspects studied in the report:

Market Scope: The report explains the scope of various commercial possibilities in the global Cryogenic market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.

Key Benefits of the Report:

• Comprehensive analysis of the competitive scenario and its changing dynamics
• Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
• In-depth 8-year analysis of the Global Cryogenic Market
• Critical understanding of the key market segments
• Comprehensive analysis of the drivers, restraints, trends, and opportunities
• Detailed regional analysis and extensive company profiling
• Extensive assessment of current and emerging trends of the market

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Cryogenic Market Segmentation:

• Cryogen Type Outlook (Revenue, USD Billion; 2019-2032)

  • Nitrogen
  • Argon
  • Oxygen
  • Liquefied Natural Gas
  • Hydrogen
  • Others

• Application Outlook (Revenue, USD Billion; 2019-2032)

  • Storage
  • Transportation and Distribution
  • Processing
  • Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

  • Oil & Gas
  • Automotive
  • Chemical
  • Metallurgy
  • Food & Beverage
  • Marine & Aerospace
  • Others

Cryogenic Market Segmentation by Regions:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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