{"id":127994,"date":"2024-01-27T20:17:34","date_gmt":"2024-01-28T01:17:34","guid":{"rendered":"https:\/\/v2fr5er78d.funnewsdaily.com\/books\/cryogenic-equipment-market-is-on-an-ambitious-trajectory-aiming-for-a-projected-valuation-of-us-41-billion-by-2032-according-to-persistence-market-research\/"},"modified":"2024-01-27T20:17:34","modified_gmt":"2024-01-28T01:17:34","slug":"cryogenic-equipment-market-is-on-an-ambitious-trajectory-aiming-for-a-projected-valuation-of-us-41-billion-by-2032-according-to-persistence-market-research","status":"publish","type":"post","link":"https:\/\/v2fr5er78d.funnewsdaily.com\/books\/cryogenic-equipment-market-is-on-an-ambitious-trajectory-aiming-for-a-projected-valuation-of-us-41-billion-by-2032-according-to-persistence-market-research\/","title":{"rendered":"Cryogenic Equipment Market is on an ambitious trajectory, aiming for a projected valuation of US$ 41 billion by 2032, according to Persistence Market Research"},"content":{"rendered":"

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Explore the regional dynamics and growth opportunities in the cryogenic equipment market, analyzing key trends across North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Understand market drivers, challenges, and strategic insights for industry stakeholders<\/h2>\n

New York, Jan. 23, 2024 (GLOBE NEWSWIRE) — The market share for cryogenic equipment stands at approximately US$ 22.4 billion. As the adoption of renewable energy increases, the cryogenic equipment sector is expected to thrive, reaching US$ 41 billion and demonstrating a 6.4% CAGR from 2022 to 2032.<\/p>\n

The\u00a0cryogenic equipment market<\/a> refers to the sector involved in the production, distribution, and utilization of equipment designed to operate at extremely low temperatures, typically below -150\u00b0C (-238\u00b0F). This equipment includes various devices such as cryogenic storage tanks, valves, pumps, and vaporizers, among others. The primary applications of cryogenic equipment span multiple industries, including healthcare (for storing biological samples and medical gases), aerospace (for rocket propulsion systems), food processing (for freezing and preserving food items), and energy (for liquefied natural gas production and storage). As technological advancements continue and the demand for specialized cooling solutions grows, the cryogenic equipment market is evolving, offering innovative solutions to meet various industrial and scientific requirements.<\/p>\n

Elevate your business strategy with comprehensive market data. Request a sample report now:<\/strong> https:\/\/www.persistencemarketresearch.com\/samples\/33211<\/a><\/p>\n

Market Scope:<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
\u00a0Report Coverage<\/strong><\/td>\n\u00a0Details<\/strong><\/td>\n<\/tr>\n
\u00a0Market Revenue 2022<\/td>\n\u00a0US$ 22.4 Billion<\/td>\n<\/tr>\n
\u00a0Estimated Revenue 2032<\/td>\n\u00a0US$ 41 Billion<\/td>\n<\/tr>\n
\u00a0Growth Rate – CAGR<\/td>\n\u00a06.4%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0Forecast Period<\/td>\n\u00a02022-2032<\/td>\n<\/tr>\n
\u00a0No. of Pages<\/td>\n\u00a0342 Pages<\/td>\n<\/tr>\n
\u00a0Market Segmentation<\/td>\n\u00a0Product Type, Cryogen, Application, End User, Region<\/td>\n<\/tr>\n
\u00a0Regions Covered<\/td>\n\u00a0North America, Europe, Asia-Pacific, Middle East & Africa, South America<\/td>\n<\/tr>\n
\u00a0Key Companies Profiled<\/td>\n\u00a0Nikkiso Co. Ltd., Wessington Cryogenics, Braunschweiger Flammenfilter GmbH, Standex International, INOX India Ltd., Air Liquide SA, Premier Cryogenics Ltd., Lapesa Grupo Empresarial s.l,Galileo Technologies S.A., MAN Energy Solutions SE, Cryolor SA<\/td>\n<\/tr>\n<\/table>\n

Market Dynamics<\/strong>:<\/p>\n

Drivers:<\/strong>\u00a0\u00a0<\/p>\n

The future trajectory of the cryogenic equipment market is influenced by several key drivers. Firstly, there’s a notable surge in the demand for Nitrogen Dewar tanks, which not only fortify industrial infrastructure but also enhance distribution networks. This growth is further propelled by the increasing awareness and adoption of renewable energy sources, particularly evident in the expansion of shell gas-fired power plants. Concurrently, a significant uptick in overall energy consumption across various sectors is shaping the landscape, driving the need for advanced cryogenic solutions. Additionally, the food and beverage sector is experiencing a notable shift with the rising popularity of frozen food products. This trend necessitates specialized cryogenic equipment for storage and transportation. Moreover, the escalating demand for bulk liquid nitrogen storage tanks across diverse applications, including food preservation, medical uses, and industrial processes, further augments market growth prospects.<\/p>\n

Restraints:<\/strong>\u00a0<\/p>\n

The growth of the cryogenic equipment market faces several challenges. High initial investment costs deter smaller enterprises, while operational complexities and safety risks associated with extreme temperatures require specialized expertise and stringent regulations. Additionally, limited infrastructure for maintaining cryogenic temperatures, environmental concerns, and increasing competition pose barriers to market expansion. External factors like geopolitical tensions and supply chain disruptions further impact market stability. Addressing these challenges requires strategic planning, research, and collaboration to foster sustainable growth in the cryogenic equipment sector.<\/p>\n

Opportunities<\/strong>:<\/p>\n

The cryogenic equipment market offers significant growth opportunities across sectors. With a focus on renewable energy, cryogenic solutions like Cryogenics-based Energy Storage (CES) are gaining traction for efficient energy storage. Additionally, the healthcare and food industries drive demand for specialized cryogenic applications, including medical procedures and frozen food storage. The industrial sector’s expansion, technological innovations, and emerging market penetration further fuel market growth. Strategic collaborations, advancements in technology, and market diversification present avenues for innovation and expansion within the cryogenic equipment sector.<\/p>\n

In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at \u2013 <\/strong>https:\/\/www.persistencemarketresearch.com\/market-research\/cryogenic-equipment-market.asp<\/a><\/p>\n

The top key trends shaping the cryogenic equipment market include:<\/strong><\/p>\n

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  1. Rise in Renewable Energy Storage: The increasing adoption of renewable energy sources is driving demand for cryogenic equipment, particularly in energy storage solutions like Cryogenics-based Energy Storage (CES).<\/li>\n
  2. Healthcare Advancements: Cryogenic applications in healthcare, including cryosurgery, tissue preservation, and medical gas storage, are witnessing growth due to technological advancements and increasing medical procedures.<\/li>\n
  3. Expansion in Food & Beverage Industry: The growing popularity of frozen food products necessitates advanced cryogenic equipment for efficient storage, transportation, and processing, driving market demand within the food and beverage sector.<\/li>\n
  4. Industrial Applications: The industrial sector’s growth, characterized by increasing LNG production, chemical processing, and metallurgy applications, is fueling demand for specialized cryogenic equipment.<\/li>\n
  5. Technological Innovations: Continued advancements in cryogenic technologies, such as improved insulation materials, efficient cooling systems, and automation, are driving product development and differentiation.<\/li>\n
  6. Emerging Market Penetration: Expansion into emerging markets with growing industrial sectors, increased energy demand, and infrastructure development is creating new market opportunities and driving growth.<\/li>\n
  7. Strategic Collaborations: Collaborations, partnerships, mergers, and acquisitions within the industry are facilitating access to new technologies, markets, and customer segments, driving innovation and market expansion in the cryogenic equipment sector.<\/li>\n<\/ol>\n

    Key Players:<\/strong><\/p>\n

    Several key players dominate the cryogenic equipment market, contributing significantly to its growth and innovation. While specific rankings may vary based on regions and sectors within the industry, some prominent global players often cited include:<\/p>\n

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    1. Chart Industries: A leading global manufacturer of cryogenic equipment, providing solutions for various applications, including energy, healthcare, and industrial sectors.<\/li>\n
    2. Linde plc: A multinational industrial gases and engineering company that offers a comprehensive range of cryogenic equipment and solutions, including storage tanks, vaporizers, and related services.<\/li>\n
    3. Air Liquide: Another major player in the industrial gases sector, Air Liquide provides a wide range of cryogenic equipment and services, catering to diverse industries such as healthcare, food and beverage, and manufacturing.<\/li>\n
    4. Taylor-Wharton: A renowned manufacturer of cryogenic equipment, Taylor-Wharton specializes in producing high-quality cryogenic storage solutions, including liquid nitrogen dewars, tanks, and containers.<\/li>\n
    5. INOX India Pvt. Ltd.: A leading manufacturer of cryogenic equipment, INOX offers a comprehensive range of products, including cryogenic storage tanks, vaporizers, and transportation solutions.<\/li>\n
    6. Cryofab Inc.: Specializing in the design and manufacture of cryogenic equipment, Cryofab provides a wide range of products, including cryogenic storage tanks, dewars, and accessories.<\/li>\n
    7. Wessington Cryogenics: A UK-based manufacturer specializing in the design and production of cryogenic equipment, Wessington Cryogenics offers a comprehensive range of products, including cryogenic storage tanks, vessels, and transportation solutions.<\/li>\n<\/ol>\n

      These key market players, along with several other regional and niche players, contribute to the competitive landscape of the cryogenic equipment market, driving innovation, product development, and market expansion through strategic initiatives, collaborations, and technological advancements.<\/p>\n

      Market Segmentation:<\/strong><\/p>\n

      Market segmentation in the cryogenic equipment industry can be categorized based on various criteria, including application, product type, end-user industry, and region. Here’s a breakdown:<\/p>\n

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      1. \nBy Application<\/strong>: <\/p>\n