Cryogenic Equipment Market Updates

Global Cryogenic Equipment Market size was valued at USD 11.9 billion in 2023 and is poised to grow from USD 12.7 billion in 2024 to USD 21.7 billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

The competitive landscape of the global cryogenic equipment market is dynamic, with a few dominant players leading the charge alongside emerging contenders. Industry giants such as Air Products and Chemicals, Inc., Linde PLC, and Cryostar are leveraging strategic alliances, technological innovations, and geographical expansions to capture a larger market share. 'Linde Public Limited Company', 'Air Liquide S.A.', 'Air Products and Chemicals, Inc.', 'Chart Industries, Inc.', 'Parker Hannifin Corporation', 'Flowserve Corporation', 'Nikkiso Co., Ltd.', 'Inox India Limited', 'Taylor-Wharton International LLC', 'Emerson Electric Co.', 'Wessington Cryogenics Limited', 'Sulzer Ltd', 'PHPK Technologies, Inc.', 'Acme Cryogenics, Inc.', 'Sumitomo Heavy Industries Cryogenics Group (commonly known as SHI Cryogenics Group)', 'Fives Société Anonyme Simplifiée (Fives SAS)', 'Cryofab, Inc.', 'Herose GmbH Armaturen und Metalle', 'Cryostar SAS', 'Shell-N-Tube Private Limited'

The growing global shift towards cleaner energy sources, such as natural gas, is significantly boosting the demand for cryogenic equipment. LNG, in particular, requires specialized cryogenic technology for storage and transportation. In 2023, China National Offshore Oil Corporation (CNOOC) completed significant expansions at its Guangdong Dapeng LNG terminal, enhancing its import capacity. This terminal, China's first LNG import facility, achieved a cumulative receiving volume exceeding 100 million metric tons, solidifying its status as the nation's largest LNG terminal by receiving volume. This aligns with global trends of expanding LNG infrastructure, driving further demand for cryogenic tanks and compressors.

Short-Term: In the short term, the cryogenic equipment market is being significantly impacted by increased demand across sectors like healthcare, food processing, and energy. For example, the global LNG market grew at a rate of 3.1% in 2023, and with major players like Air Products and Chemicals, Inc. expanding their LNG infrastructure, the cryogenic equipment market is benefiting. Furthermore, the adoption of cryogenic technology in medical applications, such as cryopreservation and organ transport, is growing rapidly. Linde's recent expansion in cryogenic medical equipment, including the opening of a cryogenic facility in 2023, supports this trend.

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