Cryogenic Equipment Market Size, Share, Industry Trends and Forecast to 2030

Cryogenic Equipment Market Size and CAGR in 2021

The global cryogenic equipment market is expected to reach a market size of USD 17.5 billion by the end of 2021 with a Compound Annual Growth Rate (CAGR) of 4.5% from 2021 to 2025. The growth in the market can be attributed to the increasing demand for cryogenic equipment in various industries such as healthcare, food and beverage, electronics, and energy.

COVID-19 Impact on the Cryogenic Equipment Market

The COVID-19 pandemic has had a mixed impact on the cryogenic equipment market. On one hand, the demand for cryogenic equipment in healthcare applications such as vaccine storage and transportation has surged due to the global vaccination drive. On the other hand, disruptions in the supply chain and manufacturing processes have posed challenges for market players.

Cryogenic Equipment Dynamics

The cryogenic equipment market is driven by the increasing adoption of cryogenic technology in various industries for applications such as medical imaging, food freezing, and rocket propulsion. Technological advancements in cryogenic equipment, such as the development of efficient insulation materials and improved safety features, are also fueling market growth.

Segments and Related Analysis

The cryogenic equipment market is segmented based on product type, end-user industry, and region. The key product types include tanks, valves, vaporizers, and pumps. The major end-user industries for cryogenic equipment are healthcare, energy, electronics, and metallurgy.

By Region Analysis

The global cryogenic equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America currently leads the market due to the presence of key market players and the high adoption of cryogenic technology in various industries.

Key Market Players and Competitive Landscape

Some of the major players in the cryogenic equipment market include Chart Industries, Air Liquide, Linde plc, Cryofab, and Herose GmbH. These companies are focusing on strategic partnerships, product innovations, and mergers and acquisitions to strengthen their market position.

Recent Happenings in the Cryogenic Equipment Market

In recent years, the cryogenic equipment market has witnessed several developments such as the introduction of advanced cryogenic storage solutions for gene banks and medical research facilities. Additionally, collaborations between key market players and research institutions have led to the development of innovative cryogenic technologies.