Market Size of Cryogenic Equipment Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cryogenic Equipment Market Analysis
The cryogenic equipment market is expected to register a CAGR of more than 4% during the forecast period, 2022-2027. The outbreak of COVID-19 had a moderate impact on the global cryogenic equipment market due to reduced investments in new projects caused by a global economic slowdown. The market is expected to revive towards the latter part of the forecast period after the global economy's revival. Increasing usage of natural gas and LNG by the countries to phase out or shift from coal-based energy to a cleaner form of energy is likely going to drive the cryogenic equipment market. However, the costly process of liquefaction for cryogenic gases is expected to restrain the cryogenic equipment market.
- Due to its use in multiple industries to carry out different types of jobs, the tank segment is expected to be the fastest-growing segment in the cryogenic equipment market during the forecast period.
- Advancements and developments in cryogenic technology to be used in the healthcare and the medical field are expected to create several opportunities for the cryogenic equipment market in the future.
- Due to the constant growth of industries using cryogenic equipment, Asia-Pacific is expected to be the largest and fastest-growing market for cryogenic equipment during the forecast period. In 2020, approximately 71% of the global LNG was imported into the Asia-Pacific region.
