The global cryogenic equipment market is anticipated to reach $39,005.3 million by 2032, growing from $19,890.0 million in 2022 at a CAGR of 7.0% from 2023 to 2032.Cryogenic equipment comprises of different products such as tanks, valves, pumps, vaporizers, vacuum jacketed piping, and others. Transporting liquefied industrial gases like oxygen, hydrogen, nitrogen, helium, and argon is done with the use of cryogenic equipment. Cryogenic equipment is frequently used for metal processing, biomedical & chemical storage, freezing & cooling, and boosting specific chemical reactions. In addition, several fluid cryogens are used as fuel in rocketry and aircraft. Holders, pressure containers, cold snares, purifiers, and funneling are all components of cryogenic equipment.
The increase in natural gas consumption, surge in need for clean energy production technologies such as LNG, and increase in demand for metallurgical processes are factors anticipated to boost the demand for cryogenic equipment. Liquefied natural gas (LNG) is expected to experience rise in demand in the future owing to its optimistic environmental adaptability. Cryogenic equipment including liquefaction plants, LNG storage tanks, and shipping boats work together as an important component of the LNG supply chain. These equipment components must be built to endure extremely low temperatures as natural gas is kept in its liquefied state via cryogenic processes.
Cryogenic applications primarily require specified infrastructures to manage low-temperature environments efficiently and safely. This comprises the need for specialized storage facilities, well-insulated containers, and safety measures to prevent accidents or gas leaks. This infrastructural setup can be costly and complex, making it challenging for many companies to implement cryogenic technologies. Moreover, cryogenic materials, such as liquid helium and liquid nitrogen, can be harmful to human health due to their potential to displace oxygen and low temperatures. Specialized safety protocols, equipment, and facilities are necessary to handle and store cryogenic substances safely. Therefore, a team of trained professionals is essential for the operation of the equipment.
Cryogenic equipment plays a crucial role in space exploration, enabling the storage and transportation of materials and propellants at extremely low temperatures. These cryogenic systems are essential for various space missions and offer several opportunities for advancements and breakthroughs in space exploration. Cryogenic fuels, such as liquid hydrogen (LH2) and liquid oxygen (LOX), are used in modern rocket engines. These fuels provide high specific impulse, resulting in efficient propulsion systems. All these factors are anticipated to create several growth opportunities in the market during the forecast period.
The COVID-19 pandemic had both positive and negative impacts on various manufacturers, including cryogenic equipment. Industries like healthcare and pharmaceuticals observed an increase in need for cryogenic freezers and storage tanks for vaccine distribution and other medical purposes. However, industries like aerospace and certain research sectors seen a decrease in demand, which influenced production patterns. Some cryogenic equipment manufacturers faced labor shortages due to infected workers or quarantine requirements.
The key players profiled in this report include LAPESA GRUPO EMPRESARIAL, Linde plc, Cryolor, Auguste Cryogenics, Cryofab, Inc., Emerson Electric Co., Chart Industries, NIKKISO, INOX India Limited, and MAN Energy Solutions. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.

KEY BENEFITS FOR STAKEHOLDERS
-This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cryogenic equipment market analysis from 2022 to 2032 to identify the prevailing cryogenic equipment market opportunities.
-The market research is offered along with information related to key drivers, restraints, and opportunities.
-Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
-In-depth analysis of the cryogenic equipment market segmentation assists to determine the prevailing market opportunities.
-Major countries in each region are mapped according to their revenue contribution to the global market.
-Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
-The report includes the analysis of the regional as well as global cryogenic equipment market trends, key players, market segments, application areas, and market growth strategies.

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KEY MARKET SEGMENTS
By Product
- Tanks
- Valves
- Vaporizers
- Pumps
- Vacuum Jacketed Piping
- Others
By Gas Type
- Nitrogen
- Oxygen
- Argon
- LNG
- Others

By Application
- Storage
- Distribution

By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- South Africa
- Argentina
- Rest of LAMEA
- Key Market Players
- LAPESA GRUPO EMPRESARIAL
- Linde plc
- Cryolor
- Auguste Cryogenics
- Cryofab, Inc.
- Emerson Electric Co.
- Chart Industries
- NIKKISO
- INOX India Limited
- MAN Energy Solutions