Cryogenic equipment is commonly used for the transportation and storage of Liquefied Natural Gas (LNG) and industrial gases in the oil and gas industry. The cryogenic equipment market has seen significant growth in recent years due to the increasing demand for cryogenic liquids and gases, particularly in the healthcare, transportation, and energy sectors. 

According to research by Market.us, “The Global Cryogenic Equipment Market was valued at USD 12.7 billion in 2022. It is expected to grow at a 6.7% CAGR and reach USD 25.9 billion between 2022 and 2032.”

Anurag Sharma, a senior research analyst at Market.us, said, “The energy sector utilizes cryogenic equipment for liquefying gases such as hydrogen and nitrogen, which are used as fuel in various industrial processes. The rise in demand for LNG as a cleaner alternative to traditional fossil fuels is also driving growth in the cryogenic equipment market.” 

The healthcare sector uses cryogenic equipment for medical purposes such as cryotherapy, while the transportation sector uses it to store and transport liquefied natural gas (LNG). 

The market is expected to continue growing in the coming years, with increasing demand from emerging economies and advancements in technology leading to the development of new and improved cryogenic equipment.

The market includes various types of cryogenic storage tanks, transport tanks, vacuum-insulated pipelines, cryogenic valves, and cryogenic pump systems. The market is driven by the increasing demand for cryogenic liquids in various industries, such as healthcare, food and beverage, oil and gas, and chemicals. 

The healthcare industry, in particular, is driving growth in the market due to the increasing demand for medical gases, such as liquid oxygen, in hospitals and clinics. 

In addition, the growth of the liquefied natural gas (LNG) industry and the increasing demand for high-purity gases are also contributing to the growth of the cryogenic equipment market. 

The market is expected to grow in the coming years, driven by increasing investment in research and development and the increasing demand for cryogenic equipment in various applications.

Cryogenic equipment features a pressure containment tube and a support tube constructed of stainless steel. To enhance its efficiency, the stainless-steel drive shaft and concentric components can be swapped for glass/epoxy composite components. 

Despite its potential, the market growth may be hampered by strict GHG emission regulations in the steel industry and the unstable production and price of steel caused by fluctuating crude oil demand and supply.

Cryogenic equipment is used for the preservation and handling of space specimens due to the inert properties of cryogenic gases. These fluids play a crucial role in space missions, with applications divided into two categories: supporting space science missions and supporting space transportation infrastructure. 

Cryogenic gases are also essential in satellite operations, serving as a coolant to maintain spacecraft equipment and extending the lifespan of satellite instruments through refilling.

The cryogenic equipment market offers a range of opportunities for companies and investors. One of the key opportunities in the market is the increasing demand for cryogenic liquids and gases in various industries, such as healthcare, food and beverage, oil and gas, and chemicals. 

The healthcare industry, in particular, is driving growth in the market due to the increasing demand for medical gases, such as liquid oxygen, in hospitals and clinics. 

Another opportunity in the market is the growing demand for high-purity gases, which are used in a variety of applications, such as semiconductor manufacturing, pharmaceuticals, and food and beverage processing. 

Nikhil Randhe

I am Nikhil, working as a Digital Marketing Associate at Prudour Pvt Ltd. I did a Master's in Digital Marketing and worked in a Core SEO team. I an passionate about Digital Marketing with skills such as Search Engine Optimisation, Search Engine Marketing, Google Analytics, etc.