Cryogenic Technology Market was valued at USD 12.9 Billion in 2022 and is projected to reach USD 25.5 Billion by 2030, growing at a CAGR of 9.0% from 2024 to 2030.
Looking ahead to 2023-2033, the Cryogenic Technology Market is expected to experience a much more dynamic expansion. The demand for liquefied gases, primarily due to the increasing global energy demand, will continue to drive the market forward. The market is witnessing a strong uptrend with technological innovations in cryogenic tanks, refrigeration systems, and pipelines. A surge in demand for industrial gases for medical use, alongside more efficient cryogenic preservation methods, indicates that the market will diversify further in the coming years. Additionally, environmental regulations promoting the reduction of carbon emissions will likely boost investments in technologies related to cryogenic carbon capture and storage, positioning this sector for robust growth over the next decade. As a result, the market forecast from 2023 to 2033 highlights not only increased demand but also technological shifts toward more sustainable and cost-efficient cryogenic solutions.
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The Cryogenic Technology Market, which witnessed significant developments from 2018 to 2022, is poised for even greater changes when analyzed against the growing demand from 2023 to 2033. Over the past few years, advancements in this sector have been primarily driven by rising demand in industries such as healthcare, aerospace, and energy. The increasing use of liquefied natural gas (LNG) and the focus on carbon capture, utilization, and storage (CCUS) have notably impacted the cryogenics market dynamics. Between 2018 and 2022, the market showed steady growth, backed by innovative technological strides, such as the development of more energy-efficient cryogenic systems, and the surge in demand for high-performance cryogenic equipment. With LNG as a key player in global energy shifts, technological upgrades in cryogenic storage and transportation methods proved essential in maintaining market momentum during this period.
Acme Cryogenics
Air Liquid
Asia Technical Gas
Beijing Tianhai Cryogenic Equipments
Cryofab
Cryoquip
Linde CryoPlants
Herose
Emerson
Praxair
Taylor-Wharton
INOXCVA
Meca-Inox
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Cryogenic Technology Market
Mechanical application
Medical science
Space
Gas industry
Food preservation
Based on Types the Market is categorized into Below types that held the largest Cryogenic Technology market share In 2023.
Vaporizer
Valve
Pump
Tank
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Cryogenic Technology Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Cryogenic Technology Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Cryogenic Technology Market, By Type
6. Global Cryogenic Technology Market, By Application
7. Global Cryogenic Technology Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Cryogenic Technology Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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