LNG Demand Boosting Cryogenics

From 2022 to 2032, worldwide demand for cryogenic equipment is projected to increase at a compound annual growth rate (CAGR) of 6.9%. Currently, the market for cryogenic equipment is valued at $13.6 billion. The global cryogenic equipment market in 2022 is valued at $13.6 billion.Sales revenue of cryogenic equipment is expected to be valued at $26.5 billion by the end of 2032.

Rising investments in the space industry, advancements in cryogenic technology, and expansion of LNG infrastructure across the world are major drivers.Leakage of cryogen gases from cryogenic systems is a key challenge for cryogenic equipment manufacturers.

In 2021, Asia Pacific held a market share of around 45% in the global industry landscape.High CAPEX & OPEX costs are expected to be major restraints for cryogenic equipment market development in the long run.Sales of cryogenic equipment in China are anticipated to increase at 8% CAGR over the next ten years.Demand for nitrogen as a cryogen is projected to progress at a 7.3% CAGR from 2022 to 2032.

This article is based on a report by FACTMR. To read it in its entirety, please visit: factmr.com/report/cryogenic-equipment-market