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Cryogenic Equipment Market Size, Growth, Scope, Trends and Forecast 2023-2028

IMARC Group, a leading market research company, has recently released a report titled “Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global cryogenic equipment market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What Are The Growth Prospects Of The Cryogenic Equipment Industry?

According to the report, The global cryogenic equipment market size reached US$ 20.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.

What is Cryogenic Equipment?

Cryogenic equipment refers to devices that are used to generate, sustain and operate at extremely low temperatures. It comprises cryogenic storage racks, refrigerators, boxes, cold traps, pressure vessels, piping, purifiers, temperature controllers, tanks and accessories. It is used for freezing, cooling, and metal processing and biomedical purposes. Along with this, it also assists in protecting the users from accidental contact with hazardous materials.

Request for a free sample copy of this report: https://www.imarcgroup.com/cryogenic-equipment-market/requestsample

What are the growth prospects and trends in the cryogenic equipment industry?

The burgeoning aerospace and aviation industries represent one of the primary factors propelling the global cryogenic equipment market growth. Cryogenic fluids are widely used for cooling jet engines and in-flight components. Apart from this, the increasing utilization of cryogenic equipment in refrigerators, pumps, oil tankers, vaporizers and valves in the oil and gas sector is driving their sales further. Cryogenic equipment is designed for gases, such as oxygen, liquid helium, nitrogen, argon and carbon dioxide, widely used in Liquified Natural Gas (LNG)- based power plants. The equipment also finds extensive applications across various industries, including energy and power, marine and aerospace, food and beverage (FB), healthcare and chemical, which is boosting the overall market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Equipment:

  • Tanks
  • Pumps
  • Heat Exchanger
  • Valves
  • Others

Breakup by Cryogen:

  • Nitrogen
  • Liquified Natural Gas
  • Helium
  • Others

Breakup by Application:

  • Storage
  • Transportation
  • Processing
  • Others

Breakup by End Use Industry:

  • Oil and Gas
  • Energy and Power
  • Food and Beverages
  • Healthcare
  • Marine and Aerospace
  • Chemicals
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Air Liquide S.A.
  • Air Products and Chemicals Inc.
  • Chart Industries Inc.
  • Cryofab Inc.
  • Cryoquip LLC (Nikkiso Co. Ltd.)
  • Emerson Electric Co.
  • Flowserve Corporation
  • Herose GmbH
  • INOX India Pvt. Ltd
  • Linde Plc
  • Parker-Hannifin Corporation
  • Wessington Cryogenics.

Explore full report with table of contents: https://www.imarcgroup.com/cryogenic-equipment-market

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

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