Cryogenic energy storage device sales

Why is cryogenic equipment used in oil & gas industry?

Cryogenic equipment is mostly used in the oil & gas industry for transportation and storage of Liquefied Natural Gas (LNG) and industrial gases in industrial operations. The expansion of the manufacturing industry plays a vital role in economic growth and the increasing awareness for generating clean energy resources.

What are the key industry drivers for cryogenic equipment?

Increased natural gas consumption and improved healthcare in the nations are two essential industry drivers for cryogenic equipment. The demand for broad use of renewable energy in the infrastructure considerably drives the need for energy storage across many industries.

What is the global cryogenic equipment market size?

The global cryogenic equipment market size was estimated at USD 22,249.67 million in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 6.5% from 2023 to 2030. The demand for technical gases in various industries to attain a particular temperature level is expected to drive the global industry during the forecast period.

How will the cryogenic storage equipment Application Segment grow in 2022?

The cryogenic storage equipment application segment is likely to expand at a significant CAGR from 2022 to 2030 due to the advancement and expansion of cryogenic technology in the healthcare field.

Why is cryogenic storage equipment important?

Moreover, cryogenic storage equipment is utilized for rapidly freezing vaccines and preserving biological samples like human flesh, oocytes, and muscle, which is expected to boost industry expansion during the forecast period. The distribution segment is expected to witness a significant CAGR of 6.6% during the forecast period.

Which region dominated the cryogenic equipment market in 2023?

The Asia Pacific dominated the cryogenic equipment market with a share of 36.74% in 2023. Cryogenic equipment is mostly used in the oil & gas industry for transportation and storage of Liquefied Natural Gas (LNG) and industrial gases in industrial operations.