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Global Cryogenic Equipment Market Research Report:

The latest report by IMARC, titled “ CryogenicEquipmentMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast 2023-2028

” " the global cryogenic equipment market reached a value of US$ 20.7 Billion in 2022.

Cryogenic equipment are machinery that are utilized for the storage and transportation of numerous materials at extremely low temperatures. They commonly consist of cryogenic refrigerators, cryogenic storage racks and boxes, cryogenic tanks, and temperature controllers. A cryogenic tank is employed for the storage of cryogenic gases, such as liquid oxygen, carbon dioxide, argon, nitrogen and methane, whereas a cryogenic refrigerator uses a refrigerant to be circulated in a fluid flow path between the chambers to preserve cryogenic materials. These equipment are commonly used for cooling, freezing, metal processing and biomedical and chemical storage purposes across the chemical, oil and gas, food and beverage, healthcare, energy and power, and marine sectors.

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Global Cryogenic Equipment Market Trends:

The global market is majorly driven by the rising demand for Liquified Natural Gas (LNG) that is widely used to facilitate numerous industrial processes. With rapid industrialization, there has been an escalating demand for LNGbased power generation systems across the globe. This, coupled with the growing utilization of liquid gases in complex industrial processes, is providing an impetus to the market growth. Moreover, significant growth in the aerospace and aviation industries is also creating a positive outlook for the market.

The rising employment of oil tankers, vaporizers, pumps, refrigerators and valves across the oil and gas sector is also providing an impetus to the market growth. Some of the other factors contributing to the market include the launch of mobile cryogenic equipment and the continual technological advancements in pharmaceuticals, immunotherapy, vaccinations and regenerative medicines. On account of the aforementioned factors, the market is expected to grow at a CAGR of 4.8% during the forecast period (2023-2028).

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).