Cryogenic Equipment Industry - Overview, Trends, Key Drivers and Growth Forecasts Till 2030
The global cryogenic equipment market was valued at USD 25,012.9 million in 2024 and is projected to reach USD 36,734.0 million by 2030, growing at a compound annual growth rate (CAGR) of 6.7% from 2025 to 2030. This growth is largely driven by the increasing demand for cryogenic equipment across various industrial sectors, particularly the metallurgy and automotive industries. The unique capabilities of cryogenic technology such as enabling processes at ultra-low temperatures make it indispensable for specialized applications in these sectors. In the metallurgy industry, there is a rising demand for advanced processing techniques that enhance material properties and overall performance. Cryogenic equipment is essential in this context, especially for metal treatment applications such as cryogenic hardening and tempering, which involve exposing metals to sub-zero temperatures to improve durability, wear resistance, and strength. As industries shift toward producing...