The global cryogenic equipment market is anticipated to reach USD 17.1 billion by 2025, growing at a CAGR of 6.4 percent. Major factors driving the growth of this market include the surge in demand for industrial gases and investments in LNG infrastructure. Other factors impacting the growth of the cryogenic equipment market include the increase in demand for low-temperature operations in various end-use industries that include metal processing, healthcare, and food technology.
The United States in the North American region is accounted for a major share in the cryogenic tanks market and has emerged as one of the major countries utilizing this product. This is owing to the presence of manufacturing facilities of major industrial gas suppliers across the country. Cryogenic tanks are used by industrial gas suppliers for the Storage and Transportation of Industrial Gases from the manufacturing units to the end-users.