The Cryogenic Freezers Market Size was valued at USD 1.1 Billion in 2022 and is projected to grow from USD 1.2 Billion in 2023 to USD 1.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2032).
The primary market factors accelerating market expansion are the increased prevalence of medical diseases among the general population and the significant growth in the healthcare sector. A significant rise in demand for cryogenic freezers has been observed as a result of the expanding requirement for appropriate cryopreservation. As technology and the medical industry continue to advance and grow, there is also expected to be an increase in the need for cryogenic freezers for cryopreservation applications.
Key players:
Thermo Fisher Scientific Inc., Panasonic Corporation, Chart Industries, Inc., Haier Group, DAIHAN Scientific, Froilabo, Arctiko, Taylor-Wharton, VRV Group, Aucma Co., Ltd., and Zhongke Meiling Cryogenics Company Limited
Segment Analysis
The global cryogenic freezers market has been segmented based product type, application, and end user.
On the basis of product type, the market is segmented into tunnel freezer, IQF freezer, immersion freezer, spiral freezer, and others. The tunnel freezer market segment dominated the global market in 2022. This is a result of the healthcare sector's expanding requirement for tunnel freezers.
Based on application, the global cryogenic freezers market has been segmented into corporate laboratories, hospitals and blood centers, universities and research institutions, and others. Hospitals and blood centers accounted for the majority of the cryogenic freezer market in 2022. The primary end customers of cryogenic freezers are hospitals and blood banks, and they have a significant impact on market growth.
Based on end use industry, the global cryogenic freezers market has been segmented into food and beverages, medical and healthcare, pharmaceuticals, chemicals, and others. The medical and healthcare category dominated the global market in 2022. Cryogenic freezers are required for the storage of biological sample freezers, skin cells, cultures, and medications and vaccines. In blood banks, blood samples are stored in cryogenic refrigerators
Regional Analysis
The global cryogenic freezers market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cryogenic Freezers market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cryogenic Freezers market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cryogenic Freezers market comprises of Middle East, Africa, and Latin America.
The largest market share for cryogenic freezers was maintained by the North American regional sector. This increase is attributed to expanding research and development for hydrogen generation and the adoption of electric vehicles in the area. Additional factors promoting market growth include increased investor investments, government support, and the viability of the technology in the area. The implementation of stringent rules, the growing trend of using green fertilisers, and the considerable presence of significant technology providers and major production companies all have an impact on the U.S. market.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for Cryogenic Freezers is driven by rising environmental consciousness and the establishment of strict environmental legislation. The market expansion is supported by an increase in the deployment of fuel cell projects as a result of a rise in consumer preference for using sustainable energy sources.
Additionally, due to the increasing emphasis placed on green energy and carbon emission reduction by government bodies through policies and initiatives, Asia Pacific is anticipated to experience the quickest growth over the forecast period. For instance, the Indian government claimed that it will increase the country's electric vehicle sales through the provision of subsidies. The Asia Pacific market will benefit from a growing emphasis on environmentally friendly energy sources.
Furthermore, the rest of the world's cryogenic freezers market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising use of electric vehicles and hydrogen production research and development. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
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