Cryogenic Freezers Market Analysis

Global Cryogenic Freezers Market Overview

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 rising frequency of medical illnesses among the general population and the considerable growth in the healthcare sector, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cryogenic Freezers Market Trends

• Increasing need for proper cryopreservation is driving the market growth

Due to the growing necessity for appropriate cryopreservation, there has been a major increase in demand for cryogenic freezers. The need for cryogenic freezers for cryopreservation applications is also anticipated to rise as technology and the medical sector continue to develop and expand. Any firm that processes food must prioritise food safety, and cryogenic processing can be a crucial line of defence against viruses and food preservation. Thus, it is anticipated that the development of cryogenic freezers will be fueled by the expansion of the food processing industry. Due to their tiny size, quick freezing ability, and superior chilling and freezing quality, tunnel freezers are becoming more popular in the food processing business.

The market for cryogenic freezers is likely to develop, but it may be modestly constrained by high installation and operating costs. Use of super-fast freezing techniques is one of the most notable market trends in the cryogenic freezers. Another market trend that has been noticed emphasises energy efficiency and temperature consistency. Leading players are attempting to improve cryogenic freezers to increase effectiveness and lower costs.

Additionally, manufacturers' attention is also heavily focused on shrinking the size of cryogenic refrigerators. Manufacturers are incorporating hygienic design elements in cryogenic freezers like sloped surfaces for drainage, seamless construction, and complete access to conveyor belts and other internal components for maintenance in line with the growing adoption of cryogenic freezers in food and beverage applications. Cryogenic freezers that are hygienically constructed are becoming more and more important as food safety and plant hygiene become more and more important.

Organs, cells, tissues, organelles, blood banks, and extracellular matrix are all preserved using cryogenic freezers at extremely low temperatures. This is one of the key elements bolstering market growth across the globe, along with the rising prevalence of medical diseases among the populace and the considerable expansion of the healthcare industry. Cryogenic freezers are also used in the pharmaceutical business to store temperature-sensitive medications and responsive cells. This is helping the market grow, along with the rising need for vaccines and biopharmaceuticals. The food and beverage (F&B) industry also uses cryogenic freezers, which use liquid nitrogen to effectively increase production efficiency while freezing food goods. Thus, driving the Cryogenic Freezers market revenue.

Cryogenic Freezers Market Segment Insights

Cryogenic Freezers Product Type Insights

The Market segments of Cryogenic Freezers, based on Product Type, includes tunnel freezer, IQF freezer, immersion freezer, spiral freezer, and others. In 2022, the tunnel freezer segment dominated the world market. This is due to the growing need for tunnel freezers in the healthcare industry.

Cryogenic Freezers Application Insights

The Cryogenic Freezers Market segmentation, based on Application, includes corporate laboratories, hospitals and blood centers, universities and research institutions, and others. In 2022, hospitals and blood centers category held the majority of the market share for cryogenic freezers. Hospitals and blood banks are the main end users of cryogenic freezers, and they have a big influence on market expansion. Hospitals require cryogenic freezers to store freezers for biological material. For instance, the customer's storage requirements can be taken into account when selecting the size of the cryogenic freezer offered by Linde. 15,600 to 94,500 biological sample freezers can fit in these freezers.

Cryogenic Freezers End Use Industry Insights

The Market segmentation of Cryogenic Freezers, based on End Use Industry, includes food and beverages, medical and healthcare, pharmaceuticals, chemicals, and others. In 2022, the medical and healthcare sector dominated the whole world market. Drugs and vaccinations, skin cells, cultures, and biological sample freezers must all be kept in cryogenic freezers. Blood samples are kept in cryogenic refrigerators in blood banks.

Figure 1: Cryogenic Freezers Market, by End Use Industry, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cryogenic Freezers Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Cryogenic Freezers Market dominated this market in 2022 (45.80%). market epansion of Cryogenic freezers would be aided by the rapid rise in demand for effective food preservation methods as well as rising food demand during the forecast period. Additionally, it is anticipated that throughout the course of the projection period, expansion in the medical and healthcare sectors in North America will fuel demand for cryogenic freezers. Further, the U.S. Cmarket of Cryogenic Freezers held the largest market share, and the Canada market of Cryogenic Freezers was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: CRYOGENIC FREEZERS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Cryogenic Freezers market accounted for the healthy market share in 2022. For the cryopreservation of nucleic acids, proteins, and stem cells in the area, cryogenic freezers are highly sought after. Particularly, the potential frontline applications of pluripotent stem cells in the development of precision and regenerative treatments have increased the demand for pluripotent stem cell cryopreservation. Further, the market of Cryogenic Freezers held the largest market share, and the U.K market of Cryogenic Freezers was the fastest growing market in the European region

The Asia Pacific Cryogenic Freezers market is expected to register significant growth from 2023 to 2032. China, India, and other South East Asian nations are expected to lead the market of cryogenic freezers in the near future because to their rapid population expansion and rising investment in the construction of healthcare infrastructure. Moreover, China’s market of Cryogenic Freezers held the largest market share, and the Indian market of Cryogenic Freezers was the fastest growing market in the Asia-Pacific region.

Cryogenic Freezers Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the market of Cryogenic Freezers, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cryogenic Freezers industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cryogenic Freezers industry to benefit clients and increase the market sector. In recent years, the Cryogenic Freezers industry has offered some of the most significant advantages to medicine. Major players in the Cryogenic Freezers market, including 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, are attempting to increase market demand by investing in research and development operations.

Engineering and industrial gas provider Linde plc (Linde). Industrial, process, and speciality gases are provided by it. producing well producing industrial gases including carbon dioxide, helium, hydrogen, electronic gases, and acetylene, the company also produces atmospheric gases like oxygen, nitrogen, and argon. Additionally, Linde provides a variety of gas production and processing services in addition to designing, engineering, and constructing machinery that produces gases for internal use. Healthcare, petroleum refining, manufacturing, food, beverage carbonation, fiber-optics, steel production, aerospace, chemicals and energy, electronics, and water treatment are just a few of the industries it supports. In APAC, EMEA, and the Americas, it runs cryogenic air separation plants, hydrogen plants, and carbon dioxide plants. In Guildford, Surrey, United Kingdom, Linde is headquartered. A contract between Linde plc and BASF was inked in February 2022. Linde Plc will provide steam and hydrogen to BASF as part of this agreement.

The industrial and healthcare industries are served by Air Liquide SA (Air Liquide), a provider of gases, technologies, and services. Along with argon and other rare gases, the company also produces gases such as oxygen, nitrogen, and hydrogen. Customers in a variety of industries, including steel, food and pharmaceuticals, chemicals, electronics, automotive, and manufacturing, are served by this company's supply of these gases. The business also creates processing facilities and associated infrastructure. Skin disinfectants, antiseptics, and medical device disinfection products are offered by Air Liquide. The business distributes its goods via local facilities, tanker trucks, and cylinders. It operates in the Americas, Europe, Africa, the Middle East, and Asia-Pacific. Paris, Ile-de-France, France, serves as the headquarters of Air Liquide. Air Liquide joined forces with Airbus, Korean Air, and Incheon in February 2022 to create the first hydrogen consumption roadmap for the area surrounding Incheon Airport and to assist the growth of the hydrogen ecosystem.

Key Companies in the Cryogenic Freezers market include

• Thermo Fisher Scientific Inc.


• Panasonic Corporation


• Chart Industries, Inc.


• Haier Group


• DAIHAN Scientific


• Froilabo


• Arctiko


• Taylor-Wharton


• VRV Group


• Aucma Co., Ltd.


• Zhongke Meiling Cryogenics Company Limited

Cryogenic Freezers Industry Developments

January 2022 A contract for the development and delivery of a 24 MW green hydrogen plant was signed by Linde plc and Yara.

December 2021 Howden and Chart Industries worked together to deliver a cutting-edge hydrogen solution and integrate Howden's gas compression technology into Chart Industries' product portfolio.

Cryogenic Freezers Market Segmentation

Cryogenic Freezers Product Type Outlook

• Tunnel Freezer


• IQF Freezer


• Immersion Freezer


• Spiral Freezer


• Others

Cryogenic Freezers Application Outlook

• Corporate Laboratories


• Hospitals and Blood Centers


• Universities and Research Institutions


• Others

Cryogenic Freezers End Use Industry Outlook

• Food and Beverages


• Medical and Healthcare


• Pharmaceuticals


• Chemicals


• Others

Cryogenic Freezers Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America