Cryogenic freezer sales are increasing as a result of the development of molecular technologies that need to be stored and preserved at extremely low temperatures. Additionally, consumers' growing environmental consciousness and the resultant demand for cryogenically frozen food are factors in the increased demand for these goods. Government programmes in developing nations to expand access to inexpensive medical care also aid in the expansion of the industry.
As they aid in the preservation of biological sensor specimens and materials at extremely low temperatures, cryogenic freezers are essential parts of biotechnology and medical laboratories. Additionally, the industry has been expanding as a result of the quick adoption of cryogenic freezing methods for food preservation. The need for cryogenic freezers has also been fueled by rising investments in R&D activities.
Cryogenic freezers have a number of benefits, including greater temperature stability and accuracy, reduced energy usage, minimal environmental impact, and a productive, economical method. Additionally, these freezers are simple to install and have a tiny footprint. Additionally, the adoption of cryogenic freezing methods has enhanced food safety testing and increased shelf life. They also provide dependable functioning over a long length of time and perfect temperature regulation.
Devices called cryogenic freezers to maintain materials' freezing at temperatures lower than -150°C. These freezers use additional gases, such as liquid nitrogen, to reach temperatures as low as -196°C. Pharmaceuticals, biological samples, and food items including meats, fruits, vegetables, and seafood can all be stored in cryogenic freezers.
For the preservation of biological samples and materials at extremely low temperatures, cryogenic freezers are necessary. At a CAGR of 6.1% over the forecast period, the market for cryogenic freezers is anticipated to increase from USD 1.55 billion in 2021 to USD 2.3 billion by 2031.
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The increased demand for frozen food, expanding investments in R&D activities, and the use of cryogenic freezers in the biotechnology and medical industries are all contributing factors to this expansion.
Some of the primary issues limiting the growth of this market are high installation and maintenance costs, price variations in the liquid nitrogen used for cryogenic freezing, and technological limitations. The development of this sector is also being constrained by customer ignorance and the technical difficulties related to food products that have been cryogenically frozen. Manufacturers must, however, concentrate on creating cost-effective solutions and implementing cutting-edge technologies. In the upcoming years, this is probably going to open up profitable chances for the cryogenic freezers market.
Covid-19 Impact & Market Status
The COVID-19 pandemic has had a considerable impact on the market for cryogenic freezers. Due to the lockdown that was imposed during this time, supply networks were disrupted, factories closed, and market participants suspended activities. Additionally, the revenue from sales of cryogenic freezers has decreased as a result of delays in product deliveries.
However, recovery is anticipated for the market in 2021, and during the projection period, stable growth is anticipated. This can be ascribed to expanding R&D expenditures, a rise in the need for food preservation techniques, and the adoption of cutting-edge technologies.
Segment Analysis
-160°C segment to form a major portion of the market
The segment with the highest CAGR during the projected period is expected to be below -160°C. This rise can be due to the expanding use of ultra-low temperature freezers for food preservation as well as healthcare and biotechnology applications.
Biology and Medical segment to be on top of the market
In 2020, the biology and medical sector held the biggest market share. Because they can maintain biological samples at extremely low temperatures, cryogenic freezers are becoming more and more in demand from the biotechnology and healthcare sectors.
Asia Pacific to dominate the market
The forecast period is expected to see the highest growth in the Asia-Pacific region. This is due to rising investments in R&D projects and a rise in demand for cryogenic freezers from the biotechnology and healthcare sectors in this area. Additionally, nations like India, Japan, China, and South Korea are concentrating on creating cutting-edge technology to meet the demands of this industry.
Chart Industries, Inc., Helmer Scientific, Thermo Fisher Scientific, Haier Biomedical Co., Ltd., Panasonic Corporation, and SANYO Electric Co., Ltd. are the industry leaders in cryogenic freezers. To obtain a competitive edge in this industry, many businesses are concentrating on launching cutting-edge items. For instance, Chart Industries just unveiled a brand-new line of cryogenic freezers that provide greater temperature accuracy and stability. In a similar vein, Thermo Fisher Scientific declared that it would introduce an ultra-low temperature freezer in 2020 for the purpose of long-term clinical specimen storage.
Latest Innovations in the Global Cryogenic freezers Market: A Snapshot
• Since 2019 through 2029, the following notable advancements have occurred in the market for cryogenic freezers:
• In 2021, Chart Industries, Inc. unveiled a brand-new line of cryogenic freezers with enhanced temperature accuracy and stability.
• In 2020, an ultra-low temperature freezer from Thermo Fisher Scientific will be available for the long-term storage of clinical specimens.
• In 2019, the Haier Biomedical Co., Ltd. unveiled a brand-new line of cryogenic freezers that boasted cutting-edge features and increased temperature accuracy.
• In order to preserve biological samples, SANYO Electric Co., Ltd. introduced new ultra-low temperature freezers in 2019.
Cryogenic Freezers Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 2.3 billion |
| Growth Rate | CAGR of 6.1% during 2021-2031 |
| Segment Covered | by Type, By End User, By Application , Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Chart Industries, Inc., Helmer Scientific, Thermo Fisher Scientific, Haier Biomedical Co., Ltd., Panasonic Corporation, and SANYO Electric Co., Ltd. |
Key Segments of the Global Cryogenic Freezers Market
By Type Overview,(USD Billion)
• Below -150 ?
• -150~-160?
• Below -160,
By Application Overview,(USD Billion)
• Biology and Medical
• Industrial Field
By End User Overview, (USD Billion)
• Academic Institutes
• Pharmaceutical Companies
• Biotechnology Companies
By Regional Overview, (USD Billion)
North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and Africa
Frequently Asked Questions (FAQ) :
The global Cryogenic Freezers market size projected to reach by USD 2.36 billion
The Cryogenic Freezers market is growing at a CAGR of 6.1 % during the projection period
Key companies covered in the Cryogenic Freezers market are Chart Industries, Inc., Helmer Scientific, Thermo Fisher Scientific, Haier Biomedical Co., Ltd., Panasonic Corporation, and SANYO Electric Co., Ltd.