Report Code: CMI19781

Category: Healthcare

Report Snapshot

CAGR: 5%
2B
2021
2.12B
2022
3.1B
2030

Source: CMI

Study Period: 2025-2034
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Cryomech Inc
  • Bright Instruments
  • Advanced Medical and Optical Systems
  • Others

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Reports Description

According to Custom Market Insights (CMI), The Global Cryostat Market size was estimated at USD 2 Billion in 2021 and is expected to reach USD 2.12 billion in 2022 and is expected to hit around USD 3.1 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5% from 2022 to 2030.

Our research report offers a 4.5-degree view of the Cryostat market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Cryostat market.

  • Cryostats are devices used to sustain very low temperatures. Cryostats are used in medical laboratories and pathology to preserve frozen tissue samples. Microtomes, a sharp cutting tool positioned within the cryostats, slice the tissues into pieces small enough to be viewed under a microscope. Healthcare, aerospace, energy & power, metallurgy, forensic science, and biotechnology are just a few of the industries where cryostats are used.
  • The numerous market participants and the flow of products & services are interconnected throughout the whole value chain of the cryostat market. For the supply-side study of the cryostat market, research & development, production & assembly, system integration, sales, end users, and post-sale services are significant market value chain contributors.
  • During the projected period, the market for aerospace applications is anticipated to develop at the greatest CAGR. However, concerns, including cryogen gas leakage, which may pose significant environmental risks, can negatively impact market growth.
  • In forensic science, cryostats are used for a number of purposes, such as the preservation of evidence and the collection and storage of blood samples. These gadgets were developed to meet the demands of forensic scientists who require a portable device as well as one with standard features that were specifically designed for forensics.
  • In the metallurgy and refractory sectors, cryostats are frequently used to study the properties of materials at very low temperatures. For samples being examined at extremely high temperatures, they enable accurate temperature control. These devices help engineers, researchers, scientists, and technicians who are working on thermal expansion issues in metallurgy by evaluating metal-crystal formations.

Global Cryostat Market 2023 – 2032 (By Cryogen)

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Report Scope

The study’s focus is on Cryostat market analysis on a global scale, and market sizing includes the income generated by these solutions provided by different market players. In order to support the market projections and growth rates over the anticipated period of 2025-2034, the study additionally monitors important market factors, underlying growth influencers, and significant vendors active in the sector. The study also examines how COVID-19 has affected the ecology generally. The scope of the study includes market sizing and forecast for segmentation by type, system component, cryogen, application, and geography.

Feature of the Report Details
Market Size in 2021 USD 2 Billion
Projected Market Size in 2030 USD 3.1 Billion
CAGR Growth Rate 5% CAGR (2025-2034)
Base Year 2023
Forecast Period 2025-2034
Prominent Players Cryomech Inc, Bright Instruments, Advanced Medical and Optical Systems, Jinhua YIDI Medical Appliance Co. Ltd, SLEE Medical GmbH, Janis Research Company LLC, Thermo Fisher Scientific Inc, Amos Scientific Pty Ltd, Medimeas, Atico Medical Pvt. Ltd., Advanced Research Systems Inc, Hacker Instruments & Industries Inc., Histo-Line Laboratories, Boeckeler Instruments Inc, Lupetec – Tecnologia Aplicada, SCILAB Co Ltd, and Others
Key Segment By Type, Cryogen, System Component, Application, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Key Insights

  • The cryostat market is expanding, particularly in emerging nations, because of the demand for sophisticated and efficient medical diagnostic techniques. Additionally, there is an increasing need for cryostats due to the requirement for storing as well as cryopreserving tissue and blood samples in medical facilities and labs for research and diagnostics.
  • Cryostat systems are anticipated to be widely used as a result of the expanding healthcare industry and the development of diagnostics in healthcare procedures. Cryostat demand is anticipated to increase as a result of growing natural gas imports.
  • Surged demand for superconducting systems in the energy industry, brought on by the extensive usage of natural gas pipelines for transmission, is contributing to the market’s rise. The need for cryostats is also rising as businesses concentrate on developing cryostat devices to increase their efficiency in making quick and accurate diagnoses.
  • Cryogenic technology is becoming more prevalent in a variety of applications, which may be attributed to factors including rising healthcare demand and expanding R&D initiatives, which have been fueling market expansion. The market is also being driven by a rise in the number of contracts and collaborations between important players.
  • According to analysis, the market for cryostats will experience a significant increase due to the growing number of quantum computing projects. New machines built using quantum computing could have powers that are significantly superior to those of the most potent supercomputers in use today. A new type of data processing facility that differs greatly from present enterprise and cloud data centers in many aspects will emerge as a result of the continuous development of quantum computers. A small-scale quantum computer, about the size of a room, with a cryostat that maintains the quantum processor at a super-cold temperature of 10 milliKelvin to guarantee the system’s proper operation.

Global Cryostat Market 2023 – 2032 (By Billion)

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Bath Cryostat Segment Led the Cryostat Market

  • Cryogenic detectors can be cooled using bath cryostats. This calls for a long hold time, optical access, and simple access to the cryostat cold plate.
  • These cryostats have the capacity to store a lot of cryogens for a long time. The cryostat does not require constant replenishment from the storage dewar.
  • The sample size, experimental heat load, and cryogen consumption rate are a few of the variables that affect the hold time. The cryogen is kept in a cryostat tank that is directly connected to the detector head in this form of cryostat.
  • It is known as a bath cryostat because the coolant is kept inside the tank or bath. Thermal shields outside the bath are cooled by cryogen vapor, which efficiently boils away from the bath. These cryostats are normally built with operating times of between ten hours and four months in mind.

Competitive Landscape

This report includes a thorough study of the company profiles, including business segments, product portfolios, insights into key brands and growth strategies, SWOT and strategy analyses of the firms, as well as financial analysis and analyst insights on the major players in this market.

Our market analysis includes a section specifically devoted to key players operating in the Cryostat market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.

  • 2022: The top lid, an essential component of the cryostat for the Global Fusion Project at ITER in France, has been assembled by Larsen & Toubro‘s heavy engineering division.
  • 2022: In order to better serve its clients engaged in physics research and low-temperature technologies, Atlas Copco has decided to acquire Montana Instruments Corporation, a company with its headquarters in the United States. The acquisition’s terms and costs were not disclosed.

Global Cryostat Market 2023 – 2032 (By Type)

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Key Players:

  • Cryomech Inc
  • Bright Instruments
  • Advanced Medical and Optical Systems
  • Jinhua YIDI Medical Appliance Co. Ltd
  • SLEE Medical GmbH
  • Janis Research Company LLC
  • Thermo Fisher Scientific Inc
  • Amos Scientific Pty Ltd
  • Medimeas
  • Atico Medical Pvt. Ltd.
  • Advanced Research Systems Inc
  • Hacker Instruments & Industries Inc.
  • Histo-Line Laboratories
  • Boeckeler Instruments Inc
  • Lupetec – Tecnologia Aplicada
  • SCILAB Co Ltd

The global Cryostat market is segmented as follows:

By Type

  • Closed-Cycle cryostats
  • Bath cryostats
  • Multistage cryostats
  • Continuous-flow cryostats

By Cryogen

  • Nitrogen
  • Helium
  • Others

By System Component

  • Dewars
  • Gas Flow pumps
  • Microtome blades
  • Transfer tubes
  • Temperature controllers
  • High vacuum pumps
  • Others

By Application

  • Healthcare
  • Aerospace
  • Forensic science
  • Energy & power
  • Metallurgy
  • Biotechnology
  • Marine biology
  • Others

On the basis of Geography

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research Methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Cryostat Market, (2025 – 2034) (USD Billion)
    • 2.2 Global Cryostat Market : snapshot
  • Chapter 3. Global Cryostat Market – Industry Analysis
    • 3.1 Cryostat Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Growing medical research
      • 3.2.2 The desire for advanced and effective healthcare procedures for diagnosis
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Cryogen
      • 3.7.3 Market attractiveness analysis By System Component
      • 3.7.4 Market attractiveness analysis By Application
  • Chapter 4. Global Cryostat Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Cryostat Market: company market share, 2025
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Cryostat Market – Type Analysis
    • 5.1 Global Cryostat Market overview: By Type
      • 5.1.1 Global Cryostat Market share, By Type, 2025 and 2034
    • 5.2 Closed-Cycle cryostats
      • 5.2.1 Global Cryostat Market by Closed-Cycle cryostats, 2022 – 2030 (USD Billion)
    • 5.3 Bath cryostats
      • 5.3.1 Global Cryostat Market by Bath cryostats, 2022 – 2030 (USD Billion)
    • 5.4 Multistage cryostats
      • 5.4.1 Global Cryostat Market by Multistage cryostats, 2022 – 2030 (USD Billion)
    • 5.5 Continuous-flow cryostats
      • 5.5.1 Global Cryostat Market by Continuous-flow cryostats, 2022 – 2030 (USD Billion)
  • Chapter 6. Global Cryostat Market – Cryogen Analysis
    • 6.1 Global Cryostat Market overview: By Cryogen
      • 6.1.1 Global Cryostat Market share, By Cryogen, 2025 and 2034
    • 6.2 Nitrogen
      • 6.2.1 Global Cryostat Market by Nitrogen, 2022 – 2030 (USD Billion)
    • 6.3 Helium
      • 6.3.1 Global Cryostat Market by Helium, 2022 – 2030 (USD Billion)
    • 6.4 Others
      • 6.4.1 Global Cryostat Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 7. Global Cryostat Market – System Component Analysis
    • 7.1 Global Cryostat Market overview: By System Component
      • 7.1.1 Global Cryostat Market share, By System Component, 2025 and 2034
    • 7.2 Dewars
      • 7.2.1 Global Cryostat Market by Dewars, 2022 – 2030 (USD Billion)
    • 7.3 Gas Flow pumps
      • 7.3.1 Global Cryostat Market by Gas Flow pumps, 2022 – 2030 (USD Billion)
    • 7.4 Microtome blades
      • 7.4.1 Global Cryostat Market by Microtome blades, 2022 – 2030 (USD Billion)
    • 7.5 Transfer tubes
      • 7.5.1 Global Cryostat Market by Transfer tubes, 2022 – 2030 (USD Billion)
    • 7.6 Temperature controllers
      • 7.6.1 Global Cryostat Market by Temperature controllers, 2022 – 2030 (USD Billion)
    • 7.7 High vacuum pumps
      • 7.7.1 Global Cryostat Market by High vacuum pumps, 2022 – 2030 (USD Billion)
    • 7.8 Others
      • 7.8.1 Global Cryostat Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 8. Global Cryostat Market – Application Analysis
    • 8.1 Global Cryostat Market overview: By Application
      • 8.1.1 Global Cryostat Market share, By Application, 2025 and 2034
    • 8.2 Healthcare
      • 8.2.1 Global Cryostat Market by Healthcare, 2022 – 2030 (USD Billion)
    • 8.3 Aerospace
      • 8.3.1 Global Cryostat Market by Aerospace, 2022 – 2030 (USD Billion)
    • 8.4 Forensic science
      • 8.4.1 Global Cryostat Market by Forensic science, 2022 – 2030 (USD Billion)
    • 8.5 Energy & power
      • 8.5.1 Global Cryostat Market by Energy & power, 2022 – 2030 (USD Billion)
    • 8.6 Metallurgy
      • 8.6.1 Global Cryostat Market by Metallurgy, 2022 – 2030 (USD Billion)
    • 8.7 Biotechnology
      • 8.7.1 Global Cryostat Market by Biotechnology, 2022 – 2030 (USD Billion)
    • 8.8 Marine biology
      • 8.8.1 Global Cryostat Market by Marine biology, 2022 – 2030 (USD Billion)
    • 8.9 Others
      • 8.9.1 Global Cryostat Market by Others, 2022 – 2030 (USD Billion)
  • Chapter 9. Cryostat Industry – Regional Analysis
    • 9.1 Global Cryostat Industry Regional Overview
    • 9.2 Global Cryostat Industry Share, by Region, 2025 & 2030 (USD Billion)
    • 9.3. North America
      • 9.3.1 North America Cryostat Industry, 2022 – 2030 (USD Billion)
        • 9.3.1.1 North America Cryostat Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.4 North America Cryostat Industry, by Type, 2022 – 2030
      • 9.4.1 North America Cryostat Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.5 North America Cryostat Industry, by Cryogen, 2022 – 2030
      • 9.5.1 North America Cryostat Industry, by Cryogen, 2022 – 2030 (USD Billion)
    • 9.6 North America Cryostat Industry, by System Component, 2022 – 2030
      • 9.6.1 North America Cryostat Industry, by System Component, 2022 – 2030 (USD Billion)
    • 9.7 North America Cryostat Industry, by Application, 2022 – 2030
      • 9.7.1 North America Cryostat Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.8. Europe
      • 9.8.1 Europe Cryostat Industry, 2022 – 2030 (USD Billion)
        • 9.8.1.1 Europe Cryostat Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.9 Europe Cryostat Industry, by Type, 2022 – 2030
      • 9.9.1 Europe Cryostat Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.10 Europe Cryostat Industry, by Cryogen, 2022 – 2030
      • 9.10.1 Europe Cryostat Industry, by Cryogen, 2022 – 2030 (USD Billion)
    • 9.11 Europe Cryostat Industry, by System Component, 2022 – 2030
      • 9.11.1 Europe Cryostat Industry, by System Component, 2022 – 2030 (USD Billion)
    • 9.12 Europe Cryostat Industry, by Application, 2022 – 2030
      • 9.12.1 Europe Cryostat Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.13. Asia Pacific
      • 9.13.1 Asia Pacific Cryostat Industry, 2022 – 2030 (USD Billion)
        • 9.13.1.1 Asia Pacific Cryostat Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.14 Asia Pacific Cryostat Industry, by Type, 2022 – 2030
      • 9.14.1 Asia Pacific Cryostat Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.15 Asia Pacific Cryostat Industry, by Cryogen, 2022 – 2030
      • 9.15.1 Asia Pacific Cryostat Industry, by Cryogen, 2022 – 2030 (USD Billion)
    • 9.16 Asia Pacific Cryostat Industry, by System Component, 2022 – 2030
      • 9.16.1 Asia Pacific Cryostat Industry, by System Component, 2022 – 2030 (USD Billion)
    • 9.17 Asia Pacific Cryostat Industry, by Application, 2022 – 2030
      • 9.17.1 Asia Pacific Cryostat Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.18. Latin America
      • 9.18.1 Latin America Cryostat Industry, 2022 – 2030 (USD Billion)
        • 9.18.1.1 Latin America Cryostat Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.19 Latin America Cryostat Industry, by Type, 2022 – 2030
      • 9.19.1 Latin America Cryostat Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.20 Latin America Cryostat Industry, by Cryogen, 2022 – 2030
      • 9.20.1 Latin America Cryostat Industry, by Cryogen, 2022 – 2030 (USD Billion)
    • 9.21 Latin America Cryostat Industry, by System Component, 2022 – 2030
      • 9.21.1 Latin America Cryostat Industry, by System Component, 2022 – 2030 (USD Billion)
    • 9.22 Latin America Cryostat Industry, by Application, 2022 – 2030
      • 9.22.1 Latin America Cryostat Industry, by Application, 2022 – 2030 (USD Billion)
    • 9.23. The Middle-East and Africa
      • 9.23.1 The Middle-East and Africa Cryostat Industry, 2022 – 2030 (USD Billion)
        • 9.23.1.1 The Middle-East and Africa Cryostat Industry, by Country, 2022 – 2030 (USD Billion)
    • 9.24 The Middle-East and Africa Cryostat Industry, by Type, 2022 – 2030
      • 9.24.1 The Middle-East and Africa Cryostat Industry, by Type, 2022 – 2030 (USD Billion)
    • 9.25 The Middle-East and Africa Cryostat Industry, by Cryogen, 2022 – 2030
      • 9.25.1 The Middle-East and Africa Cryostat Industry, by Cryogen, 2022 – 2030 (USD Billion)
    • 9.26 The Middle-East and Africa Cryostat Industry, by System Component, 2022 – 2030
      • 9.26.1 The Middle-East and Africa Cryostat Industry, by System Component, 2022 – 2030 (USD Billion)
    • 9.27 The Middle-East and Africa Cryostat Industry, by Application, 2022 – 2030
      • 9.27.1 The Middle-East and Africa Cryostat Industry, by Application, 2022 – 2030 (USD Billion)
  • Chapter 10. Company Profiles
    • 10.1 Cryomech Inc
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Bright Instruments
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 Advanced Medical and Optical Systems
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 Jinhua YIDI Medical Appliance Co. Ltd
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 SLEE Medical GmbH
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 Janis Research Company LLC
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 Thermo Fisher Scientific Inc
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 Amos Scientific Pty Ltd
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 Medimeas
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 Atico Medical Pvt. Ltd.
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 Advanced Research Systems Inc
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments
    • 10.12 Hacker Instruments & Industries Inc.
      • 10.12.1 Overview
      • 10.12.2 Financials
      • 10.12.3 Product Portfolio
      • 10.12.4 Business Strategy
      • 10.12.5 Recent Developments
    • 10.13 Histo-Line Laboratories
      • 10.13.1 Overview
      • 10.13.2 Financials
      • 10.13.3 Product Portfolio
      • 10.13.4 Business Strategy
      • 10.13.5 Recent Developments
    • 10.14 Boeckeler Instruments Inc
      • 10.14.1 Overview
      • 10.14.2 Financials
      • 10.14.3 Product Portfolio
      • 10.14.4 Business Strategy
      • 10.14.5 Recent Developments
    • 10.15 Lupetec – Tecnologia Aplicada
      • 10.15.1 Overview
      • 10.15.2 Financials
      • 10.15.3 Product Portfolio
      • 10.15.4 Business Strategy
      • 10.15.5 Recent Developments
    • 10.16 SCILAB Co Ltd
      • 10.16.1 Overview
      • 10.16.2 Financials
      • 10.16.3 Product Portfolio
      • 10.16.4 Business Strategy
      • 10.16.5 Recent Developments
List Of Figures

Figures No 1 to 40

List Of Tables

Tables No 1 to 102

Key Players:

  • Cryomech Inc
  • Bright Instruments
  • Advanced Medical and Optical Systems
  • Jinhua YIDI Medical Appliance Co. Ltd
  • SLEE Medical GmbH
  • Janis Research Company LLC
  • Thermo Fisher Scientific Inc
  • Amos Scientific Pty Ltd
  • Medimeas
  • Atico Medical Pvt. Ltd.
  • Advanced Research Systems Inc
  • Hacker Instruments & Industries Inc.
  • Histo-Line Laboratories
  • Boeckeler Instruments Inc
  • Lupetec – Tecnologia Aplicada
  • SCILAB Co Ltd
  • Others

FAQs

The global Cryostat market size was valued at USD 2 Billion in 2021 and it is projected to reach around USD 3.1 Billion by 2030.

“North America” region will lead the global Cryostat market during the forecast period 2022 to 2030.

The key factors driving the market are growing medical research adnd the desire for advanced and effective healthcare procedures for diagnosis.

The key players operating in the Cryostat market are Cryomech Inc, Bright Instruments, Advanced Medical and Optical Systems, Jinhua YIDI Medical Appliance Co. Ltd, SLEE Medical GmbH, Janis Research Company LLC, Thermo Fisher Scientific Inc, Amos Scientific Pty Ltd, Medimeas, Atico Medical Pvt. Ltd., Advanced Research Systems Inc, Hacker Instruments & Industries Inc., Histo-Line Laboratories, Boeckeler Instruments Inc, Lupetec – Tecnologia Aplicada, SCILAB Co Ltd.

The global Cryostat market is expanding growth with a CAGR of approximately 5% during the forecast period (2022 to 2030).

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