The Global Cryogenic Equipment Market Size is valued at 22.02 billion in 2022 and is predicted to reach 38.56 billion by the year 2031 at a 6.58% CAGR during the forecast period for 2023-2031.
Liquefied natural gas (LNG) and industrial gases are primarily transported and stored using cryogenic equipment in the oil and gas sector. The industrial sector's growth is essential for economic development and raising public awareness of the importance of producing sustainable energy sources. These attributes have a significant impact on the market's expansion.
Rising investments in LNG-based power plants and rising demand for the transportation and storage sectors also drive the market. With their inert nature, cryogenic gases are ideal for keeping samples from space, and rising spending on space and satellite missions is predicted to fuel demand for these products. Cryogenic equipment has a huge opportunity to develop its market due to the growth of LNG-based power plants as a clean energy source due to the depletion of coal supplies.
However, the global industry has been significantly impacted by the COVID-19 pandemic. During the pandemic, several industries stayed shut down, which reduced the demand for several gases and hampered industry expansion. Nonetheless, there remained a significant need for liquid oxygen for medical uses.
Recent Developments:
- In June 2021, TECO 2030 and Chart Industries, Inc signed a Memorandum of Understanding to collaborate on the development of technological solutions to capture and store carbon dioxide (CO2) emitted by ships. The deal between TECO 2030 and Chart includes three years and comprises the joint development of onboard carbon capture systems for ships using the Cryogenic Carbon Capture (CCC) technology developed by SES, which was bought by Chart in December 2020.
Competitive Landscape:
Some of the cryogenic equipment market players are:
- Air Liquide S.A.
- Air Products Inc.
- Abhijit Enterprises
- Beijing Tianhai Industry
- Braunschweiger Flammenfilter GmbH
- Chart Industries Inc.
- Cryofab Inc.
- Cryogas Equipment
- Cryogenic Liquide
- Cryolor SA
- Cryoquip LLC
- Cryostar
- Emerson Electric
- Graham Partners
- Fives
- Flowserve Corporation
- Galileo Technologies S.A.
- Herose GmbH
- INOX India Ltd,
- INOXCVA
- IWI Cryogenic Vaporization Systems (India)
- Lapesa Grupo Empresarial s.l
- Linde Group AG
- MAN Energy Solutions SE
- Nikkiso Co. Ltd.
- Oswal Industries Limited
- Oxford Instruments
- PACKO Industry
- Parker Hannifin
- Premier Cryogenics Ltd.
- SAS Cryo Pur
- Schlumberger Limited
- Shell-n-Tube
- SHI Cryogenics Group
- sinocleansky
- Standex International
- Super Cryogenic Systems
- The Weir Group PLC
- Ulvac Technologies, Inc.
- Vacker LLC
- VRV SPA
- Wessington Cryogenics
Market Segmentation:
The Cryogenic Equipment Market is segmented based on product, gas, application, and end-use. Based on product, the market is segmented as tanks, valves, pumps & vaporizers, vacuum jacket piping (VJP) and others. The gas segment includes nitrogen, oxygen, argon, and liquefied natural gas. By application, the market is segmented into distribution and storage. The end-user segment includes oil & gas, metallurgy, automotive, food & beverage, and chemical.
Based On Product, The Tank Segment Is A Major Contributor To The Cryogenic Equipment Market
The tank category is expected to hold a major share of the global Cryogenic Equipment Market in 2022. Over the projection period, product demand is expected to be driven by the need to preserve gases for numerous crucial industrial processes in opposition to conventional cooling lubricants with superior insulation, longer durability, and less maintenance. The valve section is mostly utilized in cargo systems, gas-producing facilities, receiving terminals, and liquefaction plants for natural gas. Due to the widespread use of smokers for the evaporation of LNG in base-load and peak shaving in regasification facilities throughout end-use industries, this market is anticipated to grow throughout the projection period.
The Liquefied Natural Gas Segment Witnessed Growth At A Rapid Rate
The liquefied natural gas segment is projected to grow at a rapid rate in the global cryogenic equipment market. The increase in LNG demand in emerging markets is primarily to blame for the sector growth. This enormous expansion and, subsequently, the cryogenic equipment business are projected to be aided by ongoing improvements in LNG storage technologies. The most important element for many businesses to carry out a number of essential applications is oxygen, an oxidizer. It is anticipated that the rapidly expanding metal processing sector would increase demand for liquid oxygen for cast iron furnace blasts while lowering exhaust gas emissions. Oxygen is crucial for welding in the automobile industry, medical and healthcare fields, and rocket fuels.
In The Region, Asia Pacific Cryogenic Equipment Market Holds A Significant Revenue Share
Asia Pacific's cryogenic equipment market is expected to register the highest market share in revenue in the near future. The availability of raw supplies, increasing industries, and affordable labor are the key variables determining regional growth. Furthermore, increased demand for gas-fired power plants due to increased renewable energy awareness and significant growth in power demand is projected to help the industry. North America is also expected to contribute significantly to revenue. Growing concerns over natural gas resources and increased construction activity are driving the regional economy forward. Increasing favorable regulatory conditions for the development of low-emission elements are predicted to enhance their use.
Cryogenic Equipment Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 22.02 Bn |
|
Revenue forecast in 2031 |
USD 38.56 Bn |
|
Growth rate CAGR |
CAGR of 6.58 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Grade, Type And Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Chart Industries Inc.; Linde Plc; Herose GmbH; Nikkiso Co. Ltd.; Wessington Cryogenics; Braunschweiger Flammenfilter GmbH; Standex International; INOX India Limited; Air Liquide S.A.; Premier Cryogenics Ltd.; Lapesa Grupo Empresarial s.l; Galileo Technologies S.A.; MAN Energy Solutions S.E.; Cryolor SA; SAS Cryo Pur; Ulvac Technologies, Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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