Cryogenic Equipment Market

Cryogenic Equipment Market was valued at USD 11,831 million in 2019 and is projected to expand at a CAGR of 6.1% during the forecast period (2020-2027), because of the expansion of new industrial establishments along with the increase in foreign direct investments across the developing nations.

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Major Cryogenic Equipment Market Drivers

The key factors proliferating the demand for global cryogenic equipment market includes growing investments in cryogenic infrastructure, increasing demand for cryogenic equipment across the value chain of LNG, and increasing demand for industrial gases from energy industries and metallurgy across the globe. Industrial gases play a vital role in metallurgy and mining. Materials that could not be obtained through agricultural process or could be created artificially in a laboratory are generally mined. In mining process, multiple industrial gases are used including argon, nitrogen, and oxygen. The metallurgical sector includes multiple industries such as aluminum, metal and steel, and other industries related to metallic procedure. Therefore, in order to facilitate the mining process and to maintain temperature of fuels, metallurgic industry is more inclined toward adoption of industrial gases. Such industrial gases are used in cryogenic equipment, which implements ultra-zero quenching in heat treatment process, reduces internal stress, and wear resistance of ferrous steel. Thus, increasing need for industrial gases is further accelerating the growth of the market. Significant expansion in the manufacturing sector and rising emphasis on using clean sources of energy and improvement in the healthcare services are projected to augment the market growth. For example, as per the report published by the Economic Times, the Foreign Direct Investments (FDI) inflows in India in the manufacturing sector have increased from USD 12.09 billion in FY2020-2021 to USD 21.34 billion during the FY 2021-2022, which is expected to boost the market growth. Moreover, increasing investments in LNG based power plants, rising adoption of advanced technologies, and expansion of smart city projects, are some other factors fueling the Global Cryogenic Equipment Market. As per S&P Global, the capacity of LNG-based plants in estimated to increase by 43%, rising from 41.3 GW in 2020 to 59.1 GW by the end of 2034, which will accelerate the market growth in South Korea in the approaching years. However, initial investment for deploying cryogenic plants for large scale industrial applications is high, which might hinder the growth of the market.

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Equipment Segment Analysis

On the basis of equipment, the market is segmented into tanks, valves, vaporizers, pumps, and others. Among these, the tanks segment is projected to grow at a higher CAGR during the forecast period. High adoption of cryogenic tanks in industries including oil & gas, environmental, manufacturing, construction, refinery, and others is catalyzing the growth of the segment. Cryogenic tanks are utilizied to store natural gases including helium, nitrogen, oxygen, argon and other gases. The dense structure of tanks simplifies its usage, reduce maintenance cost, and could be carried to long distances. The continuous improvements in technologies and the growing use of cryogenic grinding and spray on insulation will further augment the segment’s growth. Increase in the storage capacity needed to store liquified gases across various applications and rising LNG trade will escalate the market share over the coming years. Moreover, the increasing application of tanks in space programs coupled with the rising demand for LNG as bunkering fuel will propel the market scenario.

Cryogen Segment Analysis

Based on Cryogen, the market is segmented into nitrogen, argon, oxygen, LNG, and others. Among these, the LNG segment is expected to witness higher CAGR during the forecast period. This is attributed to availability of natural gas in countries due to the presence of abundant untapped reservoir. Additionally, high demand for LNG by power and oil & gas industries is further increasing the growth of the market. Oxygen segment would register a faster CAGR during the forecast period. This is due to the high demand for oxygen by multiple end-use industries as oxygen insulated in cryogenic equipment helps in maintaining the temperature between environment and product.

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Regional Analysis

Based on region, Asia-Pacific is projected to grow at a higher CAGR during the forecast period. This is attributed to high availability of LNG in the region, and development in Asian countries has led to the transportation of LNG as fuel or energy source.

North America cryogenic equipment market is forecast to witness a promising growth over the forecast period, because of the increasing exploration of natural gas reserves and rising construction activities. Strategic regulatory norms for the expansion of low emission components have augmented the deployment of cryogenic equipment. In addition, the increasing awareness of sustainable solutions and growing replacement of traditional equipment will further complement the product penetration, driving the regional growth.

Top Market Players

The major players in the market includes Linde Plc, Chart Industries, Inc, Parker Hannifin Corp, Flowserve Corporation, Emerson Electric Co, Air Products and Chemicals, Inc, Taylor-Wharton International, LLC, Cryofab Inc, Wessington Crygenics Ltd, and Herose GmbH.

Key Developments:

• • In 2022, Linde plc entered into an agreement with BASF. Under the contract, Linde plc will supply steam and hydrogen to BASF.
  • In 2022, Air Liquide entered into a partnership with Airbus, Korean Air and Incheon to establish the first hydrogen usage roadmap at and around Incheon airport and support the development of hydrogen ecosystem.
  • In 2021, Chart Industries entered into a partnership with Howden to deliver advanced hydrogen solution and also incorporate gas compression system of Howden into offerings of chart Industries.
  • In 2019, Linde Plc signed master agreement with BP, and was selected as LNG technology licensor for phases 2 and 3. According to the signed agreement, Linde Plc manufactured and supplied the cryogenic coil-wound heat exchangers for liquification technology.

Segments covered in the Report:

The global cryogenic equipment market has been segmented on the basis of equipment, cryogen, end-user, and region. Based on equipment, market is segmented into tanks, valves, vaporizers, pumps, and others. Based on cryogen, market is segmented into nitrogen, argon, oxygen, LNG, and others. Based on end-user, market is segmented into energy & power, chemicals, matallurgy, electronics, shipping, and others.

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Market Segmentation:

Global Cryogenic Equipment Market by Equipment

• • Tanks
  • Valves
  • Vaporizers
  • Pumps
  • Others

Global Cryogenic Equipment Market by Cryogen

• • Nitrogen
  • Argon
  • Oxygen
  • LNG
  • Others

Global Cryogenic Equipment Market by End-User

• • Energy & power
  • Chemicals
  • Metallurgy
  • Electronics
  • Shipping
  • Others

Global Cryogenic Equipment Market by Region

• • North America Cryogenic Equipment Market (Option 1: As a part of the free 25% customization)

    • North America Cryogenic Equipment Market by Equipment
    • North America Cryogenic Equipment Market by Cryogen
    • North America Cryogenic Equipment Market by End-Users
    • United States of America (US) Cryogenic Equipment Market All-Up
    • Canada Cryogenic Equipment Market All-Up

  • Europe Cryogenic Equipment Market (Option 2: As a part of the free 25% customization)

    • Europe Cryogenic Equipment Market by Equipment
    • Europe Cryogenic Equipment Market by Cryogen
    • Europe Cryogenic Equipment Market by End-Users
    • United Kingdom (UK) Cryogenic Equipment Market All-Up
    • Germany Cryogenic Equipment Market All-Up
    • France Cryogenic Equipment Market All-Up
    • Spain Cryogenic Equipment Market All-Up
    • Rest of Europe Cryogenic Equipment Market All-Up

  • Asia-Pacific Cryogenic Equipment Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Cryogenic Equipment Market by Equipment
    • Asia-Pacific Cryogenic Equipment Market by Cryogen
    • Asia-Pacific Cryogenic Equipment Market by End-Users
    • China Cryogenic Equipment Market All-Up
    • India Cryogenic Equipment Market All-Up
    • Japan Cryogenic Equipment Market All-Up
    • Rest of APAC Cryogenic Equipment Market All-Up

  • RoW Cryogenic Equipment Market (Option 4: As a part of the free 25% customization)

    • RoW Cryogenic Equipment Market by Equipment
    • RoW Cryogenic Equipment Market by Cryogen
    • RoW Cryogenic Equipment Market by End-Users
    • Brazil Cryogenic Equipment Market All-Up
    • South Africa Cryogenic Equipment Market All-Up
    • Saudi Arabia Cryogenic Equipment Market All-Up
    • UAE Cryogenic Equipment Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Cryogenic Equipment Market All-Up

Global Cryogenic Equipment Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Linde Plc
  • Chart Industries, Inc
  • Parker Hannifin Corp
  • Flowserve Corporation
  • Emerson Electric Co
  • Air Products and Chemicals, Inc
  • Taylor-Wharton International, LLC
  • Cryofab Inc
  • Wessington Cryogenics Ltd
  • Herose GmbH