Cryogenic Equipment Market is estimated to be 31.6 Billion by 2026 with a CAGR of 7.1% during the forecasted period.

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Published Date: April 2023

The cryogenic equipment market accounted for US$ 18.4 billion in 2018 and is estimated to be 31.6 billion by 2026 and is anticipated to register a CAGR of 7.1%.

The report. "Global Cryogenic Equipment Market, By Product Type (Tank, Valve, Vaporizer, Pump, and Others (Pipe, Regulator, Strainer, Sampler, and Tunnel Freezer)), By Cryogen Type (Nitrogen, Oxygen, Liquefied Natural Gas, Argon, and Other Cryogens), By End-user (Energy & Power, Chemicals, Metallurgical, and Electronics), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.

Key Highlights:

In January 2020, Linde Group was granted a contract by HLMC for setting a new air separation plant to supply high purity oxygen, nitrogen, and argon at its manufacturing facility. According to the terms of the contract, Linde would transport nitrogen generator and other cryogenic equipment to build the plant. The company aims to meet the growing demands for higher purity industrial gas from the electronics and semiconductor industry.

In December 2019, Linde Group signed a master agreement with BP as the company is the LNG technology licensor for phases 2 and 3 of the Greater Tortue Ahmeyim project. According to the contract, Linde manufactures and transports cryogenic coil-wound heat exchangers for the liquefaction technology.

Analyst View:

Increasing application of cryogenic gases

Cryogenic equipment has various industrial application including metallurgy, oil & gas, power & energy, electronics, food & beverage. Growth in investments across the power sector, especially in the emerging regions provides avenues for growth. Further, chilling and freezing is an important aspect of the industry, and trends in this segment indicate growth in demand for frozen foods, which is projected to continue in the coming years. Moreover, factors such as awareness regarding waste or energy usage, the influence of manufacturing on carbon emissions and legislations governing the food & beverage manufacturing segment has significantly influenced the choice of freezing technology.

Growing power & energy demand and rapid industrialization

Power & energy sector is surging demand across the globe coupled with rapid industrialization. This lead to create an important catalyzing factor for the growth of the target market over the forecast period. Further, advancement in the power & energy sector has led to the improvement in energy storage and HTS cables. Substantial investments in several developing countries, involving India, to construct smart cities and high-speed trains are predicted to offer growth prospects to the target market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Cryogenic Equipment Market”, By Product Type (Tank, Valve, Vaporizer, Pump, and Others (Pipe, Regulator, Strainer, Sampler, and Tunnel Freezer)), By Cryogen Type (Nitrogen, Oxygen, Liquefied Natural Gas, Argon, and Other Cryogens), By End-user (Energy & Power, Chemicals, Metallurgical, and Electronics), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The global cryogenic equipment market accounted for US$ 18.4 billion in 2018 and is estimated to be 31.6 billion by 2026 and is anticipated to register a CAGR of 7.1%. The market report has been segmented on the basis of product type, cryogen type, end-user, and region.

By product type, tanks segment is expected to gain highest share over the forecast period. LNG carriers carry a massive amount of LNG in the cargo tanks, and thus, maintaining the tank pressure is of paramount importance. Tanks provide several benefits including extended service life, lower maintenance cost, and high-quality insulation.
By cryogen type, natural gas dominants segment in 2017 and estimates for over 40% of the overall revenue share. Shale revolution adopted by the U.S. government has driven to high natural gas production, consequently increasing industry demand in the oil & gas sector. Growth in trade of natural gas is projected to offer lucrative growth opportunities to the industry.
By end-user, the power & energy segment estimates to dominate over the forecast period. Growth in investments across the power sector, especially in the emerging regions provides avenues for growth.
By region, the global market in Asia Pacific is the fastest-growing owing to presence of major consumer in this region. This is due to growing demand for LNG from developing countries such as China, India, and Australia coupled with ongoing investments in energy sector in this region.

Competitive Landscape:

The prominent player operating in the global cryogenic equipment market includes Air Liquide, Linde Group AG, Cryofab Inc., Beijing Tianhai Industry Co., Ltd., The Emerson Electric Co., Flowserve Corporation, Herose GmbH, Graham Partners, Parker Hannifin, and INOX India Ltd.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period