Global Cryogenic Equipment Market Overview
Cryogenic equipment’s are used for manufacturing, maintenance, and application of materials at low temperatures. Cryogenic equipment includes containers, pressure vessels, purifiers, and others. It is usually designed to store liquefied gases below -150°C. It comes in various configurations such as vertical, horizontal, insulated, and double-walled. It can be fixed or static and transportable or mobile. It has wide-ranging applications in various industries such as food, medical technology, electronics, and metal processing. It is mainly used for storing LNG in ships and LNG liquefaction stations.
Global Cryogenic Equipment Market Dynamics
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.
The requirement of liquefied gases in industrial processes is critical
In certain machining operations, conventional cooling lubricants (CLFs) are not useful compared with certain proposed alternatives, for decreasing the cutting temperature while refining environmental sustainability. In some cases, CLFs are incapable to fulfill the exact required application and have a direct impact on the environment, thus this can hamper the target market growth. Furthermore, accidents with cryogenic hazards may also limit the growth of the target market.
Global Cryogenic Equipment Market Segmentation
The global cryogenic equipment market is segmented based on product type, cryogen type, end-user, and region.
On the basis of product type, the global cryogenic equipment market is segmented into tank, valve, vaporizer, pump, and others (pipe, regulator, strainer, sampler, and tunnel freezer). Based on cryogen type, the target market is segmented into nitrogen, oxygen, liquefied natural gas, argon, and other cryogens. Based on end-user, the target market is segmented into energy & power, chemicals, metallurgical, and electronics
Regional Insights:
On region the global cryogenic equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. 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. Additionally, introduction of GHG emission reduction targets along with, growth in end-user industries such as chemical, healthcare, food & beverage are some of the factors projected to boost growth of the target market. Further, continuous focus on research & development activities and growing presence of pharmaceutical companies in emerging economies are some of the other factors anticipated to propel growth of the target market in the coming years. North America market is projected to grow at a significant growth rate, due to growing applications in industries including healthcare sector and food & beverage along with rising environmental concerns in the region.
Report Scope:
|
Attribute |
Details |
|
Base year for estimation |
2018 |
|
Forecast period |
2018 – 2026 |
|
Market representation |
Revenue in USD Million & CAGR from 2018 – 2026 |
|
Market Segmentation |
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 |
|
Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2026. For the purpose of this study, has segmented the global cryogenic equipment market report based on product type, cryogen type, end-user, and region.
Global Cryogenic Equipment Market, By Product Type:
- Tank
- Valve
- Vaporizer
- Pump
- Others (Pipe, Regulator, Strainer, Sampler, Tunnel Freezer)
Global Cryogenic Equipment Market, By Cryogen Type:
- Nitrogen
- Oxygen
- Liquefied Natural Gas
- Argon
- Other Cryogens
Global Cryogenic Equipment Market, By End-user:
- Energy & Power
- Chemicals
- Metallurgical
- Electronics
Global Cryogenic Equipment Market, By Region:
-
-
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
-
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
-
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
-
- Middle East & Africa
-
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
-
- North America
-
Global Cryogenic Equipment Market Key Players
The key players operating 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. Current players such as Linde Group, Herose GmbH, and Charts Industries and have adopted extensive research & development activities to overwhelmed the hazards associated with this equipment. Moreover, increasing need for on-site gas supply across various industries is instigating manufacturers to expand technology and undertake aggressive management in all aspects of production and distribution. For instance, in September 2019, Chart Industries was awarded an agreement from LGM Engineering for the supply of 4 LNG fuel tanks for construction of ships that were to be built in Wuhu Shipyard, China. Chart Industries plans to increase its revenues from the shipping industry.
Global Cryogenic Equipment Market Company Profile
- Air Liquide
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Linde Group AG
- Cryofab Inc.
- Beijing Tianhai Industry Co., Ltd.
- The Emerson Electric Co.
- Flowserve Corporation
- Herose GmbH
- Graham Partners
- Parker Hannifin
- INOX India Ltd.
“*” marked represents similar segmentation in other categories in the respective section
Global Cryogenic Equipment Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Cryogenic Equipment Strategies
- Key Questions this Study will Answer
- Market Snippet, By Product Type
- Market Snippet, By Cryogen Type
- Market Snippet, By End-user
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Cryogenic Equipment Market, By Product Type, 2018 – 2026, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2018 – 2026
- Y-o-Y Growth Analysis (%), 2018 – 2026
- Segment Trends
- Tank
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Valve
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Vaporizer
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Pump
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Overview
- Global Cryogenic Equipment Market, By Cryogen Type, 2018 – 2026, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2018 – 2026
- Y-o-Y Growth Analysis (%), 2018 – 2026
- Segment Trends
- Nitrogen
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Oxygen
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Liquefied Natural Gas
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Argon
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Overview
- Global Cryogenic Equipment Market, By End-user, 2018 – 2026, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2018 – 2026
- Y-o-Y Growth Analysis (%), 2018 – 2026
- Segment Trends
- Energy & Power
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Chemicals
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Metallurgical
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Electronics
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2018 – 2026
- Overview
- Global Cryogenic Equipment Market, By Region, 2018 – 2026, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2018 – 2026
- Y-o-Y Growth Analysis (%), 2018 – 2026
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Product Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Cryogen Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By End-user, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Country, 2018 – 2026
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Product Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Cryogen Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By End-user, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Country, 2018 – 2026
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Product Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Cryogen Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By End-user, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Country, 2018 – 2026
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Product Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Cryogen Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By End-user, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Country, 2018 – 2026
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Product Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Cryogen Type, 2018 – 2026
- Market Size and Forecast (US$ Mn), By End-user, 2018 – 2026
- Market Size and Forecast (US$ Mn), By Country, 2018 – 2026
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
-
- Air Liquide
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Linde Group AG
- Cryofab Inc.
- Beijing Tianhai Industry Co., Ltd.
- The Emerson Electric Co.
- Flowserve Corporation
- Herose GmbH
- Graham Partners
- Parker Hannifin
- INOX India Ltd.
- Air Liquide
-
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
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 market report has been segmented on the basis of product type, cryogen type, end-user, and region.
Emerging trends include the development of compact and energy-efficient cryogenic systems, increased use of cryogenic technologies in healthcare and biotechnology, and the growing demand for liquefied natural gas (LNG) infrastructure, presenting significant opportunities in the global Cryogenic Equipment Market.
Factors driving the market include the expanding use of cryogenic equipment in various industries like healthcare, energy, and aerospace, advancements in cryogenic technology, the rise in demand for LNG as a clean energy source, and the growing application of cryogenic storage and transportation in the medical and food industries.
The report covers regions worldwide. North America is expected to dominate the Cryogenic Equipment Market, driven by a robust industrial and healthcare sector, significant investments in research and development, and a well-established LNG infrastructure in the region. Other influential regions include Europe and Asia-Pacific.
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.