Cryogenic Equipment Market By Product Type (Tanks, Valves, Pumps, Pipes, Others), By Cryogen Type (Nitrogen, Oxygen, Natural Gas, LNG, Others), By End-Use (Chemical, Energy & Power, Metallurgy, Shipping, Others) - Growth, Share, Opportunities & Competitive Analysis, 2022 -2030

18 Feb 2020 Format PDF icon PPT icon XLS icon Request Sample

Key Market Insights

“Growing investments for modernization along with technological advancement in developing and developed nations will boost the market”

The global cryogenic equipment market is growing competently, expected to grow at a CAGR of 7.4% during the estimated period from 2022 to 2030, starting from US$ 20.27 Bn in 2021.

Cryogen Analysis

“Dominance is led by the wide-scale implementation of cryogenic gases across Energy & Power industries.”

Natural gas based cryogenic equipment market is expected to hold a market share of around 32% in 2021, thereby driving the market growth globally. In addition, substantial availability of natural gas across developing countries such as China, Argentina, India, along with abundant untapped reservoirs favored by the U.S. will boost the industry growth. Moreover, widespread requirement and increasing demand of LNG across the industries like power and oil & gas sector as a feedstock, is likely to spur the market for cryogenic equipment on a global scale.

Furthermore, growing E&P (exploration & production) technologies including well hydraulic fracturing and enhanced oil recovery will drive the product penetration, owing to its application as an injection fluid. For instance, “MAN Energy Solutions”, a marine-based LNG gas manufacturer signed a contract with Swedish shipping line company “Wallenius SOL”, for supplying LNG fuel-gas supply systems along with two RoRo new buildings in China, Yantai Raffles shipyard.

The factors driving the cryogenic equipment market are the growing demand for clean energy production technologies such as LNG, increased consumption of natural gas, and upsurge in demand for metallurgical processes. Moreover, growing significant requirements has resulted towards increasing the amount of natural gas being liquefied and transported around the globe by a network of special cryogen tankers. Additionally, increasing global demand for energy and natural gas, respiratory healthcare sector, and more usage of therapies like genetically live tissue drug therapy and biopharma therapy is likely to spur the market for cryogenic equipment over the forecast period.

Regional Analysis

“Rapid industrialization across various regions coupled with growing power demand for LNG storage and shipping worldwide will flicker the market growth for cryogenic equipment”

The Asia Pacific is projected to dominate the market and accounted to hold a market revenue of around 38% in 2021. Additionally, growing power demand coupled with rapid industrialization from economies like China, India, and Japan makes Asia Pacific a dominant player across the globe. Moreover, development in shipping industries has increased investments towards LNG transportation in Asian countries, thereby expanding the market revenue for cryogenic equipment in the upcoming years. Furthermore, demand for new technological applications and increasing demand from healthcare, food & beverages, metal, and power industries for cryogenic gases is projected to drive the market growth over the forecast period.

For instance, in May 2018, Safmarine, a container carrier announced their involvement with behemoth project for Cryolor Asia Pacific and will deliver 80 Cryogenic tanks for Cryolor SA from India to Charleston, USA announced. The global shift towards clean energy has significantly improved the development of battery technology in order to harness solar and wind energy. For instance, according to Highview, the cryobattery would cost around US$ 143 per MWh/200 MW system, thereby making a cost-efficient energy storage technology.

List of Companies Covered:

  • Emerson
  • Air Liquide
  • Nikkiso
  • Parker Hannifin Corporation
  • Air Products
  • Chart Industries Inc.
  • Cryofab Inc.
  • Cryoquip LLC.
  • Herose GmbH
  • INOX India Ltd.
  • Linde Group AG
  • Taylor-Wharton International LLC.
  • VRV S.P.A
  • Wessington Cryogenics Ltd.

Key Industry Development:

  • In January 2020, Air Products is going to showcase its latest innovations in cryogenic food processing cryogenic tunnel freezer design i.e. “Freshline® MP-Plus freezer” and “Freshline® QuickChill™ Injector” in the upcoming International Production & Processing Expo (IPPE) held in Atlanta, Georgia.
  • In September 2019, Magma Global has signed a contract with Shell Gas, to develop flexible single polymer composite (SPC) pipeline used for cryogenic applications of down to -196oC.
  • In November 2019, BioLife Solutions announced its acquisition with Custom Biogenic Solutions for adding the liquid nitrogen laboratory freezers and cryogenic equipment to their portfolio.

Historical & Forecast Period

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cryogenic Equipment market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Cryogenic Equipment market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Research Period  2021-2031
Base Year 2022
Forecast Period  2023-2031
Historical Year  2021
Unit  USD Billion
Product Type  
  • Tanks  
  • Valves  
  • Pumps  
  • Pipes  
  • Others (Vaporizers, Vacuum Jacketed Piping, etc.)  

Cryogen Type  
  • Nitrogen  
  • Oxygen  
  • Natural Gas  
  • LNG  
  • Others (Argon, Helium, Neon, etc.)  

  • Chemical  
  • Energy & Power  
  • Metallurgy  
  • Shipping  
  • Others (Electronics, Food & Beverages, Healthcare, etc.)

 Region Segment (2021-2031; US$ Billion)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Cryogenic Equipment market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2031.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Cryogenic Equipment market?
  • Which is the largest regional market for Cryogenic Equipment market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Cryogenic Equipment market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Cryogenic Equipment market worldwide?
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