CHICAGO, Oct. 19, 2023 /PRNewswire/ -- Cryogenic Equipment Market is expected to reach USD 16.6 billion by 2028 from USD 11.9 billion in 2023 at a CAGR of 6.9% during the 2023-2028 period according to a new report by MarketsandMarkets. A cryogenic equipment is any storage or transportation apparatus that helps handle cryogenic fluids (liquefied industrial gases at temperatures below -150ºC). Typical equipment in this category include tanks, pumps, vaporizers, heat exchangers, valves, pressure regulators, and pipes. They are used in various applications, such as the production, storage, and transportation of LNG; preservation of biological materials including human tissues, sperms, and embryos; long-term storage of biological samples such as stem cells, cord blood, and tissues; development of hydrogen fuel systems, particularly for the automotive and transportation industries; as well as cooling scientific instruments on space telescopes and maintaining extremely low temperatures for space probes and vehicles, satellite launch facilities, and air separation units. The Cryogenic Equipment Market is heavily dependent on the consumption of industrial gases that are liquefied for high-volume storage purposes. oxygen, nitrogen, argon, and hydrogen, wherein oxygen and nitrogen are such major industrial gases used across end-user industries for numerous applications. The increasing use of these industrial gases in industries such as energy & power, metallurgy, electronics, chemicals, and transportation is likely to propel the demand for cryogenic equipment. Moreover, growing popularity of liquefied natural gas as source of clean and efficient energy, will boost the demand for cryogenic equipment for the transportation and storage at LNG liquefaction and regasification terminals.
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273 - Tables
64 - Figures
294 - Pages
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Cryogenic Equipment Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $11.9 billion |
Estimated Value by 2028 | $16.6 billion |
Growth Rate | Poised to Grow at a CAGR of 6.9% |
Largest Market | Asia Pacific |
Market Size Available for | 2018-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Cryogenic Equipment Market by Equipment, Cryogen, End-user Industry, System Type, Application, and Region. |
Geographies Covered | Asia Pacific, North America, Europe, South America, Middle East and Africa. |
Key Market Challenge | Supply chain disruptions due to Russia-Ukraine war |
Key Market Opportunities | Evolving applications of cryogenic electronics |
Key Market Drivers | Increasing utilization of industrial gases in metallurgy, oil & gas, and energy & power industries |
The Tanks, by equipment, is expected to grow at the highest CAGR during the forecast period.
Based on equipment, the Cryogenic Equipment Market has been split into tanks, valves, vaporizers, pumps and other equipments such as pipes, regulators, freezers, dewars, strainers, samplers, heat exchangers, leak detection equipment, dispensers, and accessories (manifolds, fittings, vacuum-jacketed/-insulated piping, hoses, connections). Tanks are expected to grow at the highest CAGR during the forecasted period. The increasing global demand for LNG tanks and microbulk tanks will be the major reason for the leading position of the tanks segment in this market in the coming years.
The nitrogen segment, by cryogen, is expected to be the largest segment during the forecast period.
This report segments the Cryogenic Equipment Market based on cryogen into six segments: nitrogen, argon, oxygen, liquified natural gas (LNG), hydrogen, and other cryogens (helium, nitrous oxide, ethylene, and carbon dioxide). The nitrogen segment is expected to be the largest segment during the forecast period owing to its high availability in the atmosphere and its inert nature. Nitrogen is widely used in industrial and medical applications; nitrogen is also used in the energy & power industry to enhance oil recovery. It is used in fertilizers and chemical industries as well.
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Asia Pacific is expected to be the largest region in the Cryogenic Equipment Industry.
Asia Pacific is expected to be the largest Cryogenic Equipment Market during the forecast period. The Asia Pacific region comprises major economies such as China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific primarily includes Thailand, the Philippines, Singapore, Indonesia, and Myanmar. The high growth rate and market share of the Asia Pacific region can be attributed to constant LNG infrastructure developments in China, investments in the aerospace industry in India, and increasing investments in gas production and LNG imports in Australia and Japan, respectively. The significant demand for cryogenic equipment in the region is witnessed by end-user industries such as healthcare, metallurgy, energy & power, and electronics.
Key Market Players:
Some of the major players in the Cryogenic Equipment Companies are including Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.
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Recent Developments
- In July 2023, Chart Industries opened a second facility at Alabama. This plant is expected to fabricate the largest shop-built cryogenic tanks ever manufactured globally-70% larger than the previous model-to begin in the first quarter 2024. The tanks manufactured at this site will be used as propellant storage solutions in the aerospace industry, hydrogen and LNG storage solutions in the marine industry and many other processes and technologies adopted in the sciences and decarbonization industries.
- In June 2023, INOX India Limited built an LNG facility in Tamil Nadu, which comprises 2 x 113 KL LNG tanks, regas system with a capacity of 5,000 SCMH @ 22 Bar pressure and associated equipment was supplied by INOXCVA on a turnkey basis in a record time.
- In April 2023, Linde signed an agreement with Evonik, a leading specialty chemicals company, to supply green hydrogen in Singapore. According to the agreement, Linde will build, own, and operate a nine-megawatt alkaline electrolyzer plant on Jurong Island, Singapore. The plant will produce green hydrogen, which Evonik will use to manufacture methionine, an essential component in animal feed.
- In March 2023, Air Products and Chemicals, Inc. and Shaanxi LNG Reserves & Logistics Company signed an agreement to supply its proprietary liquefied natural gas (LNG) process technology and equipment to Technip Energies for the Xi'An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd., in ShaanXi Province, China.
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Related Reports:
Cryogenic Pump Market by Orientation, Design (Submersible, Non-Submersible), Type, Cryogen (Nitrogen, Argon, Oxygen, LNG, Helium, Hydrogen), End User (Energy & Power, Chemicals, Metallurgy, Healthcare & Pharmaceuticals) & Region - Global forecast to 2027
Air Separation Plant Market by Process (Cryogenic, Non-cryogenic), Gas (Nitrogen, Oxygen, Argon), End-Use Industry (Iron & Steel, Oil & Gas, Chemical, Healthcare), and Region (North America, APAC, Europe, RoW) - Global Forecast to 2028
Cryogenic Tanks Market by Raw Material (Steel, Nickel Alloy), Cryogenic Liquid (Liquid Nitrogen, LNG), Application (Storage, Transportation), End-use Industry (Metal Processing, Energy Generation, Electronics), and Region - Global Forecast to 2024
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