Cryogenic Equipment Market Analysis:

Cryogenic Equipment Market is projected to be worth USD 37.18 billion by 2030, registering a CAGR of 7.29% during the forecast period (2022 - 2030).

The report presents a detailed analysis of the global cryogenic equipment market’s historical growth trajectory in order to familiarize the readers with the market’s movement over the review period. Fundamental information about the cryogenic equipment market’s historical growth trajectory and present conditions is used to make accurate, reliable forecasts about the market’s likely growth trajectory over the forecast period till 2024. Major competitive and other dynamic trends operating in the market, including the market’s major drivers and restraints, are examined in the report to provide readers a clear overview of the market’s present condition and movement prospects. The report also examines the impact of the COVID-19 pandemic on the global cryogenic equipment market.

Cryogenic equipment is deployed in very low-temperature materials or processes. Cryogenic equipment includes cryogenic refrigerators, cryogenic storage racks boxes, temperature controllers, cryogenic tanks, and other cryogenic accessories. A cryogenic tank is generally used to store cryogenic gases such as liquid oxygen, carbon dioxide, argon, nitrogen, and methane. On the other hand, cryogenic refrigerators are used to preserve cryogenic materials. In a cryogenic refrigerator, a refrigerant is circulated in a fluid flow path between the first and second chambers by the movement of a displacer. Cryogenic equipment is used in various applications including storage and transportation of liquefied gases, food preservation, super-conducting electromagnets, rocket fuels, and cryosurgery, among others. As the demand for liquid gases increases across various industries, usage of cryogenic equipment becomes inevitable. Increasing growth across various end-use industries such as energy and power, metallurgy, chemicals, healthcare, and others is likely to drive the market for cryogenic equipment.       

The major factors driving the cryogenic equipment market include the increasing LNG demand and improving healthcare services in developing countries. Moreover, increasing infrastructure spending is also likely to boost the installation of cryogenic equipment in various industries. Additionally, complex industrial processes are likely to incorporate the use of liquid gases, which is likely to further fuel the growth of the cryogenic equipment market. Similarly, a rise in the energy and power industry is likely to drive the demand for LNG-based power generation and thus growing usage of oil tankers for transportation in the shipbuilding industry. These factors are likely to boost the growth of the cryogenic equipment market.

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Competitive Leaderboard:

Leading players in the global cryogenic equipment market include Beijing Tianhai Industry Co. Ltd., Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde Group AG, VRV SpA, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve Corporation, Parker Hannifin, and INOX India Ltd.

The global cryogenic equipment market is projected to grow at a significant growth rate during the forecast period owing to the increase in demand for cryogenic equipment across multiple end-use industries such as power generation, healthcare, electronics, and others. Increasing LNG production and demand for medical gases in the healthcare sector would give impetus to the use of cryogenic equipment. The growth in the demand for medical gases for diagnosis and treatment of various respiratory diseases such as asthma, cardiovascular, and others could lead to the demand for medical gases, which is likely to boost the cryogenic equipment market.  

Segmentation:

The global cryogenic equipment market is segmented on the basis of product type, cryogen type, end use, and region.

By product type, the global cryogenic equipment market is segmented into valves, tanks, vaporizers, pumps, and others.

By cryogen type, the global cryogenic equipment market is segmented into oxygen, nitrogen, LNG, argon, and others.

By end use, the global cryogenic equipment market is segmented into energy and power, chemical, electronics, shipping, metallurgical, and others.

Regional Analysis:

Asia Pacific is likely to emerge as an important regional market for cryogenic equipment over the forecast period due to the growing oil and gas industry in the region.