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Cryogenic Equipment Market By Equipment Type (Tanks, Valves, Vacuum Jacketed Pipes, and Pump and Vaporizer), By Application (Storage and Distribution), By End-User (Chemical, Energy & Power, Food & Beverage, Oil & Gas, and Electronics): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 04-Jun-2021 Category: Energy & Mining Report Format : PDF Pages: 150 Report Code: ZMR-2518 Status : Published

The global Cryogenic Equipment market accounted for USD 17.7 Billion in 2020 and is expected to reach USD 29.4 Billion by 2028, growing at a CAGR of 6.6% from 2021 to 2028.

Description

Market Overview                                                

The global Cryogenic Equipment market accounted for USD 17.7 Billion in 2020 and is expected to reach USD 29.4 Billion by 2028, growing at a CAGR of 6.6% from 2021 to 2028.   

Cryogenic equipment houses and produces very low-temperature materials. Cryogenics, the study of very low temperatures, involves temperatures that are colder than those that can be attained with conventional refrigeration equipment. Cryogenic equipment is designed to reach ultra-low temperatures at a slow rate in order to prevent thermal shock to the components being treated. At this temperature, materials that are natural gases can be liquefied and several metals lose electrical resistance, as they get colder. Cryogenic equipment includes cryogenic storage boxes and racks, temperature controllers, cryogenic tanks, cryogenic accessories and cryogenic refrigerators.

Key players are focusing upon advancement of product and integrating the equipment with new features. The manufacturers are emphasizing on mergers & acquisitions to strengthen their position in the market.

COVID-19 Impact Analysis:

COVID-19 has impacted the businesses across the globe. The imposed lockdown and spread of the contagious virus has slowed down the operations in various industries including chemical, metallurgy, food & beverage, energy & power and many more. Moreover, the manufacturing units across the World are engaged in designing and developing high quality storage tanks and liquid cylinders for storing oxygen. The increasing consumption of oxygen cylinders across various countries has become a major opportunity for the market to grow. However, the world markets are slowly opening to their full potential and theirs a surge in demand Cryogenic equipment market.   

Growth Factors

Major driving factors for the growth of cryogenic equipment market are raising LNG demand, improving healthcare services in the growing economies and the development of high temperature superconductor power cables. The global cryogenic equipment market offers new growth opportunities, due to increasing trade of natural gases and rise in cryogenic energy storage systems. Decrease in global steel production could be a restraining factor for the cryogenic equipment market. The rapid speed of industrialization & urbanization and improved demand across the healthcare industry are also boosting the growth projection of global cryogenic equipment market.

Report Scope:

Equipment Segment Analysis Preview

Based on equipment, the global cryogenic equipment market is segmented into tanks, valves, vacuum jacketed pipes, and pump & vaporizer. Among these equipment, tanks was the leading segment of the global cryogenic equipment market in 2020. In the cargo tanks, LNG carriers an enormous amount of LNG, and therefore, maintaining the tank stress is of high importance. Extended service life, high quality insulation and low maintenance cost are several benefits provided by the cryogenic tanks. Vacuum jacketed pipe is a high performance, and low heat escape vacuum insulated pipe specially designed to transport cryogenic liquids. General practice of vacuum jacketed pipes in thermal vacuum chambers and rubber flashing is expected to increase the demand during the forecast period.

End User Segment Analysis Preview

On the basis of end-user industries, the cryogenic equipment market is segmented into chemical, energy & power, food & beverage, oil & gas, and electronics. The cryogenic equipment market for energy & power accounted for the largest share in 2020. Increase in investments across the power sector, particularly in the developing regions provides avenues for growth. Factors such as legislations governing the food & beverage manufacturing, and the impact of manufacturing on carbon emissions segment has considerably tending the choice of freezing technology.

Application Segment Analysis Preview

On the basis of application, the cryogenic equipment market is segmented into storage and distribution. Storage segment is estimated to account for the largest cryogenic equipment market share among all the applications. The device is utilized for creating low temperature conditions for storing gases such as nitrogen, oxygen, liquefied natural gas, and argon. For storing these gases the apparatus is utilized for creating low temperature conditions. Variations in external gases temperature within the container provides alteration of temperature and also provides insulation.

Regional Segment Analysis Preview

Asia Pacific dominated the market of cryogenic equipment in 2020 and accounted significant share of the market. In Asia Pacific, increasing investments in the energy sector and significant growth in other end-user industries are the factors attributed for the growth of the cryogenic equipment market in this region. The major factor for the growth of cryogenic equipment market is the presence of leading steel production in countries such as China, Japan, India and South Korea.

Key Market Players & Competitive Landscape

The major players operating in the Cryogenic Equipment market are Praxair Inc., FIBA TECHNOLOGIES INC., INOX India Pvt. Ltd., Linde Group AG, Flowserve Corporation, Air Liquide SA, Oxford Instruments Plc., Herose GmbH, Cryoquip Llc, and Wessington Cryogenics, among others.

The global Cryogenic Equipment market is segmented as follows:   

By Equipment Type

  • Tanks
  • Valves
  • Vacuum Jacketed Pipes
  • Pump & Vaporizer

By Application

  • Storage
  • Distribution

By End-User

  • Chemical
  • Energy & Power
  •  Food & Beverage
  • Oil & Gas
  • Electronics

By Region

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

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Equipment Type
        • 2.1.1.2. Market Attractiveness Analysis, By Application
        • 2.1.1.3. Market Attractiveness Analysis, By End-User
        • 2.1.1.4. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Cryogenic Equipment Market, 2016 – 2028 (USD Billion)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Cryogenic Equipment Market – Equipment Type Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Equipment Type, 2020 & 2028
    • 4.2. Tanks
      • 4.2.1. Market End-User and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Valves
      • 4.3.1. Market End-User and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Vacuum Jacketed Pipes
      • 4.4.1. Market End-User and Forecast, By Region (USD Billion)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.5. Pump & Vaporizer
      • 4.5.1. Market End-User and Forecast, By Region (USD Billion)
      • 4.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.5.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Cryogenic Equipment Market – Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 5.2. Storage
      • 5.2.1. Market End-User and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Distribution
      • 5.3.1. Market End-User and Forecast, By Region (USD Billion)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
      • 5.5.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 Cryogenic Equipment Market – End-User Segment Analysis
    • 6.1. Overview
      • 6.1.1. Market Revenue Share, By End-User, 2020 & 2028
    • 6.2. Chemical
      • 6.2.1. Market End-User and Forecast, By Region (USD Billion)
      • 6.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.3. Energy & Power
      • 6.3.1. Market End-User and Forecast, By Region (USD Billion)
      • 6.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.4. Food & Beverage
      • 6.4.1. Market End-User and Forecast, By Region (USD Billion)
      • 6.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.5. Oil & Gas
      • 6.5.1. Market End-User and Forecast, By Region (USD Billion)
      • 6.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 6.6. Electronic
      • 6.6.1. Market End-User and Forecast, By Region (USD Billion)
      • 6.6.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 6.6.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 7 Cryogenic Equipment Market – Regional Analysis
    • 7.1. Overview
      • 7.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 7.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Billion)
    • 7.2. North America
      • 7.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.2.2. North America Market Revenue, By Equipment Type, 2016 – 2028
      • 7.2.3. North America Market Revenue, By Application, 2016 – 2028
      • 7.2.4. North America Market Revenue, By End-User, 2016 – 2028
      • 7.2.5. U.S.
        • 7.2.5.1. U.S. Market Revenue, By Equipment Type, 2016 – 2028
        • 7.2.5.2. U.S. Market Revenue, By Application, 2016 – 2028
        • 7.2.5.3. U.S. Market Revenue, By End-User, 2016 – 2028
      • 7.2.6. Canada
        • 7.2.6.1. Canada Market Revenue, By Equipment Type, 2016 – 2028
        • 7.2.6.2. Canada Market Revenue, By Application, 2016 – 2028
        • 7.2.6.3. Canada Market Revenue, By End-User, 2016 – 2028
      • 7.2.7. Mexico
        • 7.2.7.1. Mexico Market Revenue, By Equipment Type, 2016 – 2028
        • 7.2.7.2. Mexico Market Revenue, By Application, 2016 – 2028
        • 7.2.7.3. Mexico Market Revenue, By End-User, 2016 – 2028
    • 7.3. Europe
      • 7.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.3.2. Europe Market Revenue, By Equipment Type, 2016 – 2028
      • 7.3.3. Europe Market Revenue, By Application, 2016 – 2028
      • 7.3.4. Europe Market Revenue, By End-User, 2016 – 2028
      • 7.3.5. Germany
        • 7.3.5.1. Germany Market Revenue, By Equipment Type, 2016 – 2028
        • 7.3.5.2. Germany Market Revenue, By Application, 2016 – 2028
        • 7.3.5.3. Germany Market Revenue, By End-User, 2016 – 2028
      • 7.3.6. France
        • 7.3.6.1. France Market Revenue, By Equipment Type, 2016 – 2028
        • 7.3.6.2. France Market Revenue, By Application, 2016 – 2028
        • 7.3.6.3. France Market Revenue, By End-User, 2016 – 2028
      • 7.3.7. U.K.
        • 7.3.7.1. U.K. Market Revenue, By Equipment Type, 2016 – 2028
        • 7.3.7.2. U.K. Market Revenue, By Application, 2016 – 2028
        • 7.3.7.3. U.K. Market Revenue, By End-User, 2016 – 2028
      • 7.3.8. Italy
        • 7.3.8.1. Italy Market Revenue, By Equipment Type, 2016 – 2028
        • 7.3.8.2. Italy Market Revenue, By Application, 2016 – 2028
        • 7.3.8.3. Italy Market Revenue, By End-User, 2016 – 2028
      • 7.3.9. Spain
        • 7.3.9.1. Spain Market Revenue, By Equipment Type, 2016 – 2028
        • 7.3.9.2. Spain Market Revenue, By Application, 2016 – 2028
        • 7.3.9.3. Spain Market Revenue, By End-User, 2016 – 2028
      • 7.3.10. Rest of Europe
        • 7.3.10.1. Rest of Europe Market Revenue, By Equipment Type, 2016 – 2028
        • 7.3.10.2. Rest of Europe Market Revenue, By Application, 2016 – 2028
        • 7.3.10.3. Rest of Europe Market Revenue, By End-User, 2016 – 2028
    • 7.4. Asia Pacific
      • 7.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.4.2. Asia Pacific Market Revenue, By Equipment Type, 2016 – 2028
      • 7.4.3. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 7.4.4. Asia Pacific Market Revenue, By End-User, 2016 – 2028
      • 7.4.5. China
        • 7.4.5.1. China Market Revenue, By Equipment Type, 2016 – 2028
        • 7.4.5.2. China Market Revenue, By Application, 2016 – 2028
        • 7.4.5.3. China Market Revenue, By End-User, 2016 – 2028
      • 7.4.6. Japan
        • 7.4.6.1. Japan Market Revenue, By Equipment Type, 2016 – 2028
        • 7.4.6.2. Japan Market Revenue, By Application, 2016 – 2028
        • 7.4.6.3. Japan Market Revenue, By End-User, 2016 – 2028
      • 7.4.7. India
        • 7.4.7.1. India Market Revenue, By Equipment Type, 2016 – 2028
        • 7.4.7.2. India Market Revenue, By Application, 2016 – 2028
        • 7.4.7.3. India Market Revenue, By End-User, 2016 – 2028
      • 7.4.8. South Korea
        • 7.4.8.1. South Korea Market Revenue, By Equipment Type, 2016 – 2028
        • 7.4.8.2. South Korea Market Revenue, By Application, 2016 – 2028
        • 7.4.8.3. South Korea Market Revenue, By End-User, 2016 – 2028
      • 7.4.9. South-East Asia
        • 7.4.9.1. South-East Asia Market Revenue, By Equipment Type, 2016 – 2028
        • 7.4.9.2. South-East Asia Market Revenue, By Application, 2016 – 2028
        • 7.4.9.3. South-East Asia Market Revenue, By End-User, 2016 – 2028
      • 7.4.10. Rest of Asia Pacific
        • 7.4.10.1. Rest of Asia Pacific Market Revenue, By Equipment Type, 2016 – 2028
        • 7.4.10.2. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
        • 7.4.10.3. Rest of Asia Pacific Market Revenue, By End-User, 2016 – 2028
    • 7.5. Latin America
      • 7.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.5.2. Latin America Market Revenue, By Equipment Type, 2016 – 2028
      • 7.5.3. Latin America Market Revenue, By Application, 2016 – 2028
      • 7.5.4. Latin America Market Revenue, By End-User, 2016 – 2028
      • 7.5.5. Brazil
        • 7.5.5.1. Brazil Market Revenue, By Equipment Type, 2016 – 2028
        • 7.5.5.2. Brazil Market Revenue, By Application, 2016 – 2028
        • 7.5.5.3. Brazil Market Revenue, By End-User, 2016 – 2028
      • 7.5.6. Argentina
        • 7.5.6.1. Argentina Market Revenue, By Equipment Type, 2016 – 2028
        • 7.5.6.2. Argentina Market Revenue, By Application, 2016 – 2028
        • 7.5.6.3. Argentina Market Revenue, By End-User, 2016 – 2028
      • 7.5.7. Rest of Latin America
        • 7.5.7.1. Rest of Latin America Market Revenue, By Equipment Type, 2016 – 2028
        • 7.5.7.2. Rest of Latin America Market Revenue, By Application, 2016 – 2028
        • 7.5.7.3. Rest of Latin America Market Revenue, By End-User, 2016 – 2028
    • 7.6. The Middle-East and Africa
      • 7.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 7.6.2. The Middle-East and Africa Market Revenue, By Equipment Type, 2016 – 2028
      • 7.6.3. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 7.6.4. The Middle-East and Africa Market Revenue, By End-User, 2016 – 2028
      • 7.6.5. GCC Countries
        • 7.6.5.1. GCC Countries Market Revenue, By Equipment Type, 2016 – 2028
        • 7.6.5.2. GCC Countries Market Revenue, By Application, 2016 – 2028
        • 7.6.5.3. GCC Countries Market Revenue, By End-User, 2016 – 2028
      • 7.6.6. South Africa
        • 7.6.6.1. South Africa Market Revenue, By Equipment Type, 2016 – 2028
        • 7.6.6.2. South Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.6.3. South Africa Market Revenue, By End-User, 2016 – 2028
      • 7.6.7. Rest of Middle-East Africa
        • 7.6.7.1. Rest of Middle-East Africa Market Revenue, By Equipment Type, 2016 – 2028
        • 7.6.7.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.7.3. Rest of Middle-East Africa Market Revenue, By End-User, 2016 – 2028
  • Chapter No. 8 Cryogenic Equipment Market – Industry Analysis
    • 8.1. Introduction
    • 8.2. Market Drivers
      • 8.2.1. Driving Factor 1 Analysis
      • 8.2.2. Driving Factor 2 Analysis
    • 8.3. Market Restraints
      • 8.3.1. Restraining Factor Analysis
    • 8.4. Market Opportunities
      • 8.4.1. Market Opportunity Analysis
    • 8.5. Porter’s Five Forces Analysis
    • 8.6. PEST Analysis
    • 8.7. Regulatory Landscape
    • 8.8. Equipment Type Landscape
    • 8.9. Regional Market Trends
      • 8.9.1. North America
      • 8.9.2. Europe
      • 8.9.3. Asia Pacific
      • 8.9.4. Latin America
      • 8.9.5. The Middle-East and Africa
    • 8.10. Pricing Analysis
    • 8.11. Value Chain Analysis
    • 8.12. Downstream Buyers
    • 8.13. Distributors/Traders List
  • Chapter No. 9 Competitive Landscape
    • 9.1. Company Market Share Analysis – 2019
      • 9.1.1. Global Cryogenic Equipment Market: Company Market Share, 2019
      • 9.1.2. Global Cryogenic Equipment Market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 9.1.3. Global Cryogenic Equipment Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 9.1.4. Global Cryogenic Equipment Market: Radar Determinant Chart, 2019
    • 9.2. Strategic Developments
      • 9.2.1. Acquisitions & Mergers
      • 9.2.2. New Product Launch
      • 9.2.3. Regional Expansion
    • 9.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 10 Company Profiles
    • 10.1. Praxair Inc.
      • 10.1.1. Company Overview
      • 10.1.2. Key Executives
      • 10.1.3. Product Portfulio
      • 10.1.4. Financial Overview
      • 10.1.5. Operating Business Segments
      • 10.1.6. Business Performance
      • 10.1.7. Recent Developments
    • 10.2. FIBA TECHNOLOGIES INC.
    • 10.3. INOX India Pvt. Ltd.
    • 10.4. Linde Group AG
    • 10.5. Flowserve Corporation
    • 10.6. Air Liquide SA
    • 10.7. Oxford Instruments Plc.
    • 10.8. Herose GmbH
    • 10.9. Cryoquip Llc
    • 10.10. Wessington Cryogenics
    • 10.11. VRV S.p.A.
    • 10.12. Chart Industries, Inc.
  • Chapter No. 11 Marketing Strategy Analysis
    • 11.1. Marketing Channel
    • 11.2. Direct Marketing
    • 11.3. Indirect Marketing
    • 11.4. Marketing Channel Development Trends
    • 11.5. Economic/Pulitical Application Change
  • Chapter No. 12 Research Methodulogy
    • 12.1. Research Methodulogy
    • 12.2. Phase I - Secondary Research
    • 12.3. Phase II - Data Modeling
      • 12.3.1. Company Share Analysis Model
      • 12.3.2. Revenue Based Modeling
    • 12.4. Phase III - Primary Research
    • 12.5. Research Limitations
      • 12.5.1. Assumptions

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Cryogenic Equipment market. Zion Research has collected and analyzed key data belong to the global Cryogenic Equipment market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Cryogenic Equipment across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Cryogenic Equipment industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Cryogenic Equipment market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Cryogenic equipment is utilized to generate, maintain materials at extremely low temperatures. Usually, equipment utilized in the cryogenic application includes cold traps, pressure vessels, pipes, containers, and purifiers. In several cases, cryogenic equipment holds or assists in the transfer of chilled liquids (liquefied gases) such as oxygen, argon, liquid helium and nitrogen. Even liquefied natural gas (LNG) is handled through cryogenic equipment. Proper insulation is vital for the efficiency of cryogenic components, as it assures that ideal temperature levels are maintained within the equipment. Similarly, during handling of temperature and materials insulation, cryogenic component protects equipment users. Usually suitable separation between refrigeration and cryogenic is minus 180°celsius. A variety of cryogens and cryogenic equipment are utilized in research laboratories, which is important in certain technology and electronics operations.

The cryogenic equipment is segmented on the basis of equipment type, end-user industries, and application. On the basis of equipment, the global cryogenic equipment market is segmented into tanks, valves, vacuum jacketed pipes and pump & vaporizer. Among this equipment, tanks were the leading segment of the global cryogenic equipment market in 2016. In the cargo tanks, LNG carriers carry an enormous amount of LNG, and therefore, maintaining the tank stress is of high importance. Extended service life, high-quality insulation, and low maintenance cost are several benefits provided by cryogenic tanks. On the basis of end-user industries, the cryogenic equipment market is segmented into chemical, energy & power, food & beverage, oil & gas, and electronics. The cryogenic equipment market for energy & power industry accounted for the largest share in 2016. The major application of cryogenic equipment in energy and power sector is transportation and storage of LNG. On the basis of application, the cryogenic equipment market is segmented into storage and distribution. Storage segment is estimated to account for the largest cryogenic equipment market share among all the applications. The device is utilized for creating low-temperature conditions for storing gases such as nitrogen, oxygen, natural gas, and argon.

Global Cryogenic Equipment Market

Rising LNG demand, improving healthcare services in the increasing economies and the development of high-temperature superconductor power cables are expected to remain major driving factors for the growth in the cryogenic equipment market. The decline in global steel production could be a restraining factor for the cryogenic equipment market. Increasing deal of natural gases and rise in cryogenic energy storage systems offers new growth opportunities for the global cryogenic equipment market. The rapid speed of industrialization & urbanization and improved demand across the healthcare industry are also boosting the growth of global cryogenic equipment globally.

Based on regional segmentation, Asia Pacific was the most attractive and largest market for cryogenic equipment in 2016. In the Asia Pacific, increasing investments in the energy sector and significant growth in other end-user industries are the factors attributed to the growth of the cryogenic equipment market. Europe countries have strict regulation governing the use of inland LNG-fueled ships. Also, certain countries such as Russia also plan to develop LNG powered locomotives. The presence of important steel production countries such as Japan, China, India, and South Korea will be a major factor for the growth of the market

Some of the major players involved in the global cryogenic equipment market include Praxair Inc., FIBA Technologies Inc., INOX India Pvt. Ltd., Linde Group AG, Flowserve Corporation, Air Liquide SA, Oxford Instruments Plc., Herose GmbH, Cryoquip Llc., Wessington Cryogenics, VRV S.p.A., and Chart Industries, Inc.


Frequently Asked Questions

The global Cryogenic Equipment market was valued at USD 17.7 Billion in 2020.

The global Cryogenic Equipment market is expected to reach USD 29.4 Billion by 2028, growing at a CAGR of 6.6% between 2021 to 2028.

Major driving factors for the growth of cryogenic equipment market are raising LNG demand, improving healthcare services in the growing economies and the development of high temperature superconductor power cables. The global cryogenic equipment market offers new growth opportunities, due to increasing trade of natural gases and rise in cryogenic energy storage systems.

Asia Pacific dominated the market of cryogenic equipment in 2020 and accounted significant share of the market. In Asia Pacific, increasing investments in the energy sector and significant growth in other end-user industries are the factors attributed for the growth of the cryogenic equipment market in this region. The major factor for the growth of cryogenic equipment market is the presence of leading steel production in countries such as China, Japan, India and South Korea. Europe countries have strict regulation governing the use of inland LNG-fueled ships. Also certain countries such as Russia also plan to develop LNG powered locomotives.

The major players operating in the Cryogenic Equipment market are Praxair Inc., FIBA TECHNOLOGIES INC., INOX India Pvt. Ltd., Linde Group AG, Flowserve Corporation, Air Liquide SA, Oxford Instruments Plc., Herose GmbH, Cryoquip Llc, and Wessington Cryogenics, among others.
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