Cryogenic Equipment Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Cryogenic Equipment Market

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

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

The global Cryogenic Equipment market size was $17.7 Billion in 2020 and will reach $29.4 Billion by 2028, growing at a CAGR of 6.6%.

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.

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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:

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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.

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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.

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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

Methodology

Free Analysis

FrequentlyAsked 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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