Global Cryogenic Equipment Market was valued at USD 12.1 billion in 2020 which expected to reach USD 18.2 billion by 2027 at a CAGR 6.3%
Cryogenic equipments are used for maintenance, production, and application of materials at low temperature. Also, they include cryogenic refrigerators, temperature controllers, cryogenic storage racks & boxes, cryogenic tanks and other cryogenic accessories. Cryogenic tanks are used to store cryogenic gases like carbon dioxide, argon, methane, nitrogen, and liquid oxygen.
The expansion of manufacturing industry plays an important role in the economic growth which includes a competition among giant & small players, partnership & collaboration, investments, spending capability of consumers, mergers & acquisitions, and expansion of new projects. These are some driving factors which contribute the global cryogenic equipments market growth.
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The increase in investments in liquefied natural gas based power plants is a key driving factor which expected to drive the global cryogenic equipment market growth over the forecast period. The increase in demand for LNG due to a rise in gas based power plants & the trend of adopting LNG fuel in locomotive as well as marine transport applications. The rise in demand for energy from these plants will contribute revenue growth cryogenic equipment market.
Also, the rise in demand for transportation and storage industries are also boosting the market growth. The growing demand for industrial and specialty gases in oil and gas sector coupled with technological advancements in developing and developed regions are prominent factors expected to fuel the market growth.
Furthermore, ongoing modernization and refurbishment of existing healthcare infrastructure as well as the increase in the number of projects of gas to liquids are expected to propel revenue growth of the cryogenic equipment market during this forecast period. Moreover, factors such as adoption of standards for environmental protection and innovative cryogenic equipment which are expected to accelerate the growth of the target market. For instance, Chart Industries Inc., is the manufacturer of cryogenic equipment, had developed new applications like LN? dosing system for the craft beer market to enhance the shelf life of the product. The growing implementation of high temperature superconductor power cables is a one of the major driving factors which promotes the importance to develop improved & advanced cryogenic equipment will support the market growth.
The increase in investments in various developing regions to construct smart cities and high speed trains is expected to create opportunities for players operating in the cryogenic equipment market in the near future.
Huge initial investment for setting up cryogenic equipment for large-scale industrial applications is a major restraint which expected to hamper the global cryogenic equipment market growth over the forecast time span. Also, the growing safety concerns may hinder the market growth.
Cryogenic Equipment Market Segmentation
The Global Cryogenic Equipment Market is segmented into product type, cryogen type, end user, and region.
Based on the product type market is segmented into Valve, Tank, Vaporizer, Pump, and Others, by cryogen type market is segmented into Liquefied Natural Gas, Argon, Oxygen, Nitrogen, and Others. Further, market is segmented into End user such as Oil and Gas, Metallurgy, Power Generation, Marine, Chemical & Petrochemical, and Others.
The Global Cryogenic Equipment Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The Asia Pacific is expected to hold largest revenue growth in the global cryogenic equipment market due to continuous investments in energy sector along with the increase in demand for LNG from developing countries like India, China, and Australia in this region. Also, the growing end use industries like food and beverage, chemical, healthcare, coupled with introduction of GHG emission reduction targets are some driving factors expected to booming the target market growth.
Europe is expected to significant grow at a significant growth rate due to substantial application across the food & beverage, healthcare and electronics industries to store materials at minimal temperature requirements. The North America is estimated to capture a sizeable market share during this forecast period due to the increase in industries such as food & beverage and healthcare sector, along with increasing environmental concerns in the region.
Market Key Players
Some of the key operating players are discussed in this report including Honeywell International Inc., Chart Industries, Inc., Emerson Electric Co., Cryofab Inc, Linde plc, Beijing Tianhai Industry Co Ltd, Sumitomo Heavy Industries Ltd, Flowserve Corp, McDermott International Inc, etc.
By Product Type
By Cryogen Type
- Liquefied Natural Gas
By End User
- Oil and Gas
- Power Generation
- Chemical & Petrochemical
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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