Press release
Cryogenic Equipment Market Growth and Restrain Factors Analysis 2023-2031
The global cryogenic equipment market is estimated to reach over USD 38.56 billion by 2031, exhibiting a CAGR of 6.58% during the forecast period.
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Cryogenic equipment is used to create compounds at extremely low temperatures. Cryogenic equipment is used in liquefied gas storage and transportation, food preservation, cryosurgery, superconducting electromagnets, and other applications. Rising investments in LNG power plants to generate sustainable energy resources are expected to increase product adoption. The emergence of several manufacturing industries and power plants may enhance product acceptance. Furthermore, increased investments in the electronics, metallurgy, food and beverage, mining, and metal industries are expected to drive product adoption.
Furthermore, the demand for energy storage in numerous industries is driven by the widespread usage of renewable energy in infrastructure. Cryogenics-based Energy Storage (CES) will become more important as power station energy storage is coupled with renewable electricity generation, which is expected to increase global demand for these goods. The ongoing repair and upgrading of current healthcare infrastructure, as well as an increase in gas-to-liquid conversion projects, are expected to drive industry growth in the coming year.
List of Prominent Players in the Cryogenic Equipment Market:
• Air Liquide S.A.
• Air Products Inc.
• Abhijit Enterprises
• Beijing Tianhai Industry
• Braunschweiger Flammenfilter GmbH
• Chart Industries Inc.
• Cryofab Inc.
• Cryogas Equipment
• Cryogenic Liquide
• Cryolor SA
• Cryoquip LLC
• Cryostar
• Emerson Electric
• Graham Partners
• Fives
• Flowserve Corporation
• Galileo Technologies S.A.
• Herose GmbH
• INOX India Ltd,
• INOXCVA
• IWI Cryogenic Vaporization Systems (India)
• Lapesa Grupo Empresarial s.l
• Linde Group AG
• MAN Energy Solutions SE
• Nikkiso Co. Ltd.
• Oswal Industries Limited
• Oxford Instruments
• PACKO Industry
• Parker Hannifin
• Premier Cryogenics Ltd.
• SAS Cryo Pur
• Schlumberger Limited
• Shell-n-Tube
• SHI Cryogenics Group
• sinocleansky
• Standex International
• Super Cryogenic Systems
• The Weir Group PLC
• Ulvac Technologies, Inc.
• Vacker LLC
• VRV SPA
• Wessington Cryogenics
Market Dynamics:
Drivers-
The demand for renewable energy power is expected to drive the market in the near future. Transportation, storage, and regasification applications for producing clean energy have significant market growth potential. Growth in the healthcare industry from developing economies, as well as a major investment in the metallurgical, chemical, and petrochemical sectors, would drive demand for cryogenic equipment. As a result, the growing global awareness of the importance of using sustainable energy sources drives the demand for this equipment in the near future.
Challenges:
Cryogenic equipment contains a stainless steel outer pressure containment tube and an intermediate static support tube. But, by changing and replacing the stainless-steel drive shaft and concentric static stainless-steel components with glass/epoxy composite components, the efficiency of this equipment can be increased. Stringent rules for the emission of hazardous greenhouse gases (GHGs) from the steel sector and the frequent rise and drop of crude oil supply according to demand are the key factors linked to the volatility in steel production and prices. This aspect is anticipated to limit the market's growth.
Regional Trends:
Asia Pacific's cryogenic equipment market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future owing to rapidly changing consumer behavior, supportive policies to achieve sustainable development and investment in industrial infrastructure. A significant increase in power demand, combined with a growing awareness of the benefits of renewable energy generation, drives the demand for gas-fired power plants. In North America, the U.S. and Canada possess tremendous potential for LNG exports. In the event of dwindling coal supplies, LNG-based power plants are growing their market share, and this provides a potential expansion opportunity for cryogenic equipment, which propels the market growth. The demand for gas is projected to increase in the coming years. This is mostly attributed to expansion in the industrial and power sectors.
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Recent Developments:
• In June 2021, TECO 2030 and Chart Industries, Inc signed a Memorandum of Understanding to collaborate on the development of technological solutions to capture and store carbon dioxide (CO2) emitted by ships. The deal between TECO 2030 and Chart includes three years and comprises the joint development of onboard carbon capture systems for ships using the Cryogenic Carbon Capture (CCC) technology developed by SES, which was bought by Chart in December 2020.
Segmentation of Cryogenic Equipment Market-
By Product-
• Tanks
• Valves
• Pumps & Vaporizers
• Vacuum Jacket Piping (VJP)
• Others
By Gas-
• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas
• Others
By Application-
• Distribution
• Storage
By End-Use-
• Oil & Gas
• Metallurgy
• Automotive
• Food & Beverage
• Chemical
• Other
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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