Global Demand for Cryogenic Equipment Market to Grow 6.9% Annually Through 2028 | Linde plc; Air Liquide; Air Products and Chemicals, Inc.; Chart Industries; Parker Hannifin Corp. ; Flowserve Corporation

According to a new market research report, the global cryogenic equipment market is projected to reach USD 16.6 billion by 2028 from an estimated USD 11.9 billion in 2023, at a CAGR of 6.9% during the forecast period. The growth of the cryogenic equipment market is propelled by the substantial demand for industrial gases in the metallurgy, energy, and power sectors. Additionally, there is an increasing need for cryogenic equipment throughout the entire LNG value chain.

Key Market Player:
Due to their strong supply network, a few global and regional players hold a strong foothold in the cryogenic equipment market. Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India) are the market leaders in the global cryogenic equipment market. These companies have adopted strategies such as partnerships, contracts, agreements, acquisitions, and expansions to increase their market share.

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This research report categorizes the cryogenic equipment market based on type, mechanism, application, well type, and region.
On the basis of equipment, the cryogenic equipment market has been segmented as follows:

Tanks
Valves
Vaporizers
Pumps
Other Equipments

On the basis of cryogen, the market has been segmented as follows:

Nitrogen
Oxygen
Argon
LNG
Hydrogen
Other Cryogens

On the basis of end-user industry, the market has been segmented as follows:

Metallurgy
Energy & power
Chemical
Electronics
Transportation
Other End-user Industries

On the basis of application, the market has been segmented as follows:

CASU
Non-CASU

On the basis of system type, the market has been segmented as follows:

Storage System
Handling System
Supply System
Others

On the basis of region, the market has been segmented as follows:

North America
Europe
Asia Pacific
South America
Middle East
Africa

Chart Industries is a manufacturer of cryogenic equipment used across the liquid gas supply chain. The company operates its business through four business segments: Cryo Tank Solutions; Heat Transfer System; Specialty Products; and Repair, Services & Leasing. The Cryo Tank Solutions business segment supplies bulk, microbulk, and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. In October 2020, the company divested its D&S segment, through which the company used to sell cryobiological products. As of now, the company only has four working segments mentioned above.

Parker Hannifin Corp. is a manufacturer of motion and control technologies and systems. The company operates its business through two segments: Diversified Industrial and Aerospace Systems. Its Diversified Industrial segment offers products under four subsegments: Engineered Materials Group, Filtration Group, Instrumentation Group, and Motion Systems Group. The company offers a wide range of cryogenic valves under its Instrumentation Group. Other products offered under the segment include accumulators, electronic valves, filter driers, high-purity gas delivery fittings and regulators, and pressure regulating valves. The company's Aerospace Systems business segment offers products used in commercial and military airframe and engine programs.

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Recent Developments

In July 2023, Chart Industries opened a second facility at Alabama. This plant is expected to fabricate the largest shop-built cryogenic tanks ever manufactured globally-70% larger than the previous model-to begin in the first quarter 2024. The tanks manufactured at this site will be used as propellant storage solutions in the aerospace industry, hydrogen and LNG storage solutions in the marine industry and many other processes and technologies adopted in the sciences and decarbonization industries.
In June 2023, INOX India Limited built an LNG facility in Tamil Nadu, which comprises 2 x 113 KL LNG tanks, regas system with a capacity of 5,000 SCMH @ 22 Bar pressure and associated equipment was supplied by INOXCVA on a turnkey basis in a record time.
In April 2023, Linde signed an agreement with Evonik, a leading specialty chemicals company, to supply green hydrogen in Singapore. According to the agreement, Linde will build, own, and operate a nine-megawatt alkaline electrolyzer plant on Jurong Island, Singapore. The plant will produce green hydrogen, which Evonik will use to manufacture methionine, an essential component in animal feed.
In March 2023, Air Products and Chemicals, Inc. and Shaanxi LNG Reserves & Logistics Company signed an agreement to supply its proprietary liquefied natural gas (LNG) process technology and equipment to Technip Energies for the Xi'An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd., in ShaanXi Province, China.

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