Press release
Cryogenic Equipment Market Exclusive Report on the Latest Revenue and Future Scope
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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Compounds are synthesized at exceptionally low temperatures using cryogenic apparatus. Liquid gas storage and transportation, cryosurgery, food preservation, superconducting electromagnets, and other applications are all facilitated by cryogenic apparatus. It is anticipated that the product's adoption will increase due to the increasing investments in LNG power facilities to produce sustainable energy resources. The emergence of numerous manufacturing industries and power facilities may improve the acceptance of products. Additionally, increased investments in the electronics, metallurgy, food and beverage, mining, and metal industries are anticipated to stimulate product adoption.
Additionally, the pervasive utilization of renewable energy in infrastructure is the primary factor driving the demand for energy storage in various industries. The global cryogenics-based energy storage (CES) market is anticipated to increase as power station energy storage is coupled with renewable electricity generation. Growth in the healthcare industry is anticipated to be driven by the ongoing repair and upgrading of existing infrastructure and an increase in gas-to-liquid conversion initiatives in the upcoming year.
List of Prominent Players in the Cryogenic Equipment Market:
• Oxford Instruments
• PACKO Industry
• Parker Hannifin
• Premier Cryogenics Ltd.
• SAS Cryo Pur
• Schlumberger Limited
• Shell-n-Tube
• SHI Cryogenics Group
• 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
• sinocleansky
• Standex International
• Super Cryogenic Systems
• The Weir Group PLC
• Ulvac Technologies, Inc.
• Vacker LLC
• VRV SPA
• Wessington Cryogenics
Market Dynamics:
Drivers-
The market is anticipated to be driven by the demand for renewable energy power soon. The market growth potential for transportation, storage, and regasification applications in the production of renewable energy is substantial. The demand for cryogenic apparatus would be stimulated by the expansion of the healthcare industry in developing economies and a substantial investment in the metallurgical, chemical, and petrochemical sectors. Consequently, the demand for this apparatus is expected to increase soon due to the increasing global recognition of the significance of utilizing sustainable energy sources.
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Challenges:
A stainless-steel intermediate static support tube and an outer pressure containment tube are integral components of cryogenic equipment. However, the efficacy of this equipment can be enhanced by replacing the stainless-steel drive shaft and concentric static stainless-steel components with glass/epoxy composite components. The volatility in steel production and prices is primarily caused by the frequent fluctuations in petroleum oil supply, which are influenced by demand, and the strict regulations governing the emission of hazardous greenhouse gases (GHGs) from the steel sector. It is anticipated that this factor will restrict the market's expansion.
Regional Trends:
It is anticipated that the cryogenic equipment market in Asia Pacific will account for a significant portion of the market in terms of revenue and will experience a high compound annual growth rate (CAGR) in the near future. This is due to the rapid evolution of consumer behavior, the implementation of supportive policies to promote sustainable development, and the investment in industrial infrastructure. The demand for gas-fired power facilities is driven by a significant increase in power demand and a growing awareness of the benefits of renewable energy generation. The United States and Canada have significant potential for LNG exports in North America. In the event of depleting coal supplies, LNG-based power stations are increasing their market share, which presents a potential expansion opportunity for cryogenic equipment, thereby driving market growth. It is anticipated that the demand for gas will rise in the years ahead. This is primarily due to the growth of the industrial and electrical sectors.
Recent Developments:
• In June 2021, A Memorandum of Understanding was signed by TECO 2030 and Chart Industries, Inc to collaborate on the development of technological solutions for the capture and storage of carbon dioxide (CO2) emitted by ships. The three-year agreement between TECO 2030 and Chart involves the collaborative development of onboard carbon capture systems for ships that utilize the Cryogenic Carbon Capture (CCC) technology developed by SES, which was acquired by Chart in December 2020.
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Segmentation of Cryogenic Equipment Market-
By Gas-
• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas
• Others
By Product-
• Tanks
• Valves
• Pumps & Vaporizers
• Vacuum Jacket Piping (VJP)
• 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
• Southeast 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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