Cryogenic Equipment Market Analysis Highlights Strategic Role in Renewable Energy and Metallurgy Sectors

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Cryogenic Equipment Market Size, Share & Trends Analysis Report By Equipment(, Valves, Vaporizers, Pumps, Other Equipment), By Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen, Other Cryogens), By End-User Industry (Metallurgy, Energy & Power, Chemical, Electronics, Transportation, Other End-User Industries), By System Type(Storage System, Handling System, Supply System, Others), By Application (Casu (Cryogenic Air Separation Unit), Non-Casu (Non-Cryogenic Air Separation Unit))- Market Outlook And Industry Analysis 2034"

The global cryogenic equipment market is estimated to reach over USD 25.25 billion by the year 2034, exhibiting a CAGR of 7.2% during the forecast period.

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Cryogenic equipment plays a critical role in enabling processes at extremely low temperatures and is widely used in applications such as the storage and transportation of liquefied gases, cryosurgery, food preservation, and superconducting electromagnets. The increasing investment in liquefied natural gas (LNG) power plants, aimed at promoting sustainable energy generation, is expected to significantly boost the adoption of cryogenic technologies.

Additionally, the expansion of various manufacturing industries and power generation facilities is likely to drive further demand for cryogenic equipment. Increased capital expenditure across sectors such as electronics, metallurgy, food and beverage, mining, and metals is also contributing to the market's growth.

Furthermore, the rising focus on energy storage solutions-driven by the large-scale integration of renewable energy into infrastructure-is enhancing the relevance of cryogenic energy storage (CES) systems. The convergence of power station energy storage with renewable electricity generation is anticipated to accelerate global demand for cryogenic technologies. In addition, ongoing investments in upgrading healthcare infrastructure, along with the development of gas-to-liquid (GTL) conversion projects, are expected to support sustained market expansion in the coming years.

List of Prominent Players in the Cryogenic Equipment Market:
• LINDE PLC
• AIR LIQUIDE
• AIR PRODUCTS AND CHEMICALS, INC.
• CHART INDUSTRIES
• PARKER HANNIFIN CORP
• FLOWSERVE CORPORATION
• NIKKISO CO., LTD.
• INOX INDIA LIMITED
• TAYLOR-WHARTON
• EMERSON ELECTRIC CO.
• WESSINGTON CRYOGENICS
• SULZER LTD
• ACME CRYO.
• SHI CRYOGENICS GROUP
• FIVES SAS
• CRYOFAB
• HEROSE GMBH
• CRYOSTAR
• SHELL-N-TUBE

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Market Dynamics
Drivers:
The growing demand for renewable energy is poised to be a primary catalyst for the expansion of the cryogenic equipment market in the short term. Key opportunities are emerging from applications related to the transportation, storage, and regasification of clean energy sources. Additionally, the ongoing development of healthcare infrastructure in emerging markets, coupled with substantial investments across the metallurgical, chemical, and petrochemical sectors, is expected to further accelerate market growth. Increasing global awareness surrounding the adoption of sustainable energy solutions is also encouraging the broader implementation of cryogenic technologies.

Challenges:
Cryogenic systems are typically constructed with stainless steel outer pressure containment tubes and intermediate static support structures. However, performance enhancements may be achieved by replacing conventional stainless steel drive shafts and concentric components with advanced materials such as glass/epoxy composites. Despite this potential, market expansion may face headwinds due to stringent environmental regulations aimed at reducing greenhouse gas emissions within the steel industry, along with fluctuations in steel production and pricing that are closely linked to the volatility of global crude oil supply and demand.

Regional Trends:
The Asia Pacific region is expected to lead the cryogenic equipment market in terms of revenue generation, supported by a strong compound annual growth rate (CAGR). This growth is underpinned by evolving consumer preferences, favorable government initiatives promoting sustainable industrial development, and rising investments in infrastructure. The escalating demand for power, combined with increasing awareness of the advantages offered by renewable energy, is driving the proliferation of gas-fired power plants across the region.

In North America, particularly in the United States and Canada, there is significant potential for the expansion of LNG exports. The growing adoption of LNG-powered facilities-spurred by the gradual phase-out of coal-presents notable growth prospects for cryogenic equipment. Moreover, rising natural gas demand, largely driven by industrial growth and power generation needs, is expected to further support market development in the region.

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Recent Developments:
• In April 2023, Linde acquired a contract to supply green hydrogen to Singapore through Evonik, a well-known specialty chemicals firm. The agreement states that Linde would construct, own, and run a nine-megawatt alkaline electrolyzer facility on Singapore's Jurong Island. Evonik will use the green hydrogen produced by the plant to make methionine, a crucial ingredient in animal feed.
• In March 2023, Air Products and Chemicals, Inc. and Shaanxi LNG Reserves & Logistics Company signed a contract with Shaanxi LNG Reserves & Logistics Company Ltd. in ShaanXi Province, China, to provide Technip Energies with its exclusive LNG process technology and equipment for the Xi'An LNG Emergency Reserve & Peak Regulation Project.

Segmentation of Cryogenic Equipment Market-
By Equipment
• Valves
• Vaporizers
• Pumps
• Other Equipment
By Cryogen
• Nitrogen
• Argon
• Oxygen
• LNG
• Hydrogen
• Other Cryogens
By End-User Industry
• Metallurgy
• Energy & Power
• Chemical
• Electronics
• Transportation
• Other End-User Industries
By System Type
• Storage System
• Handling System
• Supply System
• Others
Cryogenic Equipment Market By Application
• Casu (Cryogenic Air Separation Unit)
• Non-Casu (Non-Cryogenic Air Separation Unit)
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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This release was published on openPR.