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Cryogenic Equipment Market Current Scenario with Future Trends Analysis to 2034
The global cryogenic equipment market is estimated to reach over USD 25.25 billion by 2034, exhibiting a CAGR of 7.2% during the forecast period.
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Cryogenic equipment is utilized to facilitate the production and handling of substances at extremely low temperatures. This equipment finds application across various sectors, including the storage and transportation of liquefied gases, food preservation, cryosurgery, and superconducting electromagnets. Increasing investments in liquefied natural gas (LNG) power plants aimed at generating sustainable energy are anticipated to drive greater adoption of cryogenic systems. Additionally, the expansion of manufacturing facilities and power generation plants is likely to contribute to heightened demand for this equipment.
The rising integration of renewable energy sources into infrastructure has amplified the need for efficient energy storage solutions across industries. Cryogenic Energy Storage (CES) is expected to play a pivotal role in this context, particularly when paired with renewable power generation, thereby propelling global demand for cryogenic technologies. Moreover, the ongoing modernization and enhancement of healthcare infrastructure, along with the growing number of gas-to-liquid conversion initiatives, are projected to further stimulate market growth in the near future.
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 increasing demand for renewable energy is expected to significantly drive the growth of the cryogenic equipment market in the coming years. Applications involving the transportation, storage, and regasification of gases for clean energy generation present considerable opportunities for market expansion. Additionally, the growth of the healthcare sector in emerging economies and substantial investments in the metallurgical, chemical, and petrochemical industries are anticipated to support increased adoption of cryogenic systems.
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Challenges:
Cryogenic equipment typically consists of stainless-steel components, including pressure containment tubes and static support shafts. However, substituting these stainless-steel elements with advanced glass/epoxy composite materials could enhance the system's overall efficiency.
Regional Trends:
The Asia Pacific region is projected to dominate the cryogenic equipment market in terms of revenue, supported by shifting consumer behaviors, favorable government policies promoting sustainable development, and substantial investments in industrial infrastructure. The increasing energy demand in the region, combined with a growing emphasis on renewable power sources, is driving the deployment of gas-fired power plants.
In North America, particularly in the United States and Canada, the LNG export sector holds significant potential. With the gradual decline in coal availability, LNG-powered plants are gaining traction, thereby creating promising opportunities for cryogenic equipment. The expected rise in gas demand, particularly in the industrial and power generation sectors, will further propel regional market expansion.
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.
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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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