Cryogenic Equipment Market Research Report - Global Forecast till 2032

Cryogenic Equipment Market Research Report Information By Product Type (Valve, Tank, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Others), By End-User (Energy & Power, Chemical, Electronics, Shipping, Metallurgical, and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/E&P/0758-HCR | 190 Pages | Author: Priya Nagrale | March 2024         

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Cryogenic Equipment Market Overview:


The global cryogenic equipment market size was valued at USD 20.5 Billion in 2022. The cryogenic equipment industry is projected to grow from USD 21.99 Billion in 2023 to USD 38.60 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2023 - 2032). The demand for technical gases in numerous industries to attain a particular temperature level, increasing investments in liquefied natural gas power plants, and rising focus on processing & manufacturing industries are the key market drivers enhancing the market growth.


Cryogenic Equipment Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Cryogenic Equipment Market Trends




  • The rising need for clean energy sources is driving the market growth




Market CAGR for cryogenic equipment is driven by the rising demand for clean energy power and is anticipated to boost the market growth. The transportation, storage, and regasification applications for generating clean energy hold substantial market growth potential. Development in the healthcare industry from developing economies and significant investment into metallurgical, chemical & petrochemical sectors would propel the demand for the equipment used in the cryogenic application. Hence, the growing awareness of adopting clean energy sources globally propels the global cryogenic equipment market revenue.


The ongoing development of advanced technologies, sustainable cryogenic units, and rising projects related to integrating liquefication procedures and combined-cycle gasification will foster the industry dynamics. Accelerating acquisitions in chemical plants and refineries in line with the expansive suburban migration will fuel cryogenic equipment adoption. In addition, an increasing customer base, helped by an enhancing number of advanced solutions, will expand the business landscape. For instance, in June 2021, Dalian Shipbuilding Industry, a subsidiary of China State Shipbuilding Corporation, delivered the world’s first dual-fuel VLCC 2x3500m³ C-type liquefied natural gas cryogenic storage tank.


Growing expenditure on space and satellite missions is anticipated to drive the market for these developments for holding specimens from space in cryogenic gases owing to their inert nature. Moreover, with the depletion of coal resources, liquefied natural gas-based power plants are increasing as a clean source of energy, which presents a considerable market development opportunity for cryogenic equipment. Moreover, initiatives have been taken by the U.S. government to create 18 GW of renewed gas-based power plants, which is due to the increase in the industrial and power sectors. This carries a potential growth opportunity for these products. Improved natural gas consumption and enhanced healthcare in the nations are two important industry drivers for cryogenic equipment.


Cryogenic Equipment Market Segment Insights


Cryogenic Equipment Product Type Insights


The global cryogenic equipment market segmentation, based on product type, includes valves, tanks, vaporizers, pumps, and others. The tank segment dominated the market, accounting for 35% of market revenue (7.69 Billion). In developing economies, category growth is driven by the growing requirement to maintain gases for numerous essential industrial processes against conventional cooling lubricants with longer durability, superior insulation, and less maintenance. However, the pump is the fastest-growing category due to the high and ultra-high vacuum requirements of the oil and gas industry.


Figure 1: Global Cryogenic Equipment Market by Product Type, 2022 & 2032 (USD Billion)


Global Cryogenic Equipment Market by Product Type, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Cryogenic Equipment Cryogen Type Insights


The global cryogenic equipment market segmentation, based on cryogen type, includes nitrogen, oxygen, argon, liquefied natural gas, and others. The liquefied natural gas category generated the most income (70.4%) due to the rise in liquefied natural gas demand in emerging economies. However, nitrogen is the fastest-growing category due to its numerous usage in the oil & gas and metallurgy industries. It is utilized in the healthcare sector for blood freezing and medication packing and in the pharmaceutical and food & beverage industries drives the global cryogenic equipment market.


June 2020:Cryospain Engineering declared Asia expansion with a project to create a new tank for nitrogen storage in Taiwan.


Cryogenic Equipment Cryogen Type Insights


The global cryogenic equipment market segmentation, based on cryogen type, includes energy & power, chemical, electronics, shipping, metallurgical, and others. The metallurgical category generated the most income due to the extensive usage of argon, oxygen and nitrogen gases in the metallurgy industry. However, the chemical is the fastest-growing category owing to its application in oxidation processes, coal gasification, sulfur recovery units, regeneration of catalysts, cooling reactors, and other applications.


Cryogenic Equipment Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American cryogenic equipment market will dominate due to the continous increase in energy demand, and several developments in the fields, including space research, healthcare, and chemicals, will boost the market growth in this region. Further, the US cryogenic equipment market held the largest market share, and the Canadian cryogenic equipment market was the fastest-growing market in the North American region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: Global Cryogenic Equipment Market Share By Region 2022 (Usd Billion)


Global Cryogenic Equipment Market Share By Region


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe's cryogenic equipment market accounts for the second-largest market share due to the growing exploration of natural gas reserves and accelerating construction activities. Favorable regulatory measures concerning the expansion of low-emission components have augmented the deployment of cryogenic equipment in this region. Further, the German cryogenic equipment market held the largest market share, and the UK cryogenic equipment market was the fastest-growing market in the European region.


The Asia-Pacific cryogenic equipment market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing consumer awareness, substituting conventional equipment, and adopting sustainable solutions drives the market growth in this region. Moreover, China’s cryogenic equipment market held the largest market share, and the Indian cryogenic equipment market was the fastest-growing market in the Asia-Pacific region.


Cryogenic Equipment Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cryogenic equipment market grow even more. Market participants are also undertaking numerous strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the cryogenic equipment industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global cryogenic equipment industry to benefit clients and increase the market sector. Major players in the cryogenic equipment market, including Chart Industries, Inc. (U.S.), Cryofab, Inc. (U.S.), Linde (Germany), Nikkisso Cryoquip (U.S.), Nikkiso Co. Ltd (Japan), and others, are attempting to increase market demand by investing in research and development operations.


Chart Industries Inc is a manufacturer of engineered equipment. It designs and manufactures engineered cryogenic equipment in the liquid gas supply chain. The company's product offerings include vacuum-insulated containment vessels, cold boxes, liquefaction process units, heat exchangers, other cryogenic components, ambient temperature fans and equipment, and gas processing equipment. Chart's products are used in the production, purification, liquefaction, storage, distribution and end-use of atmospheric, hydrocarbon, and industrial gases. It markets the products under the brand names Air-X-Changers, BlueInGreen, Chart China, Chart Ferox, Cofimco, Cryo Technologies, Flow, Gofa, Hudson, Industrie Meccaniche di Bagnolo (IMB), Smithco, SES Innovation, VCT Vogel and VRV. In July 2019, Charts Industries Inc. bought the Industrial Air-X-Changers business from Harsco Corp., a form of business for specially engineered air-cooled heating systems for the shale gas compression and preparation, refining, and petrochemical industries, particularly in the US.


SoftInWay Inc. is a global engineering company focusing on designing, analyzing, and optimizing turbomachinery components and systems. The company offers innovative software solutions and engineering services for various industries, including aerospace, power generation, oil and gas, automotive, and more. In December 2019, SoftInWay Inc, an industry-leading consulting service provider, announced the launch of new designs for turbo-style configuration of cryogenic equipment, such as pumps that cater to the pressure rise and required flow rate while minimizing cost and time.


Key Companies in the Cryogenic Equipment market include



  • Chart Industries, Inc. (U.S.)

  • Cryofab, Inc. (U.S.)

  • Linde (Germany)

  • Nikkisso Cryoquip (U.S.)

  • Nikkiso Co. Ltd (Japan)

  • SHI Cryogenics Group (Japan)

  • HEROES GMBH (Germany)

  • Wessington Cryogenics (U.K.)

  • Cryo Pur (France)

  • INOXCVA (INOX India Pvt Ltd) (India)

  • Sulzer (Switzerland)

  • Schlumberger (U.S.)


Cryogenic Equipment Industry Developments


January 2022: Saulsbury was awarded the EPC contract to design and install two cryogenic processing facilities in the Midland Basin. The facilities, designed with a base-rated capacity of 200 million standard cubic feet per day (MMSCFD) each, mark Saulsbury's 61st and 62nd cryogenic processing facility projects since 2006, representing nearly 11 billion cubic feet per day (BCFD) of processing capacity, and its 23rd and 24th cryogenic processing facility in the West Texas region.


July 2021: Linde announced that the company had started its new on-site facility in Qinzhou, China, delivering oxygen and other industrial gases to Shanghai Huayi's new chemical complex. The new facility comprises three air separation units that will supply up to 7,500 tons of oxygen and 5,000 tons of nitrogen per day.


November 2019: Ampco Pumps introduced Cryo-pump technology for low-temperature processing applications designed with highly specialized internal seals for centrifugal and positive displacement pumps for processing at temperatures as low as -70F / -56C.


Cryogenic Equipment Market Segmentation:


Cryogenic Equipment Product Type Outlook



  • Valve

  • Tank

  • Vaporizer

  • Pump

  • Others


Cryogenic Equipment Cryogen Type Outlook



  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas

  • Others


Cryogenic Equipment End-User Outlook



  • Energy & Power

  • Chemical

  • Electronics

  • Shipping

  • Metallurgical

  • Others


Cryogenic Equipment Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 20.5 Billion
Market Size 2023 USD 21.99 Billion
Market Size 2032 USD 38.60 Billion
Compound Annual Growth Rate (CAGR) 7.30% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Market Competitive Landscape, Revenue Forecast, Growth Factors, and Trends
Segments Covered Product Type, Cryogen Type, End-User and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Chart Industries, Inc. (U.S.), Cryofab, Inc. (U.S.), Linde (Germany), Nikkisso Cryoquip (U.S.), Nikkiso Co. Ltd (Japan), SHI Cryogenics Group (Japan), HEROSE GMBH (Germany), Wessington Cryogenics (U.K.), Cryo Pur (France), INOXCVA (INOX India Pvt Ltd) (India), and Sulzer (Switzerland)
Key Market Opportunities The growing requirement for technical gases in various industries
Key Market Dynamics Increasing investments in liquefied natural gas power plants
 



Frequently Asked Questions (FAQ) :

The global cryogenic equipment market size was valued at USD 20.5 Billion in 2022.

The global market is projected to grow at a CAGR of 7.30% during the forecast period, 2023-2032.

North America had the largest share of the global market

The key players in the market are Nikkisso Cryoquip (U.S.), Nikkiso Co. Ltd (Japan), SHI Cryogenics Group (Japan), HEROSE GMBH (Germany), Wessington Cryogenics (U.K.), Cryo Pur (France), INOXCVA (INOX India Pvt Ltd) (India), and Sulzer (Switzerland).

The tank category dominated the market in 2022.

The liquefied natural gas category dominated the market in 2022.

The metallurgical had the largest share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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