Cryogenic Equipment Market is projected to be worth USD 37.18 billion by 2030, registering a CAGR of 7.29% during the forecast period (2022 - 2030). The market was valued at USD 13.41 billion in 2021.
Cryogenic equipment is deployed in a very low temperature materials or processes. The cryogenic equipment include cryogenic refrigerators, cryogenic storage racks & boxes, temperature controllers, cryogenic tanks and other cryogenic accessories. A cryogenic tank is generally used to store cryogenic gases such as liquid oxygen, carbon dioxide, argon, nitrogen and methane. On the other hand, cryogenic refrigerator is used to preserve cryogenic materials. In cryogenic refrigerator, a refrigerant is circulated in a fluid flow path between the first and second chambers by the movement of a displacer. Cryogenic equipment is used in various applications including storage & transportation of liquefied gases, food preservation, super-conducting electromagnets, rocket fuels, and cryosurgery, among others. As the demand for liquid gases increases across various industries, usage of cryogenic equipment becomes inevitable. Increasing growth across various end-use industries such as energy & power, metallurgy, chemicals, healthcare, and others would drive the market for cryogenic equipment.
The major factor driving the cryogenic equipment market include increasing LNG demand and improving healthcare services in the developing countries. Moreover, increasing infrastructure spending is also likely to boost the installation of cryogenic equipment in various industries. Additionally, complex industrial processes would incorporate the use of liquid gases which would further fuel the growth of cryogenic equipment. Similarly, rise in the demand for energy & power industry would drive the demand for LNG based power generation and thus growing usage of oil tankers for transportation in the shipbuilding industry. These factors would boost the growth of cryogenic equipment.
The global Cryogenic Equipment market is projected to grow at a significant growth rate during the forecast period owing to the increase in demand for cryogenic equipment across multiple end-use industries such as power generation, healthcare, electronics, and others. Increasing LNG production and demand for medical gases and equipment in the healthcare sector would give rise to the use of cryogenic equipment The growth of medical gases for diagnosis and treatment of various respiratory diseases such as asthma, cardiovascular, and others would lead to the demand for medical gases which would boost the growth of cryogenic equipment.
The global Cryogenic Equipment market has been segmented based on product type, cryogen type, end-use, and region. On the basis of end-use, the market has been segmented into energy & power, chemical, electronics, shipping, and metallurgical, among others. Energy & power subsegment is expected to dominate the global cryogenic equipment market. Additionally, countries such as the US and China are focusing on reducing the carbon emission, which is expected to increase gas-based generation.
Global cryogenic equipment market is expected to witness substantial growth during the forecast period owing to rapidly growing demand for energy & power with the increase in the growth of use of LNG for eco-friendly fuel-based power generation. As per Energy Information Administration (EIA), in 2019, LNG exports are expected to rise to 5% of overall US gas demand and reach 10% in 2024. Similarly, National Energy Administration’s (NEA) target for natural gas in China’s total fuel mix is 8.3% to 10% by 2020 from 5.9% in 2015. This would lead to growth in the demand for LNG and thus arrangements to handle its transportation to boost the growth of cryogenic equipment.
|Market Size||2030 : USD 37.18 billion|
|CAGR||7.29% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Cryogen type, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Beijing Tianhai Industry Co.Ltd, Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde Group AG, VRV S.P.A, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve Corporation, Parker Hannifin, INOX India Ltd.|
|Key Market Opportunities||Rapid expansion of the oil and gas sector|
|Key Market Drivers||
The cryogenic equipment market can value at 7.29% CAGR in the study period.
The global market of the cryogenic equipment can touch USD 37.18 billion valuation by 2030.
Cryofab Inc., Beijing Tianhai Industry Co. Ltd, Graham Partners, and Emerson are some well-established players of the cryogenic equipment market.
The growing adoption of cryogenic equipment in the fast-growing F&B sector can cause the cryogenic equipment market to surge.
The rapid expansion of the oil and gas sector can support the cryogenic equipment market in APAC.