Global Cryogenic Equipment Market Size By Product Type (Valve, Tank, Vaporizer, Pump), By Cryogenic Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas), By End-User (Energy & Power, Chemical, Electronics, Shipping), By Geographic Scope and Forecast

Cryogenic Equipment Market Size and Forecast

Cryogenic Equipment Market size was valued at USD 22.32 Billion in 2023 and is projected to reach USD 38.55 Billion by 2031, growing at a CAGR of 7.07% from 2024 to 2031.

• cryogenic equipment refers to devices and systems designed to operate at extremely low temperatures, typically below -150°C (-238°F), to facilitate the storage, transport, and use of liquefied gases such as helium, nitrogen, and oxygen.
• These systems are vital in various industries, including aerospace, medical, and energy, where they are used for applications such as superconducting magnets, cryopreservation of biological samples, and efficient storage of liquefied natural gas (LNG).
• The future of cryogenic equipment looks promising, driven by advancements in technology and increasing demand for energy-efficient solutions.

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Global Cryogenic Equipment Market Dynamics

The key market dynamics that are shaping the global cryogenic equipment market include:

Key Market Drivers

• Rising Demand for LNG: The global liquefied natural gas (LNG) market is projected to grow significantly, with an expected increase from 490 million tons in 2020 to 730 million tons by 2040, driven by the transition to cleaner energy sources.
• Growth in Aerospace Industry: The global aerospace sector is anticipated to reach a value of $1 trillion by 2030, leading to a heightened demand for cryogenic systems used in rocket propulsion and other applications.
• Advancements in Medical Technology: The global cryopreservation market, which utilizes cryogenic equipment, is projected to grow from $2.8 billion in 2022 to $5.9 billion by 2030, highlighting the increasing adoption of these technologies in healthcare and biobanking.
• Increased Focus on Renewable Energy: The investment in renewable energy technologies is expected to surpass $2.4 trillion by 2023, with cryogenic energy storage solutions becoming vital for balancing intermittent energy supply.

Key Challenges

• High Initial Costs: The high capital investment required for cryogenic systems can deter smaller companies and startups from entering the market.
• Complexity of Technology: The advanced technologies involved in cryogenic systems require specialized knowledge and skills for operation and maintenance, posing a challenge for workforce training.
• Safety and Regulatory Compliance: Strict safety regulations and standards related to the handling and storage of cryogenic materials can complicate operations and increase costs.
• Limited Infrastructure: In some regions, the lack of adequate infrastructure for the distribution and storage of cryogenic liquids can hinder market growth.

Key Trends

• Technological Innovations: Continuous advancements in materials and design are leading to more efficient and compact cryogenic systems, enhancing their applicability across various industries.
• Increased Adoption of Cryogenic Energy Storage: As the focus on renewable energy grows, the adoption of cryogenic energy storage systems is gaining traction, offering efficient solutions for energy management.
• Sustainability Initiatives: Companies are increasingly investing in environmentally friendly cryogenic technologies to align with global sustainability goals and reduce their carbon footprint.
• Collaboration and Partnerships: Collaborations between manufacturers, research institutions, and government agencies are becoming more common to foster innovation and accelerate the development of new cryogenic technologies.

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Global Cryogenic Equipment Market Regional Analysis

Here is a more detailed regional analysis of the global cryogenic equipment market:

North America:

• North America is the dominant region in the global cryogenic equipment market, accounting for a significant share due to advanced technological capabilities, robust industrial infrastructure, and high demand from various end-use industries, including healthcare, energy, and aerospace. The presence of major players in the United States, such as Linde plc and Air Products and Chemicals, Inc., further solidifies the region’s market leadership. According to the U.S. Department of Energy, the increasing utilization of liquefied natural gas (LNG) infrastructure has led to a growth in cryogenic applications, supporting North America’s dominance in this sector.
• The region’s focus on research and development also contributes to its strong market position. Government investments in technology advancements for cryogenic storage and transportation systems are driving innovation and efficiency. The U.S. National Science Foundation reported a 15% increase in federal funding for cryogenic research and development between 2020 and 2023, indicating a strong commitment to enhancing the capabilities and applications of cryogenic equipment.

Asia Pacific:

• The Asia Pacific region is emerging as the fastest-growing market for cryogenic equipment, driven by rapid industrialization and increasing investments in infrastructure development. According to the Asian Development Bank, Asia’s demand for LNG is projected to increase by over 30% by 2025, significantly boosting the need for cryogenic storage and transportation solutions.
• The rise in the semiconductor industry in Asia Pacific is another critical factor propelling market growth. The region is home to some of the largest semiconductor manufacturers globally, such as Taiwan Semiconductor Manufacturing Company and Samsung Electronics, which require cryogenic processes for the production of advanced chips. The Semiconductor Industry Association reported a 20% increase in global semiconductor sales from 2021 to 2023, indicating a robust demand for cryogenic applications in this sector.

Global Cryogenic Equipment Market: Segmentation Analysis

The Global Cryogenic Equipment Market is segmented on the basis of By Product Type, By Cryogenic Type, By End User and By Geography.

Cryogenic Equipment Market, By Product Type

• Valve
• Tank
• Vaporizer
• Pump

Based on Product Type, the Global Cryogenic Equipment Market is segmented into Valve, Tank, Vaporizer and Pump. The Tank Segment is the dominant segment, primarily due to the essential role cryogenic storage tanks play in the storage and transportation of liquefied gases such as nitrogen, oxygen, and argon. However, the vaporizer segment is the fastest growing, driven by increasing demand for efficient gasification of cryogenic liquids.

Cryogenic Equipment Market, By Cryogenic Type

• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas

Based on Cryogenic Type, the Global Cryogenic Equipment Market is segmented into Nitrogen, Oxygen, Argon, Liquefied Natural Gas. Liquefied Natural Gas (LNG) is the dominant segment, driven by the increasing demand for cleaner energy sources and the expansion of LNG infrastructure worldwide. Meanwhile, the oxygen segment is the fastest-growing, propelled by rising applications in healthcare, metal fabrication, and chemical industries.

Cryogenic Equipment Market, By End User

• Energy & Power
• Chemical
• Electronics
• Shipping
• Metallurgical

Based on End User, the Global Cryogenic Equipment Market is segmented into Energy & Power, Chemical, Electronics, Shipping and Metallurgical. The Energy and Power Segment is the dominate segment due to the increasing demand for liquefied natural gas (LNG) and its role in energy transition strategies. However, the electronics segment is recognized as the fastest-growing, driven by the rising demand for cryogenic cooling solutions in applications such as superconducting materials and quantum computing.

Cryogenic Equipment Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on the Geography, the Global Cryogenic Equipment Market are classified into North America, Europe, Asia Pacific, and Rest of World. North America is the dominant region, accounting for a significant share due to advanced technological capabilities, robust industrial infrastructure, and high demand from various end-use industries, including healthcare, energy, and aerospace. The Asia Pacific region is the fastest-growing market for cryogenic equipment, driven by rapid industrialization and increasing investments in infrastructure development.

Key Players

The “Global Cryogenic Equipment Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market Chart Industries, Inc., Linde plc, Herose GmbH, Nikkiso Co. Ltd., Wessington Cryogenics, Braunschweiger Flammenfilter GmbH, Standex International, INOX India Limited.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Global Cryogenic Equipment Market: Recent Developments

• In August 2023 Air Products announced the launch of a new line of cryogenic storage tanks designed for the safe and efficient storage of liquefied gases. These tanks incorporate advanced insulation technology, which significantly reduces boil-off rates, thereby improving overall operational efficiency.
• In July 2023 Linde plc revealed plans to expand its cryogenic equipment services in North America, focusing on providing enhanced support for industrial gas customers.
• In June 2023 Chart Industries completed the acquisition of CryoWorks, a move aimed at enhancing its product offerings in the cryogenic equipment market.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as a future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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