Cryogenic Equipment Market Size
Cryogenic Equipment Market was valued at USD 19.4 billion in 2023 and is set to grow at a CAGR of over 5.5% between 2024 and 2032. Growing public and private participation in infrastructural developmental activities has created a significant boom in the global economy over the past decade. Rapid industrialization has led to a widespread adoption of cryogenic equipment’s for the storage, transportation, and distribution of liquefied gases. The increasing efforts of the government to reduce greenhouse gas emissions coupled with the rising demand for unconventional sources of energy has also led to industry growth.
New and environmentally friendly technology have led to better ways to handle cryogenic materials, which has also opened up new economic prospects. Also, the huge amounts of money being put into building up healthcare infrastructure including hospitals, public and private labs, would help the business thrive. The industry's earnings will go up considerably more because of stricter GHG rules and the growing LNG trade.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Cryogenic Equipment Market Size in 2023 | USD 19.4 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 5.5% |
| 2032 Value Projection | USD 31.1 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 90 |
| Tables, Charts & Figures | 12 |
| Segments covered | Product, Cryogen Type, Application, End Use, & Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Cryogenic Equipment Market Trends
The growing need for cryogenic equipment in business and industry, mostly for power distribution, is likely to change the way the industry works, according to increased energy needs. More development and infrastructure projects are also driving this growth. In addition, manufacturers are making Cryogenic Equipment more energy-efficient in keeping with the global push for energy conservation and sustainability. Companies are using the latest technology and materials to cut down on power losses and make their systems work better.
The cryogenic equipment market is growing because of more demand for medical gases in the healthcare sector, more liquefied natural gas (LNG) production, and improvements in cryogenic technology. The market is also growing since more people are exploring space and using industrial gases.
Cryogenic Equipment Market Analysis
By 2032, the cryogenic equipment sector for tanks will be worth more than $13.2 billion. The shift toward gas-based power generation plants and the fact that several countries are building more gas storage facilities have created good chances for businesses to grow.
The natural gas cryogen type market will rise by roughly 5% from 2024 to 2032, depending on the kind of cryogen. Concerns over fuel diversification will lead to changes in regulations that support the move to cleaner energy sources and the use of natural gas. The market will be more likely to accept these fuels because they pollute less than traditional fossil fuels like coal and oil, and the government is working to cut carbon emissions.
By 2032, the market for cryogenic equipment in the Asia Pacific region is expected to be worth more than $11.1 billion. Rapid urbanization and rising incomes have led to more spending in the food and drink industry, which will help the product spread across the region. The cryogenic equipment business will also grow because of the growing manufacturing industries in China, India, Japan, and South Korea, which are getting more money to expand their present manufacturing base.
The U.S. cryogenic equipment market is dynamically driven by the evolution of the manufacturing sector and increasing exploration of natural gas reserves in the region. In addition, favorable regulatory policies pertaining to the development of low emission systems have widened the deployment spectrum for this equipment. Technological advancement relating to the product innovation and rise in disposable income have also encouraged leading manufacturers to invest in the region contributing to a significant industry expansion.
Cryogenic Equipment Market Share
Air Liquide, Brugg Group AG, Emerson Electric Co., Flowserve Corporation, Linde PLC, among others are the dominant players in the cryogenic equipment industry. These companies are focusing on innovation, strategic partnerships, and investments manufacturing new products to maintain their competitive edge in the market.
Cryogenic Equipment Market Companies
Major ley players operating across the cryogenic equipment industry are
- Abhijit Enterprises
- Air Liquide
- Air Products and Chemicals, Inc.
- AIR WATER INC
- Auguste Cryogenics
- Brugg Group AG
- Cryogenic Liquide
- CRYOSPAIN
- Cryostar
- Cryoworld
- DEMACO
- Emerson Electric Co.
- Flowserve Corporation
- Hypro
- INOXCVA
- IWI Cryogenic Vaporization Systems (India) Pvt. Ltd.
- Kelvin Technology
- Linde PLC
- Schlumberger Limited
- Shell-n-Tube
- Vacuum Barrier Corporation
- VRV S.r.L
Cryogenic Equipment Industry News
- In June 2024, Hypro introduced a new line of cryogenic tanks designed to store and transport liquid oxygen, carbon dioxide, and nitrogen. These tanks, supporting sub-zero operations, cater to applications ranging from breweries to industrial manufacturing. Serving the global market, they meet what the company describes as the "highest standards" in cryogenic solutions, thereby driving market growth.
- In April 2023, Air Water Inc. acquired M1 Engineering, a specialized cryogenic distribution equipment producer based in Bradford, West Yorkshire (England). This acquisition aims to enhance Air Water Inc.'s hydrogen product offerings as the European market expands, thereby contributing to overall market growth.
This cryogenic equipment market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Billion’ from 2021 to 2032, for the following segments
Market, By Product
- Tanks
- Valves
- Vaporizers
- Pumps
- Pipe
- Others
Market, By Cryogen Type
- Nitrogen
- Oxygen
- Natural Gas
- Argon
- Other Cryogens
Market, By Application
- Storage
- Distribution
Market, By End Use
- O&G industry
- Power
- Food & Beverage
- Chemical
- Rubber & plastics
- Mettallurgy
- Healthcare
- Shipping
- Agriculture, Forestry & Fishing
- Other industries
The above information has been provided for the following region & countries
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Poland
- Norway
- Netherlands
- Asia Pacific
- China
- India
- Japan
- Indonesia
- Thailand
- Malaysia
- Philippines
- South Korea
- Australia
- Middle East & Africa
- UAE
- Saudi Arabia
- Kuwait
- Oman
- Turkey
- Qatar
- Egypt
- South Africa
- Latin America
- Brazil
- Argentina
- Peru
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy