The
global Cryogenic
Equipment Market size is expected to reach USD 36,734.03 million by
2030, registering a CAGR of 6.5% according to a new report by Grand View
Research, Inc. Increasing demand for technical gases from the energy &
power industries and rising needs within the entire Liquefied Natural
Gas (LNG) value chain are expected to propel the industry growth during
the forecast period. Cryogenic equipment is widely used in LNG storage and transportation.
LNG, a low-emission fuel, is preferred by several regulatory bodies addressing
environmental concerns, thereby driving product demand. Rising investments in
LNG power plants and the trend toward using LNG fuel in railroads and marine
transportation have increased the demand for cryogenic equipment.
Technological
developments in the fields of pharmaceutical, immunotherapy, vaccination, and
regenerative medication have boosted the utilization of cryogenic equipment. In
addition, a rise in cases of health-related problems, particularly in
metropolitan areas, as well as the growing population is expected to support
the growing installation of cryogenic equipment. Advancement in the energy
& power sector has led to the improvement of HTS cables and energy storage,
facilitating the use of cryogenic equipment for cooling purposes. Furthermore,
substantial investments in developing countries to construct smart cities,
high-speed trains, and the need to reduce global carbon footprints are likely
to create lucrative opportunities for the industry.
An
increase in government programs, greenfield investments, and related policies
to adopt advanced technological equipment is expected to boost product demand
over the forecast period. Rapid industrialization and increasing disposable
income have led to the widespread adoption of this equipment in automotive,
metallurgy, and other industries. Companies in the industry are actively
engaged in mergers and acquisitions and joint ventures to strive in the
competitive industry. For instance, in September 2020, Air Liquide SA acquired
the majority of its stake in the French company Cryoconcept. In December 2021,
Chart Industries Inc. signed MOU with Howden Group, incorporating gas
compression systems in Chart hydrogen offerings.
List of Key Players of the Cryogenic Equipment
Market
- Chart
Industries Inc.
- Linde plc
- Herose GmbH
- Nikkiso Co.
Ltd.
- Wessington
Cryogenics
- Braunschweiger
Flammenfilter GmbH
- Standex
International
- INOX India
Limited
- Air Liquide
SA
- Premier
Cryogenics Ltd.
- Lapesa Grupo
Empresarial s.l
- Galileo
Technologies S.A.
- MAN Energy
Solutions SE
- Cryolor SA
- SAS Cryo Pur
- Ulvac
Technologies, Inc.
Related Press
Release@ Cryogenic
Equipment Market Report
Cryogenic Equipment Market Report Highlights
- The tank
segment accounted for a significant revenue share in 2022. Tank equipment
presents several benefits including high-quality insulation, extended
service life, and lower maintenance cost
- The
liquefied natural gas segment held the largest revenue share in 2022 due
to the wider usage of LNG in various industries including, chemical,
automotive, food, and energy sectors
- The storage
application segment accounted for a significant share in 2022 due to the
high demand for acquiring, storing, and monitoring liquefied gases like
oxygen, nitrogen, natural gas, and argon
- The Asia
Pacific was the dominant region in 2022 owing to the rapid urbanization
and industrialization in the region
- In January
2020, Linde plc announced starting a new air-separation plant in Shanghai
Lingang Industrial Zone as a joint venture with Linde LienHwa to deliver
ultra-high purity gases, such as nitrogen, oxygen, argon, carbon dioxide,
as well as compressed dry air
Cryogenic Equipment Market Report
Scope
|
Report Attribute |
Details |
|
Market size value in 2023 |
USD 23,575.30 million |
|
Revenue forecast in 2030 |
USD 36,734.03 million |
|
Growth rate |
CAGR of 6.5% from 2023 to 2030 |
|
Base year for estimation |
2022 |
|
Historical data |
2018 - 2021 |
|
Forecast period |
2023 - 2030 |
Cryogenic Equipment Market Segmentation
Grand
View Research has segmented the global cryogenic equipment market on the basis
of product, cryogen, application, end-use, and region:
Cryogenic Equipment Product Outlook (Revenue, USD
Million; 2018 - 2030)
- Tanks
- Valves
- Pumps &
Vaporizers
- Vacuum
Jacketed Piping
- Others
Cryogenic Equipment Cryogen Outlook (Revenue, USD
Million; 2018 - 2030)
- Nitrogen
- Oxygen
- Argon
- Liquefied
Natural Gas
- Others
Cryogenic Equipment Application Outlook (Revenue,
USD Million; 2018 - 2030)
- Distribution
- Storage
Cryogenic Equipment End-user Outlook (Revenue, USD
Million; 2018 - 2030)
- Oil &
Gas
- Metallurgy
- Automotive
- Food &
Beverage
- Chemical
- Other
Cryogenic Equipment Regional Outlook (Revenue, USD
Million; 2018 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- Australia
- Central
& South America
- Brazil
- Argentina
- Middle East
& Africa
- Saudi
Arabia
- South
Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based research
across a range of industries including technology, chemicals, materials,
healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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