Cryogenic Equipment Global Market Report 2024

Cryogenic equipment encompasses tools designed for the production and handling of substances at extremely low temperatures. This equipment finds application in various fields, including the storage and transportation of liquefied gases, food preservation, cryosurgery, and the operation of superconducting electromagnets.

The primary categories of cryogenic equipment include tanks, valves, vaporizers, pumps, and other specialized equipment. Cryogenic tanks, for instance, are well-suited for the storage of large quantities of gases in liquid form, such as liquid oxygen, nitrogen, argon, carbon dioxide, LNG, LPG, and liquid hydrogen. Various cryogens, including nitrogen, argon, oxygen, LNG, hydrogen, helium, and others, are utilized in cryogenic equipment. This equipment serves diverse purposes, including storage, transportation, and processing, and is employed by different industries such as energy and power, chemicals, metallurgy, electronics, shipping, and others.

The cryogenic equipment market research report is one of a series of new reports that provides cryogenic equipment market statistics, including cryogenic equipment industry global market size, regional shares, competitors with a cryogenic equipment market share, detailed cryogenic equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic equipment industry. This cryogenic equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cryogenic equipment market size has grown strongly in recent years. It will grow from $14.44 billion in 2023 to $15.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to the increased demand for industrial gases, rising need for energy storage and distribution, applications in healthcare and medical fields, space exploration initiatives, and a focus on energy efficiency.

The cryogenic equipment market size is expected to see strong growth in the next few years. It will grow to $22.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to the increasing need for electronics manufacturing, the food and beverage industry, rising aerospace and defense needs, demand for renewable energy storage, and a focus on environmental sustainability. Major trends in the forecast period include the development of the hydrogen economy, advancements in biotechnology and medicine, the use of cryogenic cooling solutions for semiconductor manufacturing processes, the application of cryogenic systems for food freezing and preservation, and the expansion of cryopreservation and stem cell banking.

The cryogenic equipment market is poised for growth, primarily driven by the increasing demand for liquefied natural gas (LNG). As LNG becomes a crucial energy source for various applications like cooking, electricity generation, and industrial use, the need for cryogenic equipment rises significantly. Cryogenic equipment, including storage tanks, vaporizers, and containers, plays a pivotal role in transporting LNG efficiently. The shift from coal to natural gas for electricity generation further fuels the demand for LNG. Notably, the US experienced a substantial increase in LNG imports, with 49.2 billion cubic feet supplied by four nations in 2020, accounting for 2% of total natural gas imports. Similarly, China's growing LNG receiving capacity, reaching nearly 105.8 million mt/year in 2021 and expected to rise to 127 million mt/year in 2022, underscores the global trend of increasing LNG demand. This surge in LNG demand is expected to be a key driver for the cryogenic equipment market.

The cryogenic equipment market is witnessing significant growth due to the rise in demand for LNG, a form of natural gas cooled to a liquid state for safe and efficient transportation. Cryogenic equipment and tanks are essential for storing and transporting LNG, contributing to the expansion of the cryogenic equipment market. An example of this demand surge is evident in the International Energy Agency's data, indicating a remarkable 63% increase in LNG cargo shipped to Europe in 2022. This trend underscores the vital role of cryogenic equipment in supporting the growing demand for LNG and its subsequent impact on the cryogenic equipment market.

Technological advancements stand out as a prominent trend in the cryogenic equipment market. Companies operating in this sector are actively investing in developing innovative technologies to enhance their product offerings. An illustrative instance is the introduction of Cryo Store Pico by Azenta, a US-based biotech company, in February 2023. Cryo Store Pico is designed for the long-term preservation of high-value biological samples at an ultra-low temperature of -190°C. This technology integrates automated sample storage and retrieval methods, minimizing the risk of human errors and optimizing productivity in cryogenic sample storage. This emphasis on technological advancement reflects the commitment of companies to deliver state-of-the-art cryogenic solutions to meet evolving customer needs in the market.

Major players in the cryogenic equipment market are actively engaged in innovation, exemplified by the introduction of groundbreaking products like the Cryo-Blade. Launched by Cole-Parmer Instrument Company in May 2023, the Cryo-Blade stands out as a powerful cryogenic grinder designed for sample processing in various scientific and research applications. This cutting-edge tool leverages cryogenic temperature control along with efficient grinding capabilities to enable the pulverization of samples for further analysis. The Cryo-Blade provides researchers with a controlled and automated solution for cryogenic sample preparation and processing, enhancing the reliability and effectiveness of this crucial step in scientific investigations. With its high processing capacity and versatile application, the Cryo-Blade has become an essential instrument in laboratories and research institutions, reflecting the commitment of companies to innovation and advancement in the cryogenic equipment market.

Chart Industries, Inc.'s acquisition of Cryogenic Gas Technologies in February 2021, involving a $55 million cash transaction. This strategic move positions Chart Industries and Cryo Technologies as a comprehensive solution provider for customers aiming to liquefy and sell hydrogen. The synergy between these companies combines technology and fabrication capabilities in super insulation, vacuum systems, and helium leak detection. This integration is crucial for delivering high-quality and efficient hydrogen and helium liquefaction systems. Cryogenic Gas Technologies, a provider of custom-engineered process systems for industrial gases, brings valuable expertise in designing cold boxes for hydrogen and helium consumption on a global scale.

Major companies operating in the cryogenic equipment market include Air Liquide S.A., Beijing Tianhai Industry Co. Ltd., Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Herose GmbH, Inoxca India Ltd., Linde PLC, Taylor Wharton International LLC, Wessington Cryogenics Ltd., ACME Cryogenics Inc., Graham Partners Inc., Honeywell International Inc., McDermott International Inc., Nikkiso Cryo Inc., Sumitomo Heavy Industries Ltd., Praxair Inc., Parker Hannifin Corporation, SHI Cryogenics Group, Sulzer Ltd., Nikkiso Co. Ltd., PHPK Technologies, INOX India Pvt. Ltd., Fives SAS, Cryofab Inc., Shell-n-Tube Pvt. Ltd., Canadian Nuclear Laboratories, CCH Equipment Company, Chase Research Cryogenics Ltd., Clark Industries Inc.

Asia-Pacific was the largest region in the cryogenic equipment market in 2023. The regions covered in the cryogenic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the cryogenic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The cryogenic equipment market consists of sale of cryogenic storage racks and boxes, cryogenic refrigerators, temperature controllers, cryogenies accessories and cryogenic tanks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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