The global cryogenic equipment market is anticipated to reach $39,005.3 million by 2032, growing from $19,890.0 million in 2022 at a CAGR of 7.0% from 2023 to 2032.Cryogenic equipment comprises of different products such as tanks, valves, pumps, vaporizers, vacuum jacketed piping, and others. Transporting liquefied industrial gases like oxygen, hydrogen, nitrogen, helium, and argon is done with the use of cryogenic equipment. Cryogenic equipment is frequently used for metal processing, biomedical & chemical storage, freezing & cooling, and boosting specific chemical reactions. In addition, several fluid cryogens are used as fuel in rocketry and aircraft. Holders, pressure containers, cold snares, purifiers, and funneling are all components of cryogenic equipment.
The increase in natural gas consumption, surge in need for clean energy production technologies such as LNG, and increase in demand for metallurgical processes are factors anticipated to boost the demand for cryogenic equipment. Liquefied natural gas (LNG) is expected to experience rise in demand in the future owing to its optimistic environmental adaptability. Cryogenic equipment including liquefaction plants, LNG storage tanks, and shipping boats work together as an important component of the LNG supply chain. These equipment components must be built to endure extremely low temperatures as natural gas is kept in its liquefied state via cryogenic processes.
Cryogenic applications primarily require specified infrastructures to manage low-temperature environments efficiently and safely. This comprises the need for specialized storage facilities, well-insulated containers, and safety measures to prevent accidents or gas leaks. This infrastructural setup can be costly and complex, making it challenging for many companies to implement cryogenic technologies. Moreover, cryogenic materials, such as liquid helium and liquid nitrogen, can be harmful to human health due to their potential to displace oxygen and low temperatures. Specialized safety protocols, equipment, and facilities are necessary to handle and store cryogenic substances safely. Therefore, a team of trained professionals is essential for the operation of the equipment.
Cryogenic equipment plays a crucial role in space exploration, enabling the storage and transportation of materials and propellants at extremely low temperatures. These cryogenic systems are essential for various space missions and offer several opportunities for advancements and breakthroughs in space exploration. Cryogenic fuels, such as liquid hydrogen (LH2) and liquid oxygen (LOX), are used in modern rocket engines. These fuels provide high specific impulse, resulting in efficient propulsion systems. All these factors are anticipated to create several growth opportunities in the market during the forecast period.
The COVID-19 pandemic had both positive and negative impacts on various manufacturers, including cryogenic equipment. Industries like healthcare and pharmaceuticals observed an increase in need for cryogenic freezers and storage tanks for vaccine distribution and other medical purposes. However, industries like aerospace and certain research sectors seen a decrease in demand, which influenced production patterns. Some cryogenic equipment manufacturers faced labor shortages due to infected workers or quarantine requirements.
The key players profiled in this report include LAPESA GRUPO EMPRESARIAL, Linde plc, Cryolor, Auguste Cryogenics, Cryofab, Inc., Emerson Electric Co., Chart Industries, NIKKISO, INOX India Limited, and MAN Energy Solutions. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
The increase in natural gas consumption, surge in need for clean energy production technologies such as LNG, and increase in demand for metallurgical processes are factors anticipated to boost the demand for cryogenic equipment. Liquefied natural gas (LNG) is expected to experience rise in demand in the future owing to its optimistic environmental adaptability. Cryogenic equipment including liquefaction plants, LNG storage tanks, and shipping boats work together as an important component of the LNG supply chain. These equipment components must be built to endure extremely low temperatures as natural gas is kept in its liquefied state via cryogenic processes.
Cryogenic applications primarily require specified infrastructures to manage low-temperature environments efficiently and safely. This comprises the need for specialized storage facilities, well-insulated containers, and safety measures to prevent accidents or gas leaks. This infrastructural setup can be costly and complex, making it challenging for many companies to implement cryogenic technologies. Moreover, cryogenic materials, such as liquid helium and liquid nitrogen, can be harmful to human health due to their potential to displace oxygen and low temperatures. Specialized safety protocols, equipment, and facilities are necessary to handle and store cryogenic substances safely. Therefore, a team of trained professionals is essential for the operation of the equipment.
Cryogenic equipment plays a crucial role in space exploration, enabling the storage and transportation of materials and propellants at extremely low temperatures. These cryogenic systems are essential for various space missions and offer several opportunities for advancements and breakthroughs in space exploration. Cryogenic fuels, such as liquid hydrogen (LH2) and liquid oxygen (LOX), are used in modern rocket engines. These fuels provide high specific impulse, resulting in efficient propulsion systems. All these factors are anticipated to create several growth opportunities in the market during the forecast period.
The COVID-19 pandemic had both positive and negative impacts on various manufacturers, including cryogenic equipment. Industries like healthcare and pharmaceuticals observed an increase in need for cryogenic freezers and storage tanks for vaccine distribution and other medical purposes. However, industries like aerospace and certain research sectors seen a decrease in demand, which influenced production patterns. Some cryogenic equipment manufacturers faced labor shortages due to infected workers or quarantine requirements.
The key players profiled in this report include LAPESA GRUPO EMPRESARIAL, Linde plc, Cryolor, Auguste Cryogenics, Cryofab, Inc., Emerson Electric Co., Chart Industries, NIKKISO, INOX India Limited, and MAN Energy Solutions. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cryogenic equipment market analysis from 2022 to 2032 to identify the prevailing cryogenic equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cryogenic equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cryogenic equipment market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Product
- Tanks
- Valves
- Vaporizers
- Pumps
- Vacuum Jacketed Piping
- Others
By Gas Type
- Nitrogen
- Oxygen
- Argon
- LNG
- Others
By Application
- Storage
- Distribution
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- South Africa
- Argentina
- Rest of LAMEA
- Key Market Players
- LAPESA GRUPO EMPRESARIAL
- Linde plc
- Cryolor
- Auguste Cryogenics
- Cryofab, Inc.
- Emerson Electric Co.
- Chart Industries
- NIKKISO
- INOX India Limited
- MAN Energy Solutions
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CRYOGENIC EQUIPMENT MARKET, BY PRODUCT
CHAPTER 5: CRYOGENIC EQUIPMENT MARKET, BY GAS TYPE
CHAPTER 6: CRYOGENIC EQUIPMENT MARKET, BY APPLICATION
CHAPTER 7: CRYOGENIC EQUIPMENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the cryogenic equipment market was valued at $19.9 billion in 2022, and is estimated to reach $39 billion by 2032, growing at a CAGR of 7% from 2023 to 2032.Cryogenic equipment comprises of different products such as tanks, valves, pumps, vaporizers, vacuum jacketed piping, and others. Transporting liquefied industrial gases like oxygen, hydrogen, nitrogen, helium, and argon is done with the use of cryogenic equipment. In most cases, they are designed to store liquid gases at temperatures lower than -150°C. Horizontal, vertical, double-walled, and insulated configurations of cryogenic equipment are available. They can be moving or transportable as well as fixed or static. The equipment is used for storing LNG in LNG liquefaction terminals and on ships in the form of tankers. They also have several applications in a variety of industries including medical technology, food, electronics, and metal processing.
The increase in demand for LNG is expected to lead to a growth in the sales of cryogenic equipment as LNG requires specialized equipment for storage, transporting, and regasification. Cryogenic equipment including liquefaction plants, LNG storage tanks, and shipping boats work together as an important component of the LNG supply chain. These equipment components must be built to endure extremely low temperatures as natural gas is kept in its liquefied state via cryogenic processes.
Cryogenic applications typically require specialized infrastructures to handle low-temperature environments safely and efficiently. This includes the need for well-insulated containers, specialized storage facilities, and safety measures to prevent accidents or gas leaks. These infrastructural requirements can be costly and complex, making it difficult for many companies to implement cryogenic technologies. Moreover, cryogenic materials, such as liquid helium and liquid nitrogen, can be harmful to human health owing to their potential to displace oxygen and low temperatures. Specialized safety protocols, equipment, and facilities are necessary to handle and store cryogenic substances safely. Therefore, a team of trained professional is essential for the operation of these equipment.
Cryogenic equipment involves advanced technologies and materials to operate at extremely low temperatures. Therefore, the manufacturing and maintenance costs of such equipment can be considerably higher than conventional systems. This cost obligation can impact businesses and industries from investing in cryogenic applications, especially for smaller or financially constrained enterprises. Cryogenic equipment is required to uphold stable and precise temperatures to make sure the efficiency and safety of the processes involved. Achieving this level of precision requires advanced manufacturing and engineering techniques, which can be costly. Furthermore, upholding cryogenic temperatures demands a significant amount of energy. This is expected to increase the operational costs associated with cooling and insulation, which can impact the equipment's overall cost.
Cryogenic equipment is used to store, handle, and deliver these propellants to the rocket engines and can be used to liquefy gases present on the Moon or Mars, like water ice, to produce propellants locally. This would significantly reduce the costs and logistical challenges of sending propellants from Earth, making colonization and sustainable human presence on these celestial bodies more feasible. Furthermore, continued advancements in cryogenic technologies for space applications can lead to innovations in materials science, superconductivity, and low-temperature electronics. These advancements can have broader applications beyond space exploration, and thus would simultaneously boost the product demand. In addition, the cryogenic equipment played a crucial role in various aspects during the spread of pandemic disease. Cryogenic equipment, such as ultra-low temperature freezers, were essential for storing and preserving certain vaccines, like those using mRNA technology (e.g., Pfizer-BioNTech and Moderna vaccines), which required extremely cold temperatures for stability. The need for cryogenic equipment became apparent as countries around the world began mass vaccination campaigns to curb the spread of COVID-19.
The cryogenic equipment market share is segmented on the basis of product, gas type, application, and region. By product, it is segmented into tanks, valves, vaporizers, pumps, vacuum jacketed piping, and others. By gas type, it is classified into nitrogen, oxygen, argon, LNG, and others. By application, it is diverged into storage and distribution. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America.
The key players profiled in the cryogenic equipment market report include LAPESA GRUPO EMPRESARIAL, Linde plc, Cryolor, Auguste Cryogenics, Cryofab, Inc., Emerson Electric Co., Chart Industries, NIKKISO, INOX India Limited, and MAN Energy Solutions.
The report offers a comprehensive analysis of the global cryogenic equipment market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of COVID-19 on the Global Cryogenic Equipment Industry
The COVID-19 pandemic had a significant impact on various industries, including the manufacturing industry. The pandemic led to disruptions in global supply chains, affecting the availability and delivery of cryogenic equipment, machinery, and raw materials. This disrupted the operations of cryogenic equipment companies, causing delays in project timelines and production.During the pandemic, the need for cryogenic equipment became apparent as countries around the world began mass vaccination campaigns to curb the spread of COVID-19. Vaccination centers, hospitals, and research facilities required specialized freezers and containers to store and distribute vaccines safely, which further led to an increase in the product demand.
The economic uncertainty caused by COVID-19 made it difficult for certain cryogenic equipment manufacturers to secure financing. Investors became more cautious, leading to a decrease in funding for new projects or expansion of existing ones. This uncertainty affected the long-term planning and investment decisions of cryogenic equipment companies.
Key Findings of the Study
Based on product, the tanks sub-segment emerged as the global leader in 2022 and the valves sub-segment is anticipated to be the fastest growing during the forecast period.Based on gas type, the liquified natural gas (LNG) sub-segment emerged as the global leader in 2022 and is anticipated to be the fastest growing during the forecast period.
Based on application, the storage sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
Based on region, Asia-Pacific registered the highest market share in 2022 and is projected to maintain its position during the forecast period.
Companies Mentioned
- LAPESA GRUPO EMPRESARIAL
- Linde plc
- Cryolor
- Auguste Cryogenics
- Cryofab, Inc.
- Emerson Electric Co.
- Chart Industries
- NIKKISO
- INOX India Limited
- MAN Energy Solutions
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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