Cryogenic Equipment Global Market Opportunities and Strategies to 2033

This report describes and explains the cryogenic equipment market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global cryogenic equipment market reached a value of nearly $19.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5% since 2018. The market is expected to grow from $19.8 billion in 2023 to $30.6 billion in 2028 at a rate of 9%. The market is then expected to grow at a CAGR of 8.4% from 2028 and reach $45.8 billion in 2033.

Growth in the historic period resulted from the growth in the manufacturing industry, an increase in demand for liquified natural gas and growing demand for gas-powered energy generation. Factors that negatively affected growth in the historic period included regulatory compliance.

Going forward, the growing aerospace industry, expansion of the automotive industry, growing demand for electronic manufacturing and strong economic growth in emerging markets will drive the market. Factors that could hinder the growth of the cryogenic equipment market in the future include high implementation costs.

The cryogenic equipment market is segmented by equipment into tanks, valves, vaporizers, pumps and other equipment. The tanks market was the largest segment of the cryogenic equipment market segmented by equipment, accounting for 34.4% or $6.8 billion of the total in 2023. Going forward, the pumps segment is expected to be the fastest growing segment in the cryogenic equipment market segmented by equipment, at a CAGR of 10.1% during 2023-2028.

The cryogenic equipment market is segmented by application into storage, transportation, processing and other applications. The storage market was the largest segment of the cryogenic equipment market segmented by application, accounting for 44.7% or $8.9 billion of the total in 2023. Going forward, the transportation segment is expected to be the fastest growing segment in the cryogenic equipment market segmented by application, at a CAGR of 10.1% during 2023-2028.

The cryogenic equipment market is segmented by end-user into energy and power, chemicals, metallurgy, electronics, shipping and other end-users. The metallurgy market was the largest segment of the cryogenic equipment market segmented by end-user, accounting for 27% or $5.4 billion of the total in 2023. Going forward, the electronics segment is expected to be the fastest growing segment in the cryogenic equipment market segmented by end-user, at a CAGR of 11.1% during 2023-2028.

The cryogenic equipment market is segmented by cryogen into nitrogen, argon, oxygen, LNG, hydrogen, helium and other cryogens. The LNG market was the largest segment of the cryogenic equipment market segmented by cryogen, accounting for 30.6% or $6.1 billion of the total in 2023. Going forward, the LNG segment is expected to be the fastest growing segment in the cryogenic equipment market segmented by cryogen, at a CAGR of 10.1% during 2023-2028.

Asia-Pacific was the largest region in the cryogenic equipment market, accounting for 34.5% or $6.8 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the cryogenic equipment market will be Western Europe and South America, where growth will be at CAGRs of 11.3% and 9.6% respectively. These will be followed by Eastern Europe and Asia-Pacific, where the markets are expected to grow at CAGRs of 9% and 9% respectively.

The global cryogenic equipment market is fairly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 20.3% of the total market in 2022. Nikkiso Co. Ltd. was the largest competitor with a 5% share of the market, followed by Linde plc with 3.5%, Chart Industries, Inc. with 2.7%, Air Products and Chemicals Inc. with 2.4%, Honeywell International Inc. with 2.3%, Air Liquide with 1.7%, Emerson Electric Co. with 1.6%, Flowserve Corp. with 0.7%, Cryostar with 0.3%, and Sumitomo Heavy Industries Ltd with 0.1%.

The top opportunities in the cryogenic equipment market segmented by equipment will arise in the tanks segment, which will gain $3.2 billion of global annual sales by 2028. The top opportunities in the cryogenic equipment market segmented by application will arise in the storage segment, which will gain $4.1 billion of global annual sales by 2028. The top opportunities in the cryogenic equipment market segmented by end-user will arise in the metallurgy segment, which will gain $2.9 billion of global annual sales by 2028. The top opportunities in the cryogenic equipment market segmented by cryogen will arise in the LNG segment, which will gain $3.7 billion of global annual sales by 2028. The cryogenic equipment market size will gain the most in the USA at $2.2 billion.

Market-trend-based strategies for the cryogenic equipment market include development of innovative cryogenic ball valves to enhance fluid control in extreme low-temperature environments, introduction of high-capacity cryogenic grinders to boost processing capability, focus on automated cryogenic storage systems for efficient and reliable storage and introduction of quantum gas handling systems transforming cryogenic measurement technology.

Player-adopted strategies in the cryogenic equipment market include focus on improving portfolio through strategic acquisitions to expand global footprints, product launches to cater to demand efficiently and through joint ventures and expanding business capabilities through strategic acquisitions and partnerships.

To take advantage of the opportunities, the analyst recommends cryogenic equipment companies to focus on developing cryogenic ball valves, focus on developing high-capacity cryogenic grinders for enhanced processing, focus on developing automated cryogenic storage systems, focus on quantum gas handling systems for enhanced cryogenic capabilities, focus on pumps and valves segment, focus on LNG and nitrogen segments, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, focus on transportation and storage application segments and focus on electronics and metallurgy end-user segments.