The cryogenic equipment market has been experiencing substantial growth due to the rising demand for renewable energy solutions and the increased need for advanced storage technologies.
The cryogenic equipment market is poised for significant growth, projected to reach $25.26 billion in 2024 and $39.03 billion by 2031, with a compound annual growth rate (CAGR) of 6.40%. Cryogenic equipment plays a crucial role in a variety of sectors, including healthcare, space exploration, power generation, and industrial processes. As the world continues to transition towards greener energy solutions, cryogenics-based technologies are set to become more integral to several industries, particularly those involved in energy storage and distribution.
The cryo freezer segment, in particular, is predicted to witness rapid growth due to its increasing application in various industries. Local supply in key markets is unlikely to meet industrial demand, driving up the need for advanced cryogenic storage and cooling solutions.
Moreover, cryogenic equipment is essential for storing samples from space missions, as cryogenic gases provide the necessary inert environment for preserving such materials. With increasing investments in satellite and space exploration projects, the demand for cryogenic storage is likely to grow. Additionally, as traditional energy sources like coal become scarcer, liquefied natural gas (LNG) is gaining popularity as a clean energy alternative, creating more opportunities for cryogenic equipment manufacturers.
In the food and beverage industry, the demand for cryogenic equipment is anticipated to rise due to the increasing popularity of frozen foods. Bulk liquid nitrogen storage tanks are widely used in storage facilities and transport vehicles, making them essential for the efficient handling of frozen goods. This trend is expected to further boost the cryogenic equipment market.
Nitrogen is another cryogen that is expected to see significant growth due to its wide application in the pharmaceutical industry. It is used in the packaging of medications, freezing of blood, and other medical applications. The metal processing industry is also expected to drive demand for liquid oxygen cryogens, which are used in cast iron furnace blasts and for reducing exhaust gas emissions.
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The cryogenic equipment market is poised for significant growth, projected to reach $25.26 billion in 2024 and $39.03 billion by 2031, with a compound annual growth rate (CAGR) of 6.40%. Cryogenic equipment plays a crucial role in a variety of sectors, including healthcare, space exploration, power generation, and industrial processes. As the world continues to transition towards greener energy solutions, cryogenics-based technologies are set to become more integral to several industries, particularly those involved in energy storage and distribution.
Importance of Cryogenic Energy Storage
Cryogenics-based energy storage (CES) is gaining prominence as green technologies expand. CES involves the use of low temperatures to store energy, making it a vital component in renewable energy systems. This technology is particularly useful for balancing energy supply and demand, as well as ensuring the efficient distribution of renewable power sources like wind and solar energy. As the global focus shifts towards sustainability, CES is expected to play a critical role in the future of energy storage and management.Market Dynamics: Supply Challenges and Growth Opportunities
Before the outbreak of the global pandemic, the cryogenic equipment market was already facing supply challenges. New projects were rapidly increasing production capacity, but demand growth was not keeping pace. The pandemic exacerbated these issues by reducing gas consumption, which led to an oversupply in the market and heightened volatility. However, as industries recover and demand rebounds, particularly in healthcare and renewable energy sectors, the market is expected to stabilize and grow.The cryo freezer segment, in particular, is predicted to witness rapid growth due to its increasing application in various industries. Local supply in key markets is unlikely to meet industrial demand, driving up the need for advanced cryogenic storage and cooling solutions.
Commercial Drivers for Cryogenic Equipment
Several factors are driving the demand for cryogenic equipment, especially in the healthcare sector. Cryo chiller technology has seen significant advancement and implementation, leading to an increase in the sales of cryogenic equipment. In healthcare, cryogenic storage containers are used to preserve biological samples, such as human tissues, cells, and vaccines. This is essential for the quick freezing and long-term storage of sensitive materials, which is expected to further fuel market growth.Moreover, cryogenic equipment is essential for storing samples from space missions, as cryogenic gases provide the necessary inert environment for preserving such materials. With increasing investments in satellite and space exploration projects, the demand for cryogenic storage is likely to grow. Additionally, as traditional energy sources like coal become scarcer, liquefied natural gas (LNG) is gaining popularity as a clean energy alternative, creating more opportunities for cryogenic equipment manufacturers.
Future Prospects for Cryogenic Equipment Market Players
The global cryogenic equipment market is expected to see a significant uptick in demand, particularly for nitrogen dewar tanks. These tanks are crucial for strengthening industrial infrastructure and distribution networks. Moreover, the growing awareness of renewable energy sources, coupled with rising power consumption, is likely to drive the adoption of cryogenic equipment in various sectors.In the food and beverage industry, the demand for cryogenic equipment is anticipated to rise due to the increasing popularity of frozen foods. Bulk liquid nitrogen storage tanks are widely used in storage facilities and transport vehicles, making them essential for the efficient handling of frozen goods. This trend is expected to further boost the cryogenic equipment market.
Category-wise Insights: Product Segments
Cryogenic Tanks
The cryogenic tank segment has been a major contributor to the overall cryogenic equipment market. These tanks are essential for storing gases used in various industrial processes. Cryogenic tanks offer better insulation, durability, and lower maintenance costs compared to traditional cooling methods. This segment is expected to maintain its lead in the market as the demand for gas storage continues to rise across multiple industries.Cryogen Safety Valves
Cryogen safety valves are primarily used in cargo systems, gas production facilities, and LNG liquefaction plants. The widespread use of LNG evaporators in regasification facilities is expected to drive demand for cryogenic safety valves. As industries expand their LNG infrastructure, the need for reliable cryogenic equipment will continue to grow.Most Preferred Cryogens in Cryogenic Equipment
Among the various cryogens, liquefied natural gas (LNG) has dominated the market, contributing significantly to the overall revenue of the cryogenic equipment sector. The growing demand for LNG in developing economies is a major factor driving this segment’s growth. Ongoing improvements in LNG storage technology are expected to further propel the cryogenic equipment market.Nitrogen is another cryogen that is expected to see significant growth due to its wide application in the pharmaceutical industry. It is used in the packaging of medications, freezing of blood, and other medical applications. The metal processing industry is also expected to drive demand for liquid oxygen cryogens, which are used in cast iron furnace blasts and for reducing exhaust gas emissions.
Application Insights: Storage and Distribution
Storage
The storage segment has consistently held a significant share of the cryogenic equipment market, driven by increased government investments in gas generation and storage technologies. The growing use of cryogenic storage solutions in the maritime sector is expected to further boost this segment’s growth.Distribution
The distribution segment is anticipated to see strong growth due to the rising use of liquid nitrogen and oxygen in various industries, including food and beverage, oil and gas, and healthcare. Portable cryogenic tanks are in high demand for delivering cryogenic materials efficiently and safely, which is expected to fuel the growth of this segment.End-User Insights: Leading Industries
Metallurgy
The metallurgical industry has been a key end-user of cryogenic equipment, contributing significantly to market revenues. In metallurgy, cryogenic equipment is used for a variety of processes, including annealing, sintering, and hardening. As demand for technical gases continues to grow in this sector, the market for cryogenic equipment is expected to expand.Energy and Power
The energy and power sector is another major end-user of cryogenic equipment. The increasing focus on renewable energy sources and the growing demand for cryogenic pumps in power generation are expected to drive growth in this sector. Additionally, the expansion of industries such as space exploration and chemical processing will further contribute to the demand for cryogenic equipment.Regional Insights: Key Markets
North America
North America remains a leading market for cryogenic equipment, with the United States being a major player in production and export. The growth of the market in the region is driven by expanding construction activities and rising natural gas resource challenges. The adoption of energy-efficient cryogenic components is expected to boost the market further.Europe
The European market for cryogenic equipment is expected to grow rapidly due to the rising need for industrial preservation techniques. Germany is projected to be a lucrative market due to its strong industrial base, while Spain is also expanding its cryogenic industries to meet regional demand. Companies in Europe are increasingly investing in cryogenic infrastructure to enhance their capabilities.Asia-Pacific
The Asia-Pacific region holds the largest market share for cryogenic equipment, driven by factors such as easy access to raw materials, growing industrial demand, and affordable labor. South Korea is emerging as a key market, with advancements in energy consumption and industries like space exploration and healthcare. Japan, as the world’s largest LNG importer, is also expected to play a significant role in the market’s growth.Competitive Landscape: Key Players
Several key players dominate the global cryogenic equipment market, employing various strategies such as partnerships, acquisitions, and new product development to maintain their market position. These companies are focusing on meeting the evolving technical requirements of various industries while expanding their global presence.Key Companies Profiled
- Chart Industries Inc.
- Linde plc
- Herose GmbH
- Nikkiso Co. Ltd.
- Wessington Cryogenics
- Braunschweiger Flammenfilter GmbH
- Standex International
- INOX India Ltd.
- 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.
Key Segments Covered in the Cryogenic Equipment Industry Report
Cryogenic Equipment Industry by Product Type
- Tanks
- Valves
- Pumps & Vaporizers
- Vacuum Jacketed Piping
- Others
Cryogenic Equipment Industry by Cryogen
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas
- Others
Cryogenic Equipment Industry by Application
- Distribution
- Storage
Cryogenic Equipment Industry by End User
- Oil & Gas
- Metallurgy
- Automotive
- Food & Beverage
- Chemical
- Other
Cryogenic Equipment Industry by Region
- North America Market
- Europe Market
- Asia-Pacific Market
- Middle East & Africa Market
- South America Market
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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Cryogenic Equipment Market Outlook, 2019 - 2031
4. North America Cryogenic Equipment Market Outlook, 2019 - 2031
5. Europe Cryogenic Equipment Market Outlook, 2019 - 2031
6. Asia Pacific Cryogenic Equipment Market Outlook, 2019 - 2031
7. Latin America Cryogenic Equipment Market Outlook, 2019 - 2031
8. Middle East & Africa Cryogenic Equipment Market Outlook, 2019 - 2031
9. Competitive Landscape
10. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Chart Industries Inc.
- Linde plc
- Herose GmbH
- Nikkiso Co. Ltd.
- Wessington Cryogenics
- Braunschweiger Flammenfilter GmbH
- Standex International
- INOX India Ltd.
- Air Liquide SA
- Premier Cryogenics Ltd.
- Lapesa Grupo Empresarial s.
Methodology
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