Global Cryogenic Equipment Market Trends, Applications, Analysis, Growth, and Forecast to 2028

Global Cryogenic Equipment Market: Overview

“The global Cryogenic equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Cryogenic equipment are used for production, maintenance, and application of materials at low temperatures. Equipments used for cryogenic processes are containers, pressure vessels, purifiers, and others.

Increasing demand for industrial & specialty gases in oil & gas sector along with technological advancements in developing as well as developed nations are major factors expected to drive revenue growth of global market.

Furthermore, ongoing investments for modernization and refurbishment of existing healthcare infrastructure and rising number of projects of gas to liquids, are expected to drive revenue growth of target market.

In addition, factors such as innovative cryogenic applications, and adoption of standards for environment protection, which are expected to fuel growth of the global market. For example, Chart Industries Inc., a manufacturer of cryogenic equipment has developed new applications such as LN₂ dosing system for the craft beer market to help to enhance the shelf life of the product.

Implementation of HTS (high-temperature superconductor) power cables is another major factor that promotes importance to develop improved and advanced cryogenic equipment. In addition, HDVC cables also need to be cooled regularly for proper functioning, for which requires cryogenic refrigeration systems for transportation and storage.

Furthermore, heavy investments in various developing countries, including India, to construct smart cities and high-speed trains is projected to create lucrative revenue opportunities for players operating in the target market in the upcoming period.

Global Cryogenic Equipment Market: Segment Analysis

Among the product type segments, the pump segments are expected to account for higher revenue shares in the global market.

Among the cryogen type segments, liquefied natural gas segment is expected to account for major revenue share in the global market, and is expected to maintain its dominance over the forecast period.

Among the end-user segments, the energy & power segment is anticipated to register significant growth rate in the target market.

Global Cryogenic Equipment Market: Region Analysis

Asia Pacific is the fastest-growing market, as it is a major consumer of target product. This is due to ongoing investments in energy sector coupled with increasing demand for LNG from emerging countries such as China, India, and Australia in the region.

In addition, growth in end-user industries such as food & beverage, chemical, healthcare, along with introduction of GHG emission reduction targets, are some of the factors expected to drive growth of the target market.

An increasing presence of pharmaceutical companies and continuous focus on Research & Development activities in emerging economies are some of the other factors expected to drive growth of the target market over the forecast period.

The cryogenic equipment market in North America is expected to grow at a significant growth rate, owing to increasing applications in industries including food & beverage and healthcare sector, along with increasing environmental concerns in the region.

Global Cryogenic Equipment Market Segmentation:

Segmentation by Product Type:

• Tank
• Valve
• Vaporizer
• Pump
• Others (Pipe, Regulator, Strainer, Sampler, Tunnel Freezer)

Segmentation by Cryogen Type:

• Nitrogen
• Oxygen
• Liquefied Natural Gas
• Argon
• Other Cryogens

Segmentation by End-user:

• Energy & Power
• Chemicals
• Metallurgical
• Electronics

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa