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Global Cryogenic Equipment Market to Grow at a CAGR of 7.3% During the Period 2022-2027, Driven by Uses in Industrial Applications

According to a new report by EMR titled, ‘Global Cryogenic Equipment Market Report and Forecast 2022-2027’,the global cryogenic Equipment market is expected to grow at a CAGR of 7.3% during the period 2022-2027, led by innovation in cryogenic equipment.

The global cryogenic equipment market is expected to be driven by uses in applications such as production and transportation of liquefied natural gas, liquid oxygen or helium or nitrogen storage, preserving biological samples, and blood transplantation. North America, Europe and Asia are likely to be key markets.

The automotive industry is evolving continually. Novel trends and car models warrant new production methods; sustainability is also becoming increasingly important. Thus, there is growing demand for electric cars. Electric car sales have witnessed significant increase in China and Europe in the last few years. This trend has significant implications for the use of cryogenic equipment in the automotive industry. A cooling tray used in the automotive industry refers to a vacuum insulated dewar filled with a cryogenic liquid (generally liquid nitrogen),   into which automotive components are immersed during the production process. Ccooling trays are built into a robotic production line; therefore, the immersion process is wholly automated. Cooling trays in the automotive industry are employed to carry out cold shrink technology, also called shrink fits.

Innovations and novel trends in the industry are likely to drive the global cryogenic equipment market. For example, cryogenic equipment used in automobile manufacturing is undergoing constant change, innovation and development. Modern shrink fits have undergone changes in design. With growing demand for electric cars, demand for new cryogenic equipment, such as cooling tray for electric motors, has also increased. Companies are engaged in developing solutions that meet the needs of the market. For example, Demaco has been working on a cooling tray with a new design to respond to new developments - a new cooling tray within the cryogenic technique that fulfils the requirements of an electric motor. Currently, Demaco offers both cooling trays for internal combustion engines and electric motors. Further, in cooperation with machinery suppliers in the automotive industry, the company offers a complete cryogenic system consisting of a cooling tray, vacuum insulated transfer lines, and quality enhancing products, such as a phase separator.

Wessington offers solutions to meet customers’ special requirements for cryogenic equipment. Solutions include cryogenic storage vessels that range from general purpose open dewars, to multi-coded liquid nitrogen, argon, oxygen & helium vessels, intermodal ISO tank containers and road tankers. Spares and accessories range from replacement valves to full automatic liquid level control equipment. The company is able to manufacture a host of 'specials' for specific applications where a standard product does not exist. These vessels can be for 'one-off' projects or the development of a new concept for a potentially new market. Wessington also offers custom designed cryostats, liquid nitrogen vessels, cryogenic valve boxes and phase separators.

Cryogenic equipment is employed in multiple applications. such applications are expected to drive the global cryogenic equipment market. Examples include storage and transportation of liquefied gases, food preservation, cryosurgery, rocket fuels, and super-conducting electromagnets. Cryogenic liquids have medical and industrial applications; liquid nitrogen is used to conduct chemical reactions that warrant low temperatures; liquid hydrogen and oxygen are used as fuels for rockets.

Key Findings of the Report:

  • The global cryogenic equipment market is expected to be driven by applications of such equipment across industries.
  • Innovations and new trends in the industry are likely to stimulate market growth.
  • North America, Europe and Asia are projected to be key markets.

Market Analysis by Equipment, Cryogen, End User and Region:

  • By equipment, the market is segmented into Tanks, Pumps, Valves, Vaporizers, and Others.
  • By cryogen, the market is divided into Nitrogen, Argon, Oxygen, LNG, and Others.
  • By end user, the market is classified into Energy and power, Chemicals, Metallurgy, Electronics, Shipping, and Others.
  • By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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