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Global Cryogenic Equipment Market: By Equipment: Tanks, Pumps, Valves, Vaporizers, Others; By Cryogen: Nitrogen, Argon, Oxygen, LNG, Others; By End User: Energy and Power, Chemicals, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Cryogenic Equipment Market Outlook

The global cryogenic equipment market is expected to grow at a CAGR of 7.3% during the period 2022-2027. Cryogenic equipment is useful for attaining or maintaining a cryogenic temperature of nearly 150°C which is needed in applications such as liquefied natural gas production and transportation, liquid oxygen or helium or nitrogen storage, blood transplantation, and preserving biological samples. The global market is expected to be driven by uses of cryogenic equipment in industrial applications. North America, Europe and Asia are likely to be key markets.

 

Global Market Likely to be Driven by Uses in Industrial Applications

Cryogenic equipment produces or is employed in the production of very low temperature materials or processes. Cryogenics involves temperatures colder than those that can be attained with conventional refrigeration equipment. Cryogenic equipment is devised to touch very-low temperatures at a slow rate to prevent thermal shock to the components being treated. Cryogenic temperatures range from -238 °F (-150° C, 123.2 K°) to absolute zero. At such low temperatures, substances that are naturally gases can be liquefied; some metals lose electrical resistance, as they get colder. Cryogenic equipment includes cryogenic refrigerators, temperature controllers, cryogenic storage racks and boxes, cryogenics accessories and cryogenic tanks. A cryogenic tank or dewar is employed to store cryogenic gases such as liquid oxygen, nitrogen, argon, carbon dioxide, and methane in bulk quantities. Cryogenic refrigerators are employed to preserve cryogenic materials. In a cryogenic refrigerator, a refrigerant is circulated in a fluid flow path between the first and second chambers by the movement of a displacer.

Cryogenic equipment such as cryocoolers and liquid nitrogen equipment are used to achieve cryogenic temperatures. There are two main types of crycoolers - stirling cryocooler and pulse tube cryocooler. Cryogenic equipment that employs liquid nitrogen gas as a coolant is called liquid nitrogen equipment. Liquefied nitrogen gas, owing to its high density in liquid state, is capable of being easily stored, safely transported, and employed as a coolant. Liquid nitrogen refrigerators offer low daily evaporation losses. Crycoolers and liquid nitrogen equipment can be regulated by computers.

 

Applications Across Industries Expected to Boost Market Growth

Cryogenic equipment is employed in multiple applications. 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. Small vacuum flasks and dewar flasks are used for storing liquefied gases; for larger industrial operations, large cryogenic storage tanks are used. Materials are transferred from carriers to cryogenic containers or cryo tanks with the help of cryogenic transfer pumps. Cryogenic-refrigerators and freezers are used to fast freeze vaccines and preserve biological samples (for example human blood, embryos and tissue). Such applications are expected to boost the global cryogenic equipment market. Leading companies offer sophisticated solutions for multiple industries for example, Cryofab offers cryogenic products for several industries, including medical, biotechnology, research, instrumentation, semi-conductor, superconductivity, home care and food service.

 

Rising LNG Demand Likely to Drive Market Growth

Rising LNG demand is expected to boost the global cryogenic equipment market. Growing demand for LNG, especially in Asia, is expected to boost market growth. In 2021, USA led export growth with a year-on-year increase of over 23 million mt. In 2021, China and South Korea led growth in LNG demand. Global LNG demand is expected increase significantly in the near future. Asia is expected to be a key driver of growth. Leading companies offer LNG cryogenic equipment. For example, Technifab offers vacuum jacketed hoses and piping for use in a variety of LNG applications; the company’s vacuum jacketed pipe decreases liquid loss with LNG and can offer quicker liquid delivery time to the end use point. The company also manufactures our own line of vacuum-insulated valves. Tehchnifab also helps other firms develop custom cryogenic equipment, including dewars, that are used for LNG.

 

Market Segmentation

By equipment, the market is segmented into:

  • Tanks
  • Pumps
  • Valves
  • Vaporizers
  • Others

By cryogen, the market is divided into:

  • Nitrogen
  • Argon
  • Oxygen
  • LNG
  • Others

By end user, the market is classified into:

  • Energy and power
  • Chemicals 
  • Metallurgy
  • Electronics
  • Shipping
  • Others

By region, the market is segmented into:

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

 

Key Industry Players in the Market

The report presents a detailed analysis of the following key players in the global cryogenic equipment market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Cryofab
  • Nikkiso Cryogenic Industries
  • Linde plc
  • HEROSE GMBH
  • Wessington Cryogenic Ltd.
  • Sulzer Ltd.
  • Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Equipment
  • Cryogen
  • End User
  • Region
Breakup by Equipment
  • Tanks
  • Pumps
  • Valves
  • Vaporizers
  • Others
Breakup by Cryogen
  • Nitrogen
  • Argon
  • Oxygen
  • LNG
  • Others
Breakup by End User
  • Energy and Power
  • Chemicals 
  • Metallurgy
  • Electronics
  • Shipping
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Cryofab
  • Nikkiso Cryogenic Industries
  • Linde plc
  • HEROSE GMBH
  • Wessington Cryogenic Ltd.
  • Sulzer Ltd.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Cryogenic Equipment Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Cryogenic Equipment Historical Market (2017-2021) 
    8.3    Global Cryogenic Equipment Market Forecast (2022-2027)
    8.4    Global Cryogenic Equipment Market by Equipment
        8.4.1    Tanks
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Pumps
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Valves
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
        8.4.4    Vaporizers
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2017-2021)
            8.4.4.3    Forecast Trend (2022-2027)
        8.4.5    Others
    8.5    Global Cryogenic Equipment Market by Cryogen
        8.5.1    Nitrogen
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Argon
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Oxygen
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
        8.5.4    LNG
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2017-2021)
            8.5.4.3    Forecast Trend (2022-2027)
        8.5.5    Others
    8.6    Global Cryogenic Equipment Market by End User
        8.6.1    Energy and Power
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Chemicals 
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Metallurgy
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    Electronics
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2017-2021)
            8.6.4.3    Forecast Trend (2022-2027)
        8.6.5    Shipping
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2017-2021)
            8.6.5.3    Forecast Trend (2022-2027)
        8.6.6    Others
    8.7    Global Cryogenic Equipment Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Cryofab
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Nikkiso Cryogenic Industries
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Linde plc
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    HEROSE GMBH
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Wessington Cryogenic Ltd.
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Sulzer Ltd.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Cryogenic Equipment Market: Key Industry Highlights, 2017 and 2027
2.    Global Cryogenic Equipment Historical Market: Breakup by Equipment (USD Million), 2017-2021
3.    Global Cryogenic Equipment Market Forecast: Breakup by Equipment (USD Million), 2022-2027
4.    Global Cryogenic Equipment Historical Market: Breakup by Cryogen (USD Million), 2017-2021
5.    Global Cryogenic Equipment Market Forecast: Breakup by Cryogen (USD Million), 2022-2027
6.    Global Cryogenic Equipment Historical Market: Breakup by End User (USD Million), 2017-2021
7.    Global Cryogenic Equipment Market Forecast: Breakup by End User (USD Million), 2022-2027
8.    Global Cryogenic Equipment Historical Market: Breakup by Region (USD Million), 2017-2021
9.    Global Cryogenic Equipment Market Forecast: Breakup by Region (USD Million), 2022-2027
10.    North America Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2017-2021
11.    North America Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2022-2027
12.    Europe Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2017-2021
13.    Europe Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Asia Pacific Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Asia Pacific Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Latin America Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Latin America Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Middle East and Africa Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2017-2021
19.    Middle East and Africa Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2022-2027
20.    Global Cryogenic Equipment Market Structure

Key Questions Answered in the Report

The global cryogenic equipment market is projected to grow at a CAGR of 7.3% between 2022 and 2027.

The major drivers of the market include the rising projects related to the integration of liquefication processes and combined-cycle gasification, growing investments in chemical plants and refineries, extensive suburban migration, increasing foreign direct investments, and favourable government policies.

The uses of cryogenic equipment in industrial applications and ongoing advances in technologies are the key industry trends propelling the market's growth.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The various equipment in the market are tanks, pumps, valves, and vaporizers, among others.

Based on cryogen, the market is segmented into nitrogen, argon, oxygen, and LNG, among others.

The end-users of the market are energy and power, chemicals, metallurgy, electronics, and shipping, among others.

The major players in the industry are Cryofab, Nikkiso Cryogenic Industries, Linde plc, HEROSE GMBH, Wessington Cryogenic Ltd., and Sulzer Ltd., among others.

Analyst Review

The global cryogenic equipment market was driven by the uses of cryogenic equipment in industrial applications in the historical period. Aided by the growing investments in chemical plants and refineries and ongoing advances in technologies, the market is expected to grow at a CAGR of 7.3% in the forecast period of 2022-2027.

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The various equipment in the market are tanks, pumps, valves, and vaporizers, among others. Based on cryogen, the market is segmented into nitrogen, argon, oxygen, and LNG, among others. The end users of the market are energy and power, chemicals, metallurgy, electronics, and shipping, among others. The major regional markets for cryogenic equipment are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the market are Cryofab, Nikkiso Cryogenic Industries, Linde plc, HEROSE GMBH, Wessington Cryogenic Ltd., and Sulzer Ltd., among others.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.

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