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The global cryogenic equipment market is expected to grow at a CAGR of 7.3% during the period 2024-2032. 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.
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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.
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 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.
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By equipment, the market is segmented into:
By cryogen, the market is divided into:
By end user, the market is classified into:
By region, the market is segmented into:
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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:
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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Equipment |
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Breakup by Cryogen |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global Cryogenic Equipment Market Analysis
8.1 Key Industry Highlights
8.2 Global Cryogenic Equipment Historical Market (2018-2023)
8.3 Global Cryogenic Equipment Market Forecast (2024-2032)
8.4 Global Cryogenic Equipment Market by Equipment
8.4.1 Tanks
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Pumps
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Valves
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Vaporizers
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Cryogenic Equipment Market by Cryogen
8.5.1 Nitrogen
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Argon
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Oxygen
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 LNG
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Cryogenic Equipment Market by End User
8.6.1 Energy and Power
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Chemicals
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Metallurgy
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Electronics
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Shipping
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Cryogenic Equipment Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Cryogenic Equipment Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cryogenic Equipment Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cryogenic Equipment Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Cryogenic Equipment Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Cryogenic Equipment Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Cryofab
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Nikkiso Cryogenic Industries
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Linde plc
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 HEROSE GMBH
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Wessington Cryogenic Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Sulzer Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cryogenic Equipment Market: Key Industry Highlights, 2018 and 2032
2. Global Cryogenic Equipment Historical Market: Breakup by Equipment (USD Million), 2018-2023
3. Global Cryogenic Equipment Market Forecast: Breakup by Equipment (USD Million), 2024-2032
4. Global Cryogenic Equipment Historical Market: Breakup by Cryogen (USD Million), 2018-2023
5. Global Cryogenic Equipment Market Forecast: Breakup by Cryogen (USD Million), 2024-2032
6. Global Cryogenic Equipment Historical Market: Breakup by End User (USD Million), 2018-2023
7. Global Cryogenic Equipment Market Forecast: Breakup by End User (USD Million), 2024-2032
8. Global Cryogenic Equipment Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Cryogenic Equipment Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Cryogenic Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Cryogenic Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Cryogenic Equipment Market Structure
The global cryogenic equipment market is projected to grow at a CAGR of 7.3% between 2024 and 2032.
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.
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 2024-2032.
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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