Cryogenic equipment is mainly utilized in the oil & gas industry for the storage and transportation of Liquefied Natural Gas and industrial gases in industrial operations. The growth of the industrial sector is essential for both economic development and raising public awareness of the importance of developing sustainable energy sources. These elements have a significant impact on the market's expansion. The key factors driving the market growth is the high demand for industrial gases from the metallurgy and energy & power industries, the growing demand for LNG, the rising need for clean energy source, the increasing demand from the healthcare and medical industry, and expanding industrial gas industry that anticipated to support the market growth during the forecast period 2023-2030.
Moreover, the growing liquefied natural gas (LNG) trade has a significant impact on the growth of the cryogenic equipment market. The LNG is produced by cooling natural gas to cryogenic temperatures, which reduces its volume significantly, making it easier and more cost-effective to transport. This process requires a wide range of cryogenic equipment, including liquefaction plants, storage tanks, and transportation vessels. As the demand for LNG increases, there is a corresponding need for more cryogenic equipment to support its production and transportation. According to Statista, in 2019, the worldwide trade of Liquefied natural gas was 484 billion cubic meters and in 2022 the trade volume reached 542 billion cubic meters. As a result, the growing Liquefied natural gas is anticipated to support the market growth. Additionally, evolving cryogenic electronics applications and transition toward renewable energy and increasing awareness of cryogenic energy storage systems are anticipated to create lucrative opportunities for the market during the forecast period 2023-2030. However, the high CAPEX and OPEX costs associated with cryogenic plants, volatile raw material prices and competition from gray market players stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Cryogenic Equipment Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the expanding industrial applications, increasing demand for LNG, technological advancements, and stringent regulatory standards. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the increasing demand from various end-use industries, growing healthcare sector, advancements in industrial gas applications, infrastructure development, and expanding LNG industry.
Major market player included in this report are:
- Linde plc (Ireland)
- Air Liquide (France)
- Air Products and Chemicals, Inc (US)
- Chart Industries Inc. (Georgia)
- Parker Hannifin Corp (US)
- Flowserve Corporation (US)
- SHI Cryogenics Group (Japan)
- Emerson Electric Co. (US)
- Sulzer Ltd (Switzerland)
- Acme Cryo (US)
Recent Developments in the Market:
- In December 2021, Chart Industries cooperated with Howden to develop advanced hydrogen solutions and to include Howden's gas compression technology into chart Industries' services.
Global Cryogenic Equipment Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Product, Cryogen Type, End-User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Product:
- Tank
- Valve
- Vaporizer
- Pump
- Actuator
- Bayonet Connection
- Others
By Cryogen Type:
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas (LNG)
- Hydrogen
- Helium
- Others
By End-User:
- Oil & Gas
- Metallurgy
- Power Generation
- Chemical & Petrochemical
- Marine
- Others
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Cryogenic Equipment Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Cryogenic Equipment Market, by Product, 2020-2030 (USD Billion)
- 1.2.3. Cryogenic Equipment Market, by Cryogen Type, 2020-2030 (USD Billion)
- 1.2.4. Cryogenic Equipment Market, by End-User, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Cryogenic Equipment Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Cryogenic Equipment Market Dynamics
- 3.1. Cryogenic Equipment Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. High demand for industrial gases from metallurgy and energy & power industries
- 3.1.1.2. Growing demand for LNG, rising need for clean energy source
- 3.1.1.3. Increasing demand from healthcare and medical industry
- 3.1.2. Market Challenges
- 3.1.2.1. High CAPEX and OPEX costs associated with cryogenic plants,
- 3.1.2.2. Volatile raw material prices and competition from gray market players
- 3.1.3. Market Opportunities
- 3.1.3.1. Evolving cryogenic electronics applications and transition toward renewable energy
- 3.1.3.2. Increasing awareness of cryogenic energy storage systems
Chapter 4. Global Cryogenic Equipment Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Cryogenic Equipment Market, by Product
- 5.1. Market Snapshot
- 5.2. Global Cryogenic Equipment Market by Product, Performance - Potential Analysis
- 5.3. Global Cryogenic Equipment Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
- 5.4. Cryogenic Equipment Market, Sub Segment Analysis
- 5.4.1. Tank
- 5.4.2. Valve
- 5.4.3. Vaporizer
- 5.4.4. Pump
- 5.4.5. Actuator
- 5.4.6. Bayonet Connection
- 5.4.7. Others
Chapter 6. Global Cryogenic Equipment Market, by Cryogen Type
- 6.1. Market Snapshot
- 6.2. Global Cryogenic Equipment Market by Cryogen Type, Performance - Potential Analysis
- 6.3. Global Cryogenic Equipment Market Estimates & Forecasts by Cryogen Type 2020-2030 (USD Billion)
- 6.4. Cryogenic Equipment Market, Sub Segment Analysis
- 6.4.1. Nitrogen
- 6.4.2. Oxygen
- 6.4.3. Argon
- 6.4.4. Liquefied Natural Gas (LNG)
- 6.4.5. Hydrogen
- 6.4.6. Helium
- 6.4.7. Others
Chapter 7. Global Cryogenic Equipment Market, by End-User
- 7.1. Market Snapshot
- 7.2. Global Cryogenic Equipment Market by End-User, Performance - Potential Analysis
- 7.3. Global Cryogenic Equipment Market Estimates & Forecasts by End-User 2020-2030 (USD Billion)
- 7.4. Cryogenic Equipment Market, Sub Segment Analysis
- 7.4.1. Oil & Gas
- 7.4.2. Metallurgy
- 7.4.3. Power Generation
- 7.4.4. Chemical & Petrochemical
- 7.4.5. Marine
- 7.4.6. Others
Chapter 8. Global Cryogenic Equipment Market, Regional Analysis
- 8.1. Top Leading Countries
- 8.2. Top Emerging Countries
- 8.3. Cryogenic Equipment Market, Regional Market Snapshot
- 8.4. North America Cryogenic Equipment Market
- 8.4.1. U.S. Cryogenic Equipment Market
- 8.4.1.1. Product breakdown estimates & forecasts, 2020-2030
- 8.4.1.2. Cryogen Type breakdown estimates & forecasts, 2020-2030
- 8.4.1.3. End-User breakdown estimates & forecasts, 2020-2030
- 8.4.2. Canada Cryogenic Equipment Market
- 8.5. Europe Cryogenic Equipment Market Snapshot
- 8.5.1. U.K. Cryogenic Equipment Market
- 8.5.2. Germany Cryogenic Equipment Market
- 8.5.3. France Cryogenic Equipment Market
- 8.5.4. Spain Cryogenic Equipment Market
- 8.5.5. Italy Cryogenic Equipment Market
- 8.5.6. Rest of Europe Cryogenic Equipment Market
- 8.6. Asia-Pacific Cryogenic Equipment Market Snapshot
- 8.6.1. China Cryogenic Equipment Market
- 8.6.2. India Cryogenic Equipment Market
- 8.6.3. Japan Cryogenic Equipment Market
- 8.6.4. Australia Cryogenic Equipment Market
- 8.6.5. South Korea Cryogenic Equipment Market
- 8.6.6. Rest of Asia Pacific Cryogenic Equipment Market
- 8.7. Latin America Cryogenic Equipment Market Snapshot
- 8.7.1. Brazil Cryogenic Equipment Market
- 8.7.2. Mexico Cryogenic Equipment Market
- 8.8. Middle East & Africa Cryogenic Equipment Market
- 8.8.1. Saudi Arabia Cryogenic Equipment Market
- 8.8.2. South Africa Cryogenic Equipment Market
- 8.8.3. Rest of Middle East & Africa Cryogenic Equipment Market
Chapter 9. Competitive Intelligence
- 9.1. Key Company SWOT Analysis
- 9.1.1. Company 1
- 9.1.2. Company 2
- 9.1.3. Company 3
- 9.2. Top Market Strategies
- 9.3. Company Profiles
- 9.3.1. Linde plc (Ireland)
- 9.3.1.1. Key Information
- 9.3.1.2. Overview
- 9.3.1.3. Financial (Subject to Data Availability)
- 9.3.1.4. Product Summary
- 9.3.1.5. Recent Developments
- 9.3.2. Air Liquide (France)
- 9.3.3. Air Products and Chemicals, Inc (US)
- 9.3.4. Chart Industries Inc. (Georgia)
- 9.3.5. PARKER HANNIFIN CORP (US)
- 9.3.6. Flowserve Corporation (US)
- 9.3.7. SHI Cryogenics Group (Japan)
- 9.3.8. Emerson Electric Co. (US)
- 9.3.9. Sulzer Ltd (Switzerland)
- 9.3.10. Acme Cryo (US)
Chapter 10. Research Process
- 10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
- 10.2. Research Attributes
- 10.3. Research Assumption