Cryogenic Equipment Market Size By Product (Tanks, Valves, Vaporizers, Pumps, Pipe), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-user (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

Industry Trends

Cryogenic Equipment Market size surpassed around USD 17 billion in 2021 and is anticipated to grow at a CAGR of over 5% from 2022 to 2030. The development and expansion of new industrial establishments in line with increasing foreign direct investments across emerging nations toward technological advancements across the cryogenic sector will fuel the industry dynamics.
 

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The ongoing advances in technologies and sustainable cryogenic units along with rising projects related to the integration of liquefication processes and combined-cycle gasification will foster the market statistics. Accelerating investments in chemical plants and refineries coupled with the extensive suburban migration will enhance the product adoption. In addition, a growing customer base supported by an increasing number of advanced solutions will augment the revenues.
 

Increasing gas storage capacity in these equipment

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Cryogenic tank is projected to surge 5% gains through 2030. Ongoing improvements in technologies and the implementation of cryogenic grinding and spray-on foam insulation will accelerate the product demand. Flourishing storage capacity requirement for liquified gases across various applications and the growing LNG trade will escalate the cryogenic equipment market share over the coming years. Also, the ongoing product deployment in space programs merged the rising demand for LNG as bunkering fuel will garner the business stance.
 

Cryogenic pump was valued at USD 2 billion in 2021 and is estimated to register 5% growth rate during 2022 to 2030. Increasing investments across the power and oil & gas sectors with the upsurging spending across healthcare industry will propel the cryogenic pump market. However, the accessibility for different applications including refrigerator cooled, bath cryopumps, novel cryogenic pumps, and supercritical helium-cooled will energize product deployment.
 

Favorable government policies to support the oil & gas industry

The natural gas segment in cryogenic equipment market is poised to foresee growth nearly at 5.1% between 2022 and 2030. The plentiful availability of natural gas, significantly across China, the U.S., Qatar, and Russia, is attributed to the abundant undiscovered reservoirs, which will impact market outlook. Additionally, the growing demand for LNG owing to its extensive requirement across the oil & gas and power sectors as a feedstock will sway the marketplace.
 

Liquid argon will observe significant growth due to its wide range of applications in the metal and manufacturing industries. The capability of argon to be used alone or in mixed form with other gases including nitrogen, oxygen, carbon dioxide, helium, and hydrogen to meet customer requirements will influence its demand. Argon is an idle gas and does not react with gases available in the area including nitrogen and oxygen, thus supplementing its deployment as a safeguarding gas for processing including heat treating and welding.
 

The development of industrial centers across underdeveloped and major economies

The increasing necessity to expand oil yield from techniques including hydraulic fracturing and amplified oil recovery will escalate the demand for these products across the oil & gas application. Besides, advancement in technologies for the exploration of unconventional oil & gas resources including tight oil, tight gas, coal bed methane, and shale gas will thrust the market growth. Shifting trends toward gas-based power generation and accelerated spending toward development of transportation infrastructure will spur the cryogenic equipment market revenues.
 

The chemical industry was valued at USD 1 billion in 2021 and is expected to grow at 5.5% rate through 2030. Growing utilization of cryogens including nitrogen, helium as a liquifying agent, for creating atmosphere to protect products and facilities, dry freezing, synthesis of intermediates, and storage of drugs will boost the business. Moreover, the rapidly growing need for these equipments in the pharmaceutical sector for manufacturing of chemical drugs will bolster the market landscape.
 

Accelerating investments by major players to improve the liquification capacity

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The North America cryogenic equipment market is predicted to reach USD 6 billion by 2030. The regional demand is dynamically driven by the growing exploration of natural gas reserves and accelerating construction activities. Favorable regulatory measures concerning the expansion of low emission components have fragmented the deployment of cryogenic equipment. The reinforcing consumer awareness toward the endorsement of sustainable solutions and the increasing substitution of conventional equipment will further complement product penetration. Also, the scenario for these products has evolved over time with enlargement of manufacturing base and snowballing rate of infrastructure development.
 

The urban development initiatives take up by the EU and respective government authorities have led to the construction and expansion of cryogenic equipment’s in Europe. The global market has witnessed a paradigm shift from conventional sources toward the usage of sustainable and efficient sources for power generation. Furthermore, the initiatives implemented by government agencies have credited to the development of chemicals and food & beverage industries in the region. Increasing investments for the development in the aerospace market including aircraft, space programs, and military together with the ongoing acceptance of gas-based power plants will insinuate a positive business scenario.
 

The COVID-19 pandemic had majorly affected the overall cryogenic equipment market operations due to ceased manufacturing operations, labor shortages, and disrupted distribution channels. Respective governing authorities have imposed lockdowns in their countries and social distancing measures to reduce the impact of the virus. As a result, industries defined a consistent decrease in their product demand across the globe. The introduction of several vaccination drives and other effective measures by respective authorities to minimize the impact has ushered the market functioning back to normal. Also, the increasing investments toward development of healthcare infrastructure including government hospitals, and private and public labs globally will upsurge the demand for cryogenic equipment.
 

Strategic mergers and acquisitions by key participants

Major participants across the cryogenic equipment market include Emerson Electric, IWI Cryogenic Vaporization Systems (India), Cryogas Equipment, Cryogenic Liquide, Super Cryogenic Systems, Oswal Industries Limited, Flowserve Corporation, sinocleansky, Cryofab, Wessington Cryogenics, Vacker LLC, VRV S.r.L, Abhijit Enterprises, SHI Cryogenics Group, Oxford Instruments, PACKO Industry, The Weir Group PLC, Fives, Schlumberger Limited, HEROSE GMBH, Shell-n-Tube, Air Liquide, Air Products Inc., Linde PLC, Cryostar, and INOXCVA, among others.
 

This market research report on global cryogenic equipment includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2018 to 2030 for the following segments:

Market, By Product

• Tanks
• Valves
• Vaporizers
• Pumps
• Pipe

Market, By Cryogen

• Nitrogen
• Oxygen
• Natural Gas
• Argon

Market, By Application

• Storage
• Distribution

Market, By End-user

• O&G Industry
• Power
• Food & Beverage
• Chemical
• Rubber & Plastics
• Metallurgy
• Healthcare
• Shipping
• Agriculture, Forestry & Fishing

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • Italy
  • France
  • Spain
  • Poland
  • Russia
  • Norway
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Kuwait
  • Oman
  • Turkey
  • Qatar
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Peru