Cryogenic Equipment Market Size, Share & Trends Analysis Report By Product, By Cryogen, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global cryogenic equipment market size was estimated at USD 22,249.67 million in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 6.5% from 2023 to 2030. The demand for technical gases in various industries to attain a particular temperature level is expected to drive the global industry during the forecast period. The COVID-19 pandemic has had a substantial impact on the global industry. Various industries remained closed during the pandemic, which resulted in a declined demand for various gases and affected industry growth. However, the demand for liquid oxygen was high for medical purposes.

Increasing expenditure on space and satellite missions is expected to drive the demand for these products for storing specimens from space in cryogenic gases due to their inert nature. In addition, with the depletion of coal resources, LNG-based power plants are growing as a clean source of energy, which presents a significant market expansion opportunity for cryogenic equipment. Furthermore, initiatives have been taken by the U.S. government to build 18 GW of new gas-based power plants, which is attributed to the expansion in the industrial and power sectors. This holds a potential growth opportunity for these products. Increased natural gas consumption and improved healthcare in the nations are two essential industry drivers for cryogenic equipment.

The demand for broad use of renewable energy in the infrastructure considerably drives the need for energy storage across many industries. Cryogenics-based Energy Storage (CES) will become more critical as power station energy storage is combined with renewable electricity generation, which is projected to boost the demand for these products globally. The continuing renovation and modernization of current healthcare infrastructure and a rise in gas-to-liquid conversion projects are anticipated to drive the industry growth over the projected year. The industry is restrained by the high costs associated with specialty materials and the maintenance of cryogenic equipment.

Product Insights

The tank segment has the industry and accounted for 32.9% of the global revenue share in 2022. The requirement to maintain gases for multiple essential industrial processes against traditional cooling lubricants with superior insulation, longer durability, and less maintenance is anticipated to drive product demand over the forecast period. The valve segment is mainly used in natural gas liquefaction plants, gas manufacturing facilities, receiving terminals, and cargo systems. This segment is expected to rise over the forecast period due to the wide usage of smokers for the evaporation of LNG in base-load and peak shaving in regasification plants across end-use industries.

Vacuum Jacketed Piping (VJP) is a vacuum-insulated pipe with excellent performance, and minimal heat leakage specifically made for moving cryogenic liquids. The segment is expected to witness a steady CAGR of 6.1% during the forecast period. Vacuum jacketed pipes consist of two stainless steel pipes; the inner pipe carries the cryogenic liquids while the outer pipe is vacuum sealed providing insulation. The pump segment is expected to deliver strong growth over the forecast period, credited to the high and ultra-high vacuum requirements from the oil and gas, metallurgy, and energy sectors. In April 2021, Nikkiso Cryo, Inc. announced a new facility located in Nevada, U.S. to increase cryogenic pump production capabilities and efficiency, to cater to the rising product demand.

Cryogen Insights

The liquefied natural gas segment led the market and accounted for 31.8% of the global revenue in 2022. The segment growth is mainly caused by the rise in LNG demand in emerging economies. Continuous advancement in LNG storage technologies is likely to facilitate this significant growth and, consequently, the cryogenic equipment industry. Oxygen is an oxidizer and the most significant component for various industries to carry out several critical applications. The rapidly growing metal processing industry is expected to augment the demand for liquid oxygen for furnace blasts for cast iron and reduce the emission of exhaust gases. Oxygen is also important in automotive for welding in the medical and healthcare sectors, and also in rocket fuels.

Thus, the growing end-use industries drive the segment. The nitrogen segment is expected to witness a significant CAGR of 7.0% during the forecast period. It is primarily due to its numerous uses in the oil & gas and metallurgy industries. It is used in the healthcare sector for blood freezing and medication packing as well as in the pharmaceutical and food & beverage industries. In June 2020, Cryospain Engineering announced Asia expansion with a project to develop a new tank for nitrogen storage in Taiwan. A wide range of applications for argon in the metal and industrial sectors is predicted to provide this segment with a significant boost during the projected period. Demand for argon is expected to rise as it can be used alone or in combination with other gases, such as nitrogen, oxygen, carbon dioxide, and hydrogen, to fulfill customer requirements.

Application Insights

The storage segment led the market and accounted for 56.4% of the global revenue in 2022. A rise in the expenditures on gas generation by the government and growing usage of these products in the marine industry is anticipated to fuel demand. The cryogenic storage equipment application segment is likely to expand at a significant CAGR from 2022 to 2030 due to the advancement and expansion of cryogenic technology in the healthcare field. Moreover, cryogenic storage equipment is utilized for rapidly freezing vaccines and preserving biological samples like human flesh, oocytes, and muscle, which is expected to boost industry expansion during the forecast period.

The distribution segment is expected to witness a significant CAGR of 6.6% during the forecast period. The rising trade of technical gases across the world is likely to drive the segment growth, more notably the trade of liquefied natural gases has reinforced the distribution equipment utilized in distributed applications. The need for portable cryogenic tanks has grown due to the increased usage of nitrogen and oxygen for various distribution applications in the food & beverage, oil & gas, and healthcare industries. The growing need for medical gases like oxygen, CO2, nitrogen, and nitrous oxide facilitated due to the increasing spending on healthcare is likely to boost the demand for distribution equipment.

End-user Insights

The metallurgy industry's extensive usage of argon, oxygen, and nitrogen gases is expected to fuel the demand for this products. The metallurgy segment accounted for 27.4% of the market revenue share in 2022. The extensive usage of argon, oxygen and nitrogen gases in the metallurgy industry is expected to fuel the segment’s growth. Nitrogen is widely used in metallurgy for various purposes including annealing, neutral hardening, sintering, cyanidation, and during blast furnaces. The rising metallurgy and high demand for technical gases drive segment growth. The food & beverage segment is anticipated to witness strong growth during the forecast period. The popularity and demand for frozen foods have shown substantial growth in the food & beverage industries. In addition, promoting environmentally friendly products to decrease carbon footprints influenced the choice of freezing technology and legislation governing food & beverage.

The extensive usage of argon, oxygen and nitrogen gases in the metallurgy industry is expected to fuel the segment’s growth. Nitrogen is widely used in metallurgy for various purposes including annealing, neutral hardening, sintering, cyanidation, and during blast furnaces. The rising metallurgy and high demand for technical gases drive segment growth. The food & beverage segment is anticipated to witness strong growth during the forecast period. The popularity and demand for frozen foods have shown substantial growth in the food & beverage industries. In addition, promoting environmentally friendly products to decrease carbon footprints influenced the choice of freezing technology and legislation governing food & beverage.

Regional Insights

The Asia Pacific led the market and accounted for 46.3% of the global revenue share in 2022. The extensive usage of argon, oxygen and nitrogen gases in the metallurgy industry is expected to fuel the segment’s growth. Nitrogen is widely used in metallurgy for various purposes including annealing, neutral hardening, sintering, cyanidation, and during blast furnaces. The rising metallurgy and high demand for technical gases drive segment growth. The food & beverage segment is anticipated to witness strong growth during the forecast period. The popularity and demand for frozen foods have shown substantial growth in the food & beverage industries. In addition, promoting environmentally friendly products to decrease carbon footprints influenced the choice of freezing technology and legislation governing food & beverage.

The extensive usage of argon, oxygen and nitrogen gases in the metallurgy industry is expected to fuel the segment’s growth. Nitrogen is widely used in metallurgy for various purposes including annealing, neutral hardening, sintering, cyanidation, and during blast furnaces. The rising metallurgy and high demand for technical gases drive segment growth. The food & beverage segment is anticipated to witness strong growth during the forecast period. The popularity and demand for frozen foods have shown substantial growth in the food & beverage industries. In addition, promoting environmentally friendly products to decrease carbon footprints influenced the choice of freezing technology and legislation governing food & beverage.

Key Companies & Market Share Insights

The extensive usage of argon, oxygen and nitrogen gases in the metallurgy industry is expected to fuel the segment’s growth. Nitrogen is widely used in metallurgy for various purposes including annealing, neutral hardening, sintering, cyanidation, and during blast furnaces. The rising metallurgy and high demand for technical gases drive segment growth. The food & beverage segment is anticipated to witness strong growth during the forecast period. The popularity and demand for frozen foods have shown substantial growth in the food & beverage industries. In addition, promoting environmentally friendly products to decrease carbon footprints influenced the choice of freezing technology and legislation governing food & beverage. Some prominent players in the cryogenic equipment market include:

• Chart Industries Inc.

• Linde plc

• Herose GmbH

• Nikkiso Co. Ltd.

• Wessington Cryogenics

• Braunschweiger Flammenfilter GmbH

• Standex International

• INOX India Limited

• Air Liquide SA

• Premier Cryogenics Ltd.

• Lapesa Grupo Empresarial s.l

• Galileo Technologies S.A.

• MAN Energy Solutions SE

• Cryolor SA

• SAS Cryo Pur

• Ulvac Technologies, Inc.

Cryogenic Equipment Market Report Scope

Global Cryogenic Equipment Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the cryogenic equipment market on the basis of product, cryogen, application, end-use and region:

• Product Outlook (Revenue, USD Million; 2018 - 2030)

  • Tanks

  • Valves

  • Pumps & Vaporizers

  • Vacuum Jacketed Piping

  • Others

• Cryogen Outlook (Revenue, USD Million; 2018 - 2030)

  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas

  • Others

• Application Outlook (Revenue, USD Million; 2018 - 2030)

  • Distribution

  • Storage

• End-user Outlook (Revenue, USD Million; 2018 - 2030)

  • Oil & Gas

  • Metallurgy

  • Automotive

  • Food & Beverage

  • Chemical

  • Other

• Regional Outlook (Revenue, USD Million; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa