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The global cryogenic equipment market size was estimated at USD 22,249.68 million in 2022, and it is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.55% from 2023 to 2030. The demand for technical gases in various industries to achieve specific temperature levels is expected to drive industry growth. The COVID-19 pandemic had a substantial impact on the market, with various industries experiencing closures and reduced demand for gases. However, there was an increased demand for liquid oxygen for medical purposes.
Increasing expenditure on space and satellite missions is anticipated to drive the demand for cryogenic equipment, especially for storing specimens from space. The shift towards LNG-based power plants as a clean energy source, along with government initiatives to build new gas-based power plants, presents significant market expansion opportunities. The industry is driven by increased natural gas consumption, advancements in healthcare, and the broader use of renewable energy.
The tank segment dominates the market, accounting for 32.9% of global revenue in 2022. The need to maintain gases for various industrial processes against traditional cooling lubricants, coupled with superior insulation and less maintenance, is driving the demand for tanks. Valves find wide usage in natural gas liquefaction plants and gas manufacturing facilities. Vacuum Jacketed Piping (VJP) is expected to witness steady growth due to its excellent performance in moving cryogenic liquids. The pump segment is projected to grow, supported by high vacuum requirements in the oil and gas, metallurgy, and energy sectors.
The liquefied natural gas (LNG) segment led the market with 31.9% of global revenue in 2022, driven by the rise in LNG demand in emerging economies. Oxygen, essential for various industries and applications, is expected to see continued growth. The nitrogen segment is projected to witness a significant CAGR of 7.1% due to its diverse uses in the oil & gas, metallurgy, healthcare, pharmaceutical, and food & beverage industries. Argon is expected to experience growth, supported by its applications in the metal and industrial sectors.
The storage segment holds the largest market share (56.5% of global revenue in 2022), driven by increased government expenditure on gas generation and growing usage in the marine industry. Cryogenic storage equipment is anticipated to expand significantly due to technological advancements in healthcare, facilitating rapid freezing of vaccines and preserving biological samples. The distribution segment is expected to witness substantial growth, fueled by the global trade of technical gases, especially liquefied natural gases.
The metallurgy industry, with extensive usage of argon, oxygen, and nitrogen gases, accounted for 27.5% of the market revenue share in 2022. The food & beverage segment is expected to witness strong growth due to the increasing popularity and demand for frozen foods, driven by environmental concerns and regulations governing food & beverage.
The Asia Pacific dominates the market, contributing 46.4% of the global revenue in 2022. This is attributed to the extensive usage of argon, oxygen, and nitrogen gases in the metallurgy industry. North America, Europe, Central & South America, and the Middle East & Africa also show significant growth potential.
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, and Ulvac Technologies, Inc.
· Market size value in 2023: USD 23,575.31 million
· Revenue forecast in 2030: USD 36,734.04 million
· Growth rate: CAGR of 6.55% from 2023 to 2030
· Base year for estimation: 2022
· Historical data: 2018 - 2021
· Forecast period: 2023 - 2030
· Quantitative units: Revenue in USD Million and CAGR from 2023 to 2030
· Global Cryogenic Equipment Market Report Segmentation
· Tanks
· Valves
· Pumps & Vaporizers
· Vacuum Jacketed Piping
· Others
· Nitrogen
· Oxygen
· Argon
· Liquefied Natural Gas
· Others
· Distribution
· Storage
· Oil & Gas
· Metallurgy
· Automotive
· Food & Beverage
· Chemical
· Other
· North America
· Europe
· Asia Pacific
· Central & South America
· Middle East & Africa
The global cryogenic equipment market size was estimated at USD 22,249.68 million in 2022.
The global market is projected to grow at a CAGR of 6.55% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65553
Published on :
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