Cryogenic Equipment Market by Product (Freezer, Pipe, Pumps), Cryogen (Argon, Helium, Hydrogen), System Type, End-User - Global Forecast 2024-2030
The Cryogenic Equipment Market size was estimated at USD 11.76 billion in 2023 and expected to reach USD 12.58 billion in 2024, at a CAGR 6.80% to reach USD 18.65 billion by 2030.
Cryogenic equipment is designed to produce, maintain, and utilize extremely low temperatures below -150°C. This specialized equipment is necessary for liquefying gases such as nitrogen, oxygen, hydrogen, and helium through the cryogenic distillation process and achieving their superfluid states. Cryogenic equipment has various applications across industries such as healthcare, energy, metallurgy, chemicals, food processing and oil & gas. Increasing demand for liquefied gases from various end-use industries significantly drives the market growth. Moreover, emerging applications of cryogenic equipment across various industries, such as aerospace and aviation, leads to the market expansion. However, the high cost of the liquefaction process for cryogenic gases, along with the technical limitations, create hindrances for the deployment of cryogenic equipment. Furthermore, continuous innovations in the development of cryogenic equipment create potential opportunities for market growth.
Regional Insights
In the American region, the market for cryogenic equipment is growing with the continued innovation in sectors such as healthcare, transportation, and manufacturing. The major manufacturers within the region are investing heavily in research and development and increasing production capacity. Within the European Union, cryogenic equipment deployment is expanding due to growth in key end-use industries. European Union’s regulations around renewable energy and reduced emissions contributed to the adoption of cryogenic equipment. There is a growing demand for eco-friendly transportation, such as liquefied natural gas and liquid hydrogen, in the EU, which uses cryogenic technology. The Middle East and Africa present opportunities for growth in the cryogenics market, especially for the storage and transportation of liquefied natural gas and helium. The Middle East and Africa region witnessed a growing interest in cryogenic applications for water desalination and cold chain logistics. The countries, including China, Japan, and India, across the APAC region witnessed the growing demand in industries such as electronics, transportation, and space exploration contributing to the adoption of cryogenic equipment. These Asian markets generally comprise large domestic cryogenic equipment manufacturers, along with the presence of international companies.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Cryogenic Equipment Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Rising demand for the production of industrial gasses
- Continuous growth in the aerospace and aviation industry
- Rising applications with the growing demand and consumption of energy
- Market Restraints
- High cost of cryogenic equipment
- Market Opportunities
- Continuous innovations in the development of cryogenic equipment
- Emerging potential for storage and transportation of medical gasses
- Market Challenges
- Technical limitations associated with cryogenic equipment
- Market Segmentation Analysis
- Product: Ongoing research in cryogenic freezers includes the development of energy-efficient freezers and the incorporation of smart monitoring systems
- Cryogen: Increasing utilization of nitrogen as it provides a stable and ultra-low temperature environment
- System Type: Continuous improvements in storage systems to enhance operational safety
- End-User: Expanding cryogenic applications across the healthcare industry for freezing vaccines and preserving biological samples
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Cryogenic Equipment Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Cryogenic Equipment Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Flowserve introduces Worcester Cryogenic Ball Valves to Help Control Fugitive Emissions
Flowserve Corporation introduced the Worcester Cryogenic series, a highly reliable range of quarter-turn floating ball valves. These valves are renowned for their performance in LNG, hydrogen, and various industrial gas and cryogenic applications. The Worcester Cryogenic ball valves are available in two configurations: three-piece (CF44 series) and flanged (CF51/CF52 series).
Cryogenic Specialist Nikkiso Joins SEA-LNG Coalition
NIKKISO CO., LTD. has joined SEA-LNG to explore opportunities for collaboration. This collaboration aims to develop cryogenic pumps, process systems, heat exchanger systems, and Nikkiso Turboexpander systems.
Bluefors to Acquire its Distributor Rockgate, Establishing Direct Presence in the Japanese Cryogenics Technology Market
Bluefors, a manufacturer of cryogenic measurement systems, has recently acquired Rockgate, a Tokyo-based distributor of cryogenic equipment. This strategic acquisition aims to establish an explicit service and sales presence in the Japanese cryogenics market, expanding Bluefors' global footprint beyond its current locations in Finland, Germany, the Netherlands, and the USA.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Cryogenic Equipment Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Cryogenic Equipment Market, highlighting leading vendors and their innovative profiles. These include Ability Engineering Technology, Inc., Air Liquide S.A., Air Products and Chemicals, Inc., Air Water Inc., Atlas Copco AB, Azenta, Inc., Beijing Tianhai Cryogenic Equipment Co., Ltd, Bluefors Oy, Caterpillar Inc., Chart Industries, Inc., CIMC Enric Holdings Limited, CRYO PUR by La Francaise de l’Energie, Cryofab Inc., Cryospain, S.L., CryoVation LLC, CS&P Technologies, LP, Dover Corporation, Emerson Electric Co., Fives Group, Flowserve Corporation, Harris Products Group by Lincoln Electric Holdings, Inc., Herose GmbH, Honeywell International Inc., IceCure Medical Ltd., Indian Oil Corporation Limited, INOX India Limited, Linde PLC, MAN Energy Solutions SE, Nikkiso, Co. Ltd., Omni Tanker Pty Ltd., Pacira BioSciences, Inc., Parker-Hannifin Corporation, PHPK Technologies, Schlumberger N.V, Sulzer Ltd., Sumitomo Heavy Industries, Ltd., Taylor-Wharton, Thermo Fisher Scientific Inc., and Wessington Cryogenics Ltd..
Market Segmentation & Coverage
This research report categorizes the Cryogenic Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:- Product
- Freezer
- Pipe
- Pumps
- Tanks
- Valves
- Vaporizers
- Cryogen
- Argon
- Helium
- Hydrogen
- LNG
- Nitrogen
- Oxygen
- System Type
- Handling System
- Storage System
- Supply System
- End-User
- Chemicals
- Electronics
- Energy & Power
- Healthcare
- Oil & Gas
- Transportation
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rising demand for the production of industrial gasses
- 5.1.1.2. Continuous growth in the aerospace and aviation industry
- 5.1.1.3. Rising applications with the growing demand and consumption of energy
- 5.1.2. Restraints
- 5.1.2.1. High cost of cryogenic equipment
- 5.1.3. Opportunities
- 5.1.3.1. Continuous innovations in the development of cryogenic equipment
- 5.1.3.2. Emerging potential for storage and transportation of medical gasses
- 5.1.4. Challenges
- 5.1.4.1. Technical limitations associated with cryogenic equipment
- 5.2. Market Segmentation Analysis
- 5.2.1. Product: Ongoing research in cryogenic freezers includes the development of energy-efficient freezers and the incorporation of smart monitoring systems
- 5.2.2. Cryogen: Increasing utilization of nitrogen as it provides a stable and ultra-low temperature environment
- 5.2.3. System Type: Continuous improvements in storage systems to enhance operational safety
- 5.2.4. End-User: Expanding cryogenic applications across the healthcare industry for freezing vaccines and preserving biological samples
- 5.3. Market Trend Analysis
- 5.3.1. Innovation in the cryogenic equipment and expanding power & energy, and medical sector in the Americas
- 5.3.2. Increasing investment in cryogenic engine technology for the expanding space exploration and defense activities in the APAC region
- 5.3.3. Expanding infrastructure development of cryogenic hydrogen tank to meet sustainability goals and investments in the aerospace industry in the EMEA region
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Cryogenic Equipment Market, by Product
- 6.1. Introduction
- 6.2. Freezer
- 6.3. Pipe
- 6.4. Pumps
- 6.5. Tanks
- 6.6. Valves
- 6.7. Vaporizers
- 7. Cryogenic Equipment Market, by Cryogen
- 7.1. Introduction
- 7.2. Argon
- 7.3. Helium
- 7.4. Hydrogen
- 7.5. LNG
- 7.6. Nitrogen
- 7.7. Oxygen
- 8. Cryogenic Equipment Market, by System Type
- 8.1. Introduction
- 8.2. Handling System
- 8.3. Storage System
- 8.4. Supply System
- 9. Cryogenic Equipment Market, by End-User
- 9.1. Introduction
- 9.2. Chemicals
- 9.3. Electronics
- 9.4. Energy & Power
- 9.5. Healthcare
- 9.6. Oil & Gas
- 9.7. Transportation
- 10. Americas Cryogenic Equipment Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Cryogenic Equipment Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Cryogenic Equipment Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. Flowserve introduces Worcester Cryogenic Ball Valves to Help Control Fugitive Emissions
- 13.3.2. Cryogenic Specialist Nikkiso Joins SEA-LNG Coalition
- 13.3.3. Bluefors to Acquire its Distributor Rockgate, Establishing Direct Presence in the Japanese Cryogenics Technology Market
- 13.3.4. Air Water Inc. Acquires Specialized Distribution Equipment Producer M1 Engineering
- 13.3.5. INOXCVA Begins Construction of INR 200 Crore Cryogenic Equipment Manufacturing Facility
- 13.3.6. Nikkiso Clean Energy & Industrial Gases Group Announces Expansion of Sales, Service and Engineering Facility in South Africa
- 13.3.7. Parker Releases a New Comprehensive Catalog for its Range of Bestobell Cryogenic Valves for Industrial Gas Applications
- 13.3.8. Nikkiso Clean Energy & Industrial Gases Group Completes the Acquisition of Cryotec Anlagenbau GmbH, Wurzen, Germany
- 13.3.9. Cryomotive and Fives Enter into a Partnership to Develop a Leading Cryogenic Pump for Truck Hydrogen Refueling Stations
- 13.3.10. Nikkiso Clean Energy Opens New Facility in Qatar
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
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