Global Cryogenic Equipment Market Size study & Forecast, 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 &

Global Cryogenic Equipment Market Size study & Forecast, 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) and Regional Analysis, 2023-2030

Global Cryogenic Equipment Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. 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

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:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
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)

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.