Cryogenic Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Cryogenic Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The cryogenic equipment market has gained significant traction in recent years, driven by its applications in diverse industries such as healthcare, energy, and food and beverages.The cryogenic equipment market is poised for significant growth, projected to reach $25.26 billion in 2024 and $39.03 billion by 2031, with a compound annual growth rate (CAGR) of 6.40%. With the growing emphasis on renewable energy and advancements in storage technology, cryogenic equipment is becoming essential in various sectors. The increasing need for energy storage, biological preservation, and industrial gas applications is expected to drive further growth in this market. Moreover, the development of cryogenics-based energy storage (CES) systems is anticipated to play a crucial role in supporting the green energy transition.

Commercial Drivers of Cryogenic Equipment

The expansion of the cryogenic equipment market is closely linked to advancements in cryogenic technology and its growing adoption in several industries. One of the key factors driving demand is the use of cryogenic chillers in healthcare, where they are utilized for preserving biological samples such as tissues, vaccines, and other medical products. Cryogenic storage containers, for instance, are critical for the preservation and freezing of vaccines, which is expected to further bolster market growth.

Additionally, cryogenic gases are increasingly being used to store samples from space missions, which has spurred demand for specialized equipment. As the need for space exploration grows, so does the requirement for cryogenic storage solutions. The shift toward cleaner energy sources, such as liquefied natural gas (LNG), has also created significant opportunities for cryogenic equipment, particularly in LNG-based power plants. This shift is largely driven by the depletion of traditional coal reserves, which has prompted a transition to alternative energy sources.

Future Prospects for Market Players

As the demand for cryogenic equipment continues to grow, market players are poised to benefit from several emerging trends. Notably, the rising consumption of LNG and the growing focus on renewable energy sources are expected to drive demand for nitrogen Dewar tanks and other cryogenic storage solutions. Additionally, as power consumption increases, particularly in regions with expanding industrial infrastructure, the need for cryogenic equipment will grow in tandem.

The food and beverage industry is also expected to contribute to market growth, particularly as the popularity of frozen food products increases. Liquid nitrogen is commonly used in this sector for storage and transportation purposes, which will likely drive demand for bulk liquid nitrogen storage tanks. Moreover, the rise of gas-fired power plants, especially in regions with a focus on renewable energy, is expected to provide a boost to the cryogenic equipment industry.

Category-wise Insights

Cryogenic Tanks

The cryogenic tank segment has been a significant driver of the global cryogenic equipment market. Tanks are essential for preserving gases that are used in various industrial processes. With advancements in insulation technology and the development of durable, low-maintenance tanks, this segment is expected to continue leading the market.

Cryogen Safety Valves

Cryogen safety valves are critical components in cargo systems, gas production facilities, and liquefaction plants. These valves ensure safe operation in the storage and transport of cryogenic gases. Their widespread use in LNG regasification facilities is expected to drive demand, particularly as these systems are adopted across various end-use industries.

Most Preferred Cryogen Types

Liquefied Natural Gas (LNG)

LNG has become the most widely used cryogen in the cryogenic equipment market, accounting for a significant share of the market’s revenue. The growing demand for LNG in developing economies is a key factor in driving growth in this segment. Additionally, continuous improvements in LNG storage technology are expected to support further market expansion.

Nitrogen

The nitrogen cryogen segment is also anticipated to experience strong growth, particularly due to its applications in the pharmaceutical industry. Nitrogen is widely used for packaging medications, freezing biological samples, and preserving blood. Its use in metal processing, particularly in cast iron furnace blasts, is expected to increase demand for nitrogen-based cryogenic equipment.

Application-wise Insights

Storage

Storage applications dominate the cryogenic equipment market, accounting for a large portion of total revenue. The demand for cryogenic storage solutions is driven by government investment in gas generation, along with the increasing use of these products in the maritime industry. As storage technology improves, the need for cryogenic tanks and containers is expected to grow.

Distribution

The distribution segment is poised to experience significant growth as well, particularly in industries such as food and beverage, oil and gas, and healthcare. The growing need for portable cryogenic tanks to transport liquid nitrogen and oxygen is expected to drive demand in this segment. As businesses in these industries continue to expand their distribution networks, the demand for cryogenic equipment is likely to follow.

End-User Insights

Metallurgy

The metallurgical sector has been one of the largest end-users of cryogenic equipment, contributing significantly to overall market revenue. Cryogenic storage containers are widely used in various metallurgical processes, including annealing, neutral hardening, sintering, and cyanidation. The demand for technical gases in metallurgy is expected to continue driving growth in this segment.

Energy and Power

The energy and power sectors are also key end-users of cryogenic equipment, particularly as the world transitions toward cleaner energy sources. The expansion of industries such as space exploration, marine, and chemicals is expected to fuel further demand for cryogenic pumps, valves, and other equipment. The growing adoption of renewable energy technologies will likely support the continued growth of cryogenic equipment in these sectors.

Regional Insights

North America

North America has been one of the largest markets for cryogenic equipment, driven by the region’s robust industrial infrastructure and the increasing demand for natural gas. The United States, in particular, is expected to play a leading role in the market’s growth. As natural gas consumption continues to rise and industries expand, the demand for energy-efficient cryogenic equipment is anticipated to grow.

Europe

In Europe, the need for cryogenic equipment is expected to rise in response to increasing industrial preservation needs, particularly in light of recent incidents involving natural disasters. Germany is expected to be a key player in the region, driven by its strong industrial base. Spain is also poised to see growth as it expands its industrial presence into regions with higher demand for cryogenic solutions.

Asia-Pacific

The Asia-Pacific region has been a major contributor to the global cryogenic equipment market, driven by rapid industrialization and increasing demand for energy. Countries such as South Korea and Japan are expected to see significant growth, particularly in industries such as healthcare, chemicals, and space exploration. The region’s growing LNG consumption and investment in energy infrastructure are expected to fuel further demand for cryogenic equipment.

South Korea

South Korea is projected to be a key player in the Asia-Pacific cryogenic equipment market, driven by the growing demand for energy and advancements in industries such as space exploration. The country’s strong industrial base and increasing energy consumption are expected to create opportunities for cryogenic equipment manufacturers.

Japan

Japan, the world’s largest LNG importer, is also expected to see significant growth in the cryogenic equipment market. The country’s focus on reducing carbon emissions and increasing renewable energy production is likely to drive demand for cryogenic storage solutions. Japan’s investment in LNG infrastructure is anticipated to have a positive impact on the market in the coming years.

Competitive Analysis

The global cryogenic equipment market is highly competitive, with companies employing various strategies to maintain market dominance. These strategies include acquisitions, partnerships, and the development of new products. For example, major players in the market have expanded their product portfolios to include specialized air-cooled heating systems for industries such as shale gas compression, refining, and petrochemicals.

Key Companies Profiled
• Chart Industries Inc.
• Linde plc
• Herose GmbH
• Nikkiso Co. Ltd.
• Wessington Cryogenics
• Braunschweiger Flammenfilter GmbH
• Standex International
• INOX India Ltd.
• 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.

Key Segments Covered in the Cryogenic Equipment Industry Report

Cryogenic Equipment Industry by Product Type
• Tanks
• Valves
• Pumps & Vaporizers
• Vacuum Jacketed Piping
• Others

Cryogenic Equipment Industry by Cryogen
• Nitrogen
• Oxygen
• Argon
• Liquefied Natural Gas
• Others

Cryogenic Equipment Industry by Application
• Distribution
• Storage

Cryogenic Equipment Industry by End User
• Oil & Gas
• Metallurgy
• Automotive
• Food & Beverage
• Chemical
• Other

Cryogenic Equipment Industry by Region
• North America Market
• Europe Market
• Asia-Pacific Market
• Middle East & Africa Market
• South America Market

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