Cryogenic Equipment Market

Cryogenic Equipment Market

Growth Factors of Cryogenic Equipment Market

The cryogenic equipment market size was valued at USD 22.32 billion in 2023, and the market is now projected to grow from USD 24.45 billion in 2024 to USD 42.23 billion by 2032, exhibiting a CAGR of 7.07% during the forecast period of 2023-2032.

In addition, worldwide restrictions have caused a halt in economic activities. The decrease in sales of passenger automobiles and commercial vehicles during the pandemic is a significant element influencing this industry hence reducing cryogenic equipment market growth. In addition, worldwide restrictions have caused a halt in economic activities. Despite the challenges of covid pandemic, the circuit breaker market has proven to be robust. Although the construction of electric vehicle has been delayed due to shortage of man power and procurement concerns of raw material.

Growing LNG demand will accelerate cryogenic equipment market growth. The globe is moving dramatically toward renewable energy options including LNG, solar energy, and wind energy, among others, as worries about air pollution and climate change grow. Governments everywhere have been emphasizing the use of LNG, promoting investments to raise the proportion of natural gas in the energy mix, and restricting the use of coal and oil.

Putting more of an emphasis on the manufacturing and processing sectors to increase product demand during the upcoming years. The developing economies' growing investments in the food and beverage, electronics, metallurgy, and mining and metals sectors will boost demand for their products.

Comprehensive Analysis of Cryogenic Equipment Market

The cryogenic equipment market and power and energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power and energy benefit management industry. These segmentations are methodically segregated by product, by cryogen type and by end users. The product segmentations include, Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, and Others, By Cryogen Type segmentations include Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Hydrogen, Helium, and Others. However, the end users segmentations include Oil & Gas, Metallurgy, Power Generation, Marine, Chemical & Petrochemical, and others.

The Asia Pacific region lead the cryogenic equipment market by benefitting a market size of USD 8.20 billion in 2023 due to the need for gas-based power plants is driven by rising electricity consumption and rising knowledge of renewable power sources.

The top players in the market play a crucial role in the power and energy industry assuring industrial prospectus growth and setting market standards. These players include, Chart Industries, Inc. (U.S.), Cryofab, Inc. (U.S.), Linde (Germany), Nikkisso Cryoquip (U.S.), Nikkiso Co. Ltd (Japan), SHI Cryogenics Group (Japan), HEROSE GMBH (Germany), Wessington Cryogenics (U.K.), Cryo Pur (France), INOXCVA (INOX India Pvt Ltd) (India), Sulzer (Switzerland), Schlumberger (U.S.), Flowserve Corporation (U.S.), Fives (France), Phpk Technologies (U.S.), Marshall Excelsior Company (U.S.), ACME Cryogenics (U.S.), RegO (U.S.), Habonim Industrial Valves & Actuators LTD (U.S.) these market players provide a level-playing competitive landscape.

In June 2021, In order to work together to create technological solutions that will collect carbon dioxide (CO2) released by ships and store it in liquid form, TECO 2030 and Chart Industries, Inc. signed a Memorandum of Understanding. Under the terms of their three-year agreement, TECO 2030 and Chart will work together to create shipboard carbon capture solutions utilizing SES's Cryogenic Carbon Capture (CCC) technology, which Chart purchased in December 2020.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 7.07% from 2024-2032

Unit Value (USD Billion)

Segmentation 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 Geography

• North America (By Product, By Cryogen Type, By End-User, By Country)
• U.S. (By End-User)
• Canada (By End-User)
• Europe (By Product, By Cryogen Type, By End-User, By Country)
• U.K. (By End-User)
• Germany (By End-User)
• France (By End-User)
• Italy (By End-User)
• Spain (By End-User)
• Russia (By End-User)
• Rest of Europe (By End-User)
• Asia Pacific (By Product, By Cryogen Type, By End-User, By Country)
• China (By End-User)
• India (By End-User)
• Japan (By End-User)
• Australia (By End-User)
• Southeast Asia (By End-User)
• Rest of Asia Pacific (By End-User)
• Latin America (By Product, By Cryogen Type, By End-User, By Country)
• Brazil (By End-User)
• Mexico (By End-User)
• Rest of Latin America (By End-User)
• Middle East & Africa (By Product, By Cryogen Type, By End-User, By Country)
• GCC (By End-User)
• South Africa (By End-User)
• Rest of Middle East & Africa (By End-User)

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