Cryogenic Equipment

Cryogenic Equipment

Cryogenic Equipment is defined as equipment used in the production, storage, transportation, and distribution of cryogenic fluids, which are liquids that have a temperature below -150°C. Cryogenic fluids include gases such as liquid nitrogen, liquid helium, and liquefied natural gas. Cryogenic equipment is used in a variety of industries, including healthcare, industrial manufacturing, and research. It is used for a variety of applications, such as cooling and freezing, sterilization, and storage of temperature-sensitive materials. Examples of cryogenic equipment include cryogenic tanks, cooling jackets, and liquid nitrogen generators. For instance, in Sep 2022, President Murmu inaugurated HAL's new facility to build cryogenic engines for ISRO rockets.

The Cryogenic Equipment Market is expected to grow at a steady rate of around 6% owing to the increasing LNG commerce & advancements in cryogenic energy storage systems coupled with growing demand for clean energy sources. Major companies in the market offer cryogenic equipment for multiple uses. For instance, in Apr 2023, India’s largest cryogenic equipment manufacturing facility with the ability to fabricate over 20,000 metric tons per year of stainless-steel equipment INOXCVA.

• Based on product, the market is segmented into tanks, valves, pumps, and others. The tanks category is expected to grow with a significant CAGR during the forecast period. Tanks used for cryogenic purposes are generally called cryo tanks or cryogenic tanks. These tanks are usually made up of double or triple layers with a space in between filled by insulating material and vacuum. Additionally, owing to the wide use of tanks in the oil & gas and chemical & petrochemical industry for the storage and transportation of oxygen, nitrogen, hydrogen, argon, and LNG cryogens. Thus, such factors are increasing the growth of cryogenic tanks in the market.
• Based on cryogen, the market is segmented into nitrogen, oxygen, liquefied natural gas, and others. The liquefied natural gas category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to its wide application areas such as storage, transportation, fueling, processing, and others. It is also used in power generation, metallurgy, manufacturing, locomotives, ships, and other industries. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, in Mar 2021, Gujarat Co Inoxcva launched LNG dispensers. The company has also developed equipment for mobile LNG fueling stations to cater to the requirements of the mining industry and remote areas.
• On the basis of application, the market is categorized into storage, distribution, processing, transportation, and others. Among these, storage is expected to grow with a significant CAGR during the forecast period. This is mainly due to the high utilization of rapidly freezing vaccines and preserving biological samples like human flesh, oocytes, and muscle leads to the high demand for the product in the market. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, in Feb 2023, Azenta launched Cryo Store Pico, a Novel Automated Cryogenic Storage System Designed for Clinical and Laboratory Applications.
• Based on end-user, the cryogenic equipment market has been classified into oil & gas, metallurgy, automotive, food & beverage, chemical, and others. The metallurgy category is expected to grow with a significant CAGR during the forecast period. This is mainly due to the extensive usage of argon, oxygen, and nitrogen gases in the metallurgy industry is expected to increase the segment’s growth. Nitrogen is widely used in metallurgy for various purposes including annealing, neutral hardening, sintering, cyanidation, and during blast furnaces. The rising metallurgy and high demand for technical gases drive segment growth. Thus, such factors are increasing the demand for cryogenic equipment in the metallurgy segment.
• For a better understanding of the market adoption of the cryogenic equipment industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the usage of cryogenic equipment in multiple industries such as oil & gas, metallurgy, automotive, food & beverage, chemical, and many others. Where the use of cryogenic is used for storage and transportation of materials that require low temperatures is driving the growth of the market. Moreover, the continuous investment in research and development to improve cryogenic technologies is further expected to support market growth.
• Some of the major players operating in the market include Linde plc; Air Liquide; ULVAC, Inc; Lapesa Grupo Empresarial S.L.; INOX India Private Limited.; Cryolor; Chart Industries; Wessington Cryogenics; Air Products and Chemicals, Inc; Nikkiso.