The new report by Expert Market Research titled, ‘Global Cryogenic Equipment Market Size, Price, Trends, Growth, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cryogenic equipment market, assessing the market based on its segments like equipment, cryogens, end-users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Cryogenic Equipment Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 7.3%
Rising LNG demand is expected to drive the global cryogenic equipment market. Growing demand for LNG, especially in Asia, is expected to propel the market growth. The formation and expansion of new industrial facilities, in combination with increased foreign direct investment across emerging nations in technological advancements in the cryogenic sector, will further fuel the market dynamics.
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The continued advancements in technology and sustainable cryogenic units, and new projects, including the integration of liquefication processes and combined-cycle gasification, will drive market expansion. In addition, accelerating investments in chemical plants and refineries coupled with the extensive suburban migration will enhance product adoption. A growing customer base supported by an increasing number of advanced solutions will likely augment the market revenues.
Cryogenic Equipment Industry Definition and Major Segments
Cryogenic equipment is useful for achieving or sustaining a cryogenic temperature of almost 150°C, which is required for applications such as liquefied natural gas production and transportation, liquid oxygen, helium, or nitrogen storage, blood transfusion, and biological sample preservation.
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By equipment, the market is segmented into:
Tanks
Pumps
Valves
Vaporizers
Others
Based on cryogen, the market is divided into:
Nitrogen
Argon
Oxygen
LNG
Others
The end users of the market are:
Energy and power
Chemicals
Metallurgy
Electronics
Shipping
Others
On the basis of region, the market is segmented into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Cryogenic Equipment Market Trends
Increasing investments across the power and oil and gas sectors with the upsurging spending across the healthcare industry will propel the cryogenic equipment market. Growing utilisation of cryogens, including nitrogen, and helium as a liquifying agent, for creating an atmosphere to protect products and facilities, dry freezing, synthesis of intermediates, and storage of drugs will also propel the market growth.
Moreover, the rapidly growing need for this equipment in the pharmaceutical sector for the manufacturing of chemical drugs will bolster the market landscape. Further, increasing investments in the development of the aerospace market, including aircraft, space programs, and the military, together with the ongoing acceptance of gas-based power plants, will insinuate a positive business scenario.
Key Market Players
The major players in the market are
- Cryofab,
- Nikkiso Cryogenic Industries,
- Linde plc,
- HEROSE GMBH,
- Wessington Cryogenic Ltd.,
- Sulzer Ltd.,
- others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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