IMARC Group’s report titled “Cryogenic Equipment Market Report by Equipment (Tanks, Pumps, Heat Exchanger, Valves, and Others), Cryogen (Nitrogen, Liquified Natural Gas, Helium, and Others), Application (Storage, Transportation, Processing, and Others), End Use Industry (Oil and Gas, Energy and Power, Food and Beverages, Healthcare, Marine and Aerospace, Chemicals, and Others), and Region 2024-2032″, The global cryogenic equipment market size reached US$ 21.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.
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Factors Affecting the Growth of the Cryogenic Equipment Industry:
- Industrial Applications:
Cryogenic equipment is crucial for the production and handling of liquefied gases such as nitrogen, oxygen, argon, and helium. Industries use these gases for various purposes, including as raw materials in manufacturing processes, cooling agents, and protective atmospheres. In the metal industry, cryogenic treatments are used to improve the properties of metals and alloys. Cryogenic cooling helps to enhance hardness, strength, and durability of materials, making it valuable in industries such as aerospace, automotive, and manufacturing.
- Growing Demand for LNG:
As countries are seeking cleaner energy sources and natural gas becomes a preferred alternative to coal and oil, LNG production and export have surged. Cryogenic equipment is essential for the liquefaction, storage, and transportation of LNG. This growing production and export activity boosts demand for cryogenic tanks, compressors, and other related equipment. The development of LNG infrastructure, including liquefaction plants, storage facilities, and regasification terminals, relies heavily on cryogenic technology. The construction and expansion of these facilities create a substantial market for cryogenic equipment to handle LNG efficiently and safely.
- Technological Advancements:
Advances in insulation materials, such as vacuum insulation panels (VIPs) and advanced composite materials, have increased the efficiency of cryogenic storage and transportation. These materials reduce heat leakage, improving energy efficiency and maintaining the stability of stored cryogens. Innovations in refrigeration technology, including the development of more efficient and reliable cryogenic refrigeration systems, contribute to better performance and lower operational costs. Newer systems can achieve lower temperatures more efficiently and with reduced energy consumption.
Leading Companies Operating in the Global Cryogenic Equipment Industry:
- Air Liquide S.A.
- Air Products and Chemicals Inc.
- Chart Industries Inc.
- Cryofab Inc.
- Cryoquip LLC (Nikkiso Co. Ltd.)
- Emerson Electric Co.
- Flowserve Corporation
- Herose GmbH
- INOX India Pvt. Ltd
- Linde Plc
- Parker-Hannifin Corporation
- Wessington Cryogenics
Cryogenic Equipment Market Report Segmentation:
By Equipment:
- Tanks
- Pumps
- Heat Exchanger
- Valves
- Others
Tanks exhibit a clear dominance in the market due to their critical role in safely storing and transporting cryogens at extremely low temperatures.
By Cryogen:
- Nitrogen
- Liquified Natural Gas
- Helium
- Others
Liquified natural gas represents the largest segment, driven by increasing energy demands and its pivotal role in clean energy transitions.
By Application:
- Storage
- Transportation
- Processing
- Others
Storage holds the biggest market share attributed to the critical need for maintaining the integrity and efficiency of stored cryogens across various industries.
By End Use Industry:
- Oil and Gas
- Energy and Power
- Food and Beverages
- Healthcare
- Marine and Aerospace
- Chemicals
- Others
Chemicals account for the majority of the market share accredited to its reliance on cryogenic processes for the preservation and processing of chemicals.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific dominates the market owing to the growing energy needs and rising investments in infrastructure development across the region.
Global Cryogenic Equipment Market Trends:
The use of cryogenic equipment in medical applications, such as cryopreservation of biological samples and cryosurgery, is rising, which is contributing to the market growth. Rapid industrialization and infrastructure development in emerging regions, particularly in Asia Pacific, are driving increased demand for cryogenic equipment. There is a growing emphasis on energy-efficient cryogenic equipment that reduces operational costs and environmental impact, aligning with global sustainability goals. The increasing number of space missions and advancements in space technology are driving the demand for cryogenic equipment used in rocket fuel storage and other space-related applications.
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