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:
- Use in Energy and Power Sectors:
The rising energy need is driving the demand for efficient energy storage and transportation solutions, where cryogenic equipment plays a crucial role. Liquid natural gas (LNG), which requires cryogenic equipment for storage and transport, is becoming a preferred energy source due to its lower carbon footprint compared to coal and oil. The shift towards cleaner energy to meet international climate goals is encouraging investments in LNG infrastructure, such as storage tanks and regasification units, catalyzing the demand for cryogenic valves, tanks, and vaporizers. Additionally, the expanding renewable energy sector, including solar and wind, requires liquid air energy storage systems that utilize cryogenic equipment to manage power supply variability.
- Advances in Healthcare and Biotechnology:
With advancements in medical technology, there is a requirement for medical gases, including oxygen and nitrogen, which are stored and transported using cryogenic tanks. Furthermore, the biotechnology industry relies heavily on cryogenic equipment for the preservation of biological samples, such as blood, stem cells, and tissue samples, at ultra-low temperatures. This is critical not only for research and development (R&D) activities but also for long-term preservation in biobanks. The ongoing developments in regenerative medicine and personalized treatments continue to drive the demand for cryogenic storage solutions.
- Technological Innovations and Industry 4.0 Integration:
Manufacturers are incorporating smart technologies and internet of things (IoT) connectivity into their products to enhance efficiency, safety, and monitoring capabilities. This includes the development of smart valves and tanks equipped with sensors that provide real-time data on pressure, temperature, and fill levels, allowing for better asset management and predictive maintenance. Moreover, the integration of advanced materials and improved insulation techniques are leading to more efficient and compact cryogenic equipment designs, reducing operational costs and improving performance. The growing reliance on cryogenic processes for material properties enhancement and critical manufacturing processes in industries like electronics and metallurgy is positively influencing the market.
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 development of eco-friendly cryogenic insulation materials aimed at reducing energy usage and minimizing heat loss during the storage and transport of cryogenic gases is propelling the market growth. Innovations, such as vacuum insulation panels and multi-layered composite materials, are enhancing the thermal performance of cryogenic storage systems, which is critical in industries where energy efficiency is a priority.
Additionally, the advent of modular systems offers flexibility, scalability, and ease of installation, which are particularly advantageous in rapidly growing sectors like LNG and healthcare, strengthening the market growth. These modular units can be quickly deployed and easily expanded as demand grows, making them a cost-effective solution for many businesses.
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