Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, and Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, and Hydrogen), System Type (Storage, Handling, and Supply) and End-User (Energy, Chemicals, Metallurgy, and Transportation): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026429 | Pages: 100 | Industry: Medical Device | Date: Sep 2022 | Type: Global

The market crossed US$ 21.21 billion mark in 2022 and is expected to hit US$ 34.62 billion by 2030, recording a CAGR of 6.6% during the forecast period. 

LNG segment held the largest share by Cryogen segment.

Based on the cryogen, the cryogenic equipment market  is segmented into nitrogen, argon, oxygen, LNG, hydrogen, and others. The LNG segment held the largest share in the global cryogenic equipment market  in 2022.  Rapid advancements in LNG storage technologies is likely to facilitate this significant growth and, consequently, the cryogenic equipment industry.

Within the report, the market is segmented into equipment, cryogen, end user, system type geography. By equipment, the market is further segmented into tanks, valves, vaporizers, and pumps. By cryogen the market is segmented into nitrogen, argon, oxygen, LNG, hydrogen and others. On the basis of end-user the market is segmented  into energy, chemicals, metallurgy, and transportation.  On the basis of system type, the market is segmented  into storage, handling, and supply. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Increasing Medical Applications of Cryogenic Equipment.

Cryogenic equipments maintain a cryogenic temperature of about -150°C which is required for applications such as production and transportation of liquefied natural gas, storage of liquid oxygen or helium or nitrogen, blood transplantation, and preserving biological samples. Cryogenic equipments are used for fast freezing of vaccines and preserving biological samples like human blood, embryos and tissue. Thus, growing medical applications of cryogenic equipments is likely to drive the growth of the market.

 

 

 

Growing space and satellite missions is likely to create growth opportunities for the market.

The growing number of space and satellite projects is likely to create growth opportunities for the cryogenic equipment market. The high reliability and simplicity of operations of cryogenic equipments, they are widely installed on spacecrafts, also improved performance of cryogenic devices, such as cold electronics and sensors, has opened new applications. There were total of 146 space missions in the year 2021. This is likely to create growth opportunities for the market.

Recent strategic developments in cryogenic equipment market  

The cryogenic equipment market has undergone several significant developments, and a few of these have been mentioned below:

  • In February 2022, Linde plc partnered with BASF. Under this agreement, Linde plc will source steam and hydrogen to BASF.
  • In February 2022, Air Liquide collaborated with Airbus, Korean Air and Incheon to create the first hydrogen usage roadmap at and around Incheon airport and help in the development of hydrogen ecosystem.
  • In April 2021, Nikkiso Cryo, Inc. built a new facility in Nevada, US to increase the production capability of cryogenic pump and to cater the rising product demand.

 

The cryogenic equipment market  is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Linde plc, Air Liquide, Air Products Inc, Chart Industries, PARKER HANNIFIN CORP, Flowserve Corporation, SHI Cryogenics Group, Emerson Electric Co., Sulzer Ltd, Nikkiso Co.  are among the prominent players operating in the market.

Target audience for the report:

  • Component Manufacturing Companies For Cryogenic Equipment
  • Government & Research Organizations
  • Organizations, Forums, Alliances & Associations
  • Cryogenic Equipments Providers
  • State & National Energy Authorities
  • Dealers & Suppliers And Vendors

 

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Equipment:
    • Tanks
    • Valves
    • Vaporizers
    • Pumps
    • Other Equipment
  • Cryogen
    • Nitrogen
    • Oxygen
    • Argon
    • LNG
    • Hydrogen
    • Other Cryogen
  • System Type
    • Storage System
    • Handling System
    • Supply Systems
    • Others
  • End-User
    • Energy & Power
    • Chemical
    • Metallurgy
    • Electronics
    • Transportation
    • Other End-Use Industries
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Linde plc 
    • Air Liquide 
    • Air Products Inc 
    • Chart Industries 
    • PARKER HANNIFIN CORP 
    • Flowserve Corporation 
    • SHI Cryogenics Group 
    • Emerson Electric Co. 
    • Sulzer Ltd 
    • Nikkiso Co.

Companies profiled
- Linde plc
- Air Liquide
- Air Products Inc
- Chart Industries
- PARKER HANNIFIN CORP
- Flowserve Corporation
- SHI Cryogenics Group
- Emerson Electric Co.
- Sulzer Ltd
- Nikkiso Co.

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