Cryogenic Equipment Market Size - By Product (Tanks, Valves, Vaporizers, Pumps, Pipe), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application, Growth Forecast 2024 – 2032

Cryogenic Equipment Market Size - By Product (Tanks, Valves, Vaporizers, Pumps, Pipe), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application, Growth Forecast 2024 – 2032

Cryogenic Equipment Market Size

Cryogenic Equipment Market was valued at USD 19.4 billion in 2023 and is set to grow at a CAGR of over 5.5% between 2024 and 2032. Growing public and private participation in infrastructural developmental activities has created a significant boom in the global economy over the past decade. Rapid industrialization has led to a widespread adoption of cryogenic equipment’s for the storage, transportation, and distribution of liquefied gases. The increasing efforts of the government to reduce greenhouse gas emissions coupled with the rising demand for unconventional sources of energy has also led to industry growth.

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The development of innovative and sustainable technologies has resulted in enhanced techniques for cryogenic handling which has also provided opportunities for business expansion. In addition, the exponential investments toward development of healthcare infrastructure including hospitals, public & private labs, will boost the industry growth. The introduction of stringent GHG regulations coupled with the increasing LNG trade will further elevate the industry revenue.

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Cryogenic Equipment Market Trends

The rising demand for cryogenic equipment in the commercial and industrial sectors, primarily for power distribution, is poised to reshape the industry landscape, fueled by escalating energy needs. This surge is further propelled by heightened construction and infrastructure projects. Moreover, in line with the global push for energy conservation and sustainability, manufacturers are enhancing the energy efficiency of Cryogenic Equipment. To achieve this, firms are integrating cutting-edge technologies and materials, aiming to slash power losses and boost system efficiency.

The growth of the cryogenic equipment market is driven by increasing demand in the healthcare sector for medical gases, expanding liquefied natural gas (LNG) production, and advancements in cryogenic technology. Additionally, the rise in space exploration and industrial gas applications further fuels market expansion.

Cryogenic Equipment Market Analysis

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Based on product, the tanks cryogenic equipment industry will surpass USD 13.2 billion by 2032. Shifting trends towards gas-based power generation plants along with increasing gas storage capacity by various nations has provided favourable opportunities for business expansion.

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Based on Cryogen type, the natural gas cryogen type market will observe about 5% growth rate from 2024 to 2032. Shifting regulatory policies toward energy transition and sustainable energy sources driven by concerns over fuel diversification will stimulate the demand for natural gas. Lower pollution rate when compared with conventional fossil fuels including coal and oil along with government efforts to reduce carbon emissions will sway the market penetration.

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Asia Pacific cryogenic equipment market is anticipated to exceed over USD 11.1 billion by 2032. Rapidly increasing urbanization and rising per capita income has led to an increased spending across the food & beverage sector which will enhance the product penetration across the region. In addition, growing manufacturing industries favoured by the increasing investments toward expansion of the existing manufacturing base across China, India, Japan, and South Korea will propel the cryogenic equipment industry growth.

The U.S. cryogenic equipment market is dynamically driven by the evolution of the manufacturing sector and increasing exploration of natural gas reserves in the region. In addition, favorable regulatory policies pertaining to the development of low emission systems have widened the deployment spectrum for this equipment. Technological advancement relating to the product innovation and rise in disposable income have also encouraged leading manufacturers to invest in the region contributing to a significant industry expansion.

Cryogenic Equipment Market Share

Air Liquide, Brugg Group AG, Emerson Electric Co., Flowserve Corporation, Linde PLC, among others are the dominant players in the cryogenic equipment industry. These companies are focusing on innovation, strategic partnerships, and investments manufacturing new products to maintain their competitive edge in the market.

Cryogenic Equipment Market Companies

Major ley players operating across the cryogenic equipment industry are

• Abhijit Enterprises
• Air Liquide
• Air Products and Chemicals, Inc.
• AIR WATER INC
• Auguste Cryogenics
• Brugg Group AG
• Cryogenic Liquide
• CRYOSPAIN
• Cryostar
• Cryoworld
• DEMACO
• Emerson Electric Co.
• Flowserve Corporation
• Hypro
• INOXCVA
• IWI Cryogenic Vaporization Systems (India) Pvt. Ltd.
• Kelvin Technology
• Linde PLC
• Schlumberger Limited
• Shell-n-Tube
• Vacuum Barrier Corporation
• VRV S.r.L

Cryogenic Equipment Industry News

• In June 2024, Hypro introduced a new line of cryogenic tanks designed to store and transport liquid oxygen, carbon dioxide, and nitrogen. These tanks, supporting sub-zero operations, cater to applications ranging from breweries to industrial manufacturing. Serving the global market, they meet what the company describes as the "highest standards" in cryogenic solutions, thereby driving market growth.
   
• In April 2023, Air Water Inc. acquired M1 Engineering, a specialized cryogenic distribution equipment producer based in Bradford, West Yorkshire (England). This acquisition aims to enhance Air Water Inc.'s hydrogen product offerings as the European market expands, thereby contributing to overall market growth.

This cryogenic equipment market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Billion’ from 2021 to 2032, for the following segments

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Market, By Product

• Tanks
• Valves
• Vaporizers
• Pumps
• Pipe
• Others

Market, By Cryogen Type

• Nitrogen
• Oxygen
• Natural Gas
• Argon
• Other Cryogens

Market, By Application

• Storage
• Distribution

Market, By End Use

• O&G industry
• Power
• Food & Beverage
• Chemical
• Rubber & plastics
• Mettallurgy
• Healthcare
• Shipping
• Agriculture, Forestry & Fishing
• Other industries

The above information has been provided for the following region & countries

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • Italy
  • Spain
  • France
  • Poland
  • Norway
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • South Korea
  • Australia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Kuwait
  • Oman
  • Turkey
  • Qatar
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Peru