Cryogenic Equipment Market Share Projected to Reach USD 37.18 Billion, at a CAGR of 7.3% by 2030 – Report by Market Research Future (MRFR)

Cryogenic Equipment Market Growth Boost by Increased LNG Commerce and Advancements in Cryogenic Energy Storage Systems

New York, US, June 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Cryogenic Equipment Market Information by Product Type, Cryogen Type, End-Use, and Region - Forecast till 2030”, Cryogenic Equipment Market could thrive at a rate of 7.3% between 2022 and 2030. The market size will be reaching around USD 37.18 Billion by the end of the year 2030.

Cryogenic Equipment Market Overview

Cryogenic equipment refers to specialized devices and systems designed to operate in extremely low-temperature environments. These equipment are used to store, transport, and manipulate materials at cryogenic temperatures, typically below -150°C (-238°F). They are essential in industries such as healthcare, aerospace, electronics, energy, and food processing, where the handling of liquefied gases and supercooled substances is required.

The uses and applications of cryogenic equipment are diverse. In the medical field, cryogenic equipment is used for the storage and preservation of biological samples, vaccines, and other medical products. In the aerospace industry, cryogenic propellants are used for rocket propulsion systems. Cryogenic equipment is also used in the production and transportation of liquefied natural gas (LNG) and superconducting devices for scientific research and energy applications.

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Cryogenic Equipment Market Competitive Landscape:

The affluent companies in the Cryogenic Equipment industry include

  • Beijing Tianhai Industry
  • Cryofab Inc
  • Emerson
  • Graham Partners
  • Herose
  • Linde Group
  • VRV
  • Air Liquide
  • Chart Industries Inc
  • Cryoquip
  • Flowserve Corporation
  • Parker Hannifin
  • INOX India Ltd
  • Among others.

January 2022

Saulsbury secured the engineering, procurement, and construction (EPC) contract for two cryogenic processing facilities in the Midland Basin. These facilities, with a base-rated capacity of 200 million standard cubic feet per day (MMSCFD) each, mark a significant milestone for Saulsbury. They represent the company's 61st and 62nd cryogenic processing facility projects since 2006, contributing to a total processing capacity of nearly 11 billion cubic feet per day (BCFD). Furthermore, they serve as the 23rd and 24th cryogenic processing facilities established by Saulsbury in the West Texas region.

Cryogenic Equipment Market USP Covered:

Market Drivers:

The increasing demand for LNG as a cleaner and more efficient energy source drives the need for cryogenic equipment for its production, storage, and transportation. Secondly, the growing applications of cryogenic technology in the healthcare sector, such as cryosurgery, cryopreservation, and cryotherapy, propel the demand for specialized equipment. Additionally, the expanding space exploration and aerospace industries require cryogenic equipment for the storage and handling of propellants and life-support systems.

Market Restraints:

One major challenge is the high cost associated with the development and maintenance of cryogenic equipment, including specialized materials, insulation, and safety measures. Additionally, the complexity of handling and operating cryogenic substances requires trained personnel and stringent safety protocols, which can limit the adoption of cryogenic equipment. Furthermore, regulatory constraints and concerns regarding the environmental impact of cryogenic processes, such as the release of greenhouse gases, can pose restraints on market growth.

Report Scope:

Report Metrics Details
Market Size 2030 2030: USD 37.18 billion
CAGR during 2022-2030 7.3% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Cryogen Type, End Use
Key Market Opportunities Increased LNG commerce and advancements in cryogenic energy storage systems
Key Market Drivers Growing Demand for Clean Energy Sources to Supplement Growth

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Cryogenic Equipment Market:

COVID 19 Analysis

The COVID-19 pandemic had a mixed impact on the cryogenic equipment market. Initially, the disruptions in global supply chains and manufacturing activities caused a slowdown in the market. However, the pandemic also highlighted the importance of cryogenic equipment in the storage and transport of vaccines and medical supplies, which led to increased demand. In the post-COVID scenario, the market is expected to witness steady growth as the healthcare industry focuses on vaccine distribution and storage, and other industries continue to adopt cryogenic technologies for various applications.

Cryogenic Equipment Market Segmentation

By Product Type

By Product Type, the segment includes Valve, Tank, Vaporizer, and Pump.

By Cryogen type

By Cryogen type, the segment includes Oxygen, Nitrogen, Liquified Natural Gas, and Argon.

By End-Use

By End-Use, the segment includes E and P, Chemical, Electronics, and Metallurgical.

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Regional Insights

North America has a strong presence in the aerospace and healthcare industries, both of which heavily rely on cryogenic equipment. In the aerospace sector, cryogenic equipment is used for various applications, including rocket propulsion systems, satellite technology, and space exploration. The healthcare industry utilizes cryogenic equipment for medical and scientific purposes, such as cryosurgery, cryopreservation of biological samples, and the storage of vaccines and pharmaceuticals.

Europe closely follows North America in the cryogenic equipment market. The region has been witnessing an expansion of LNG terminals, driven by the increasing demand for natural gas as a cleaner energy source. The growth of LNG infrastructure necessitates the use of cryogenic equipment for storage and transportation. Additionally, the healthcare and scientific research sectors in Europe have been adopting cryogenic equipment for applications like biomedical research, cryobanks, and cryotherapy, contributing to the market's growth.

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Asia Pacific is experiencing rapid growth in the cryogenic equipment market, primarily due to its increasing industrialization, energy demand, and the development of LNG infrastructure. Countries like China and India are investing heavily in LNG terminals and pipelines to meet their growing energy needs. As a result, the demand for cryogenic equipment in these regions has significantly increased. Furthermore, the focus on renewable energy sources and technological advancements in the Asia Pacific region has also contributed to the growth of the cryogenic equipment market.

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