Cryogenic Equipment Market
Cryogenic Equipment Market Forecasts to 2028 – Global Analysis By Cryogen (Nitrogen, Hydrogen), Equipment (Vaporizers, Tanks, Valves), Application, End User, and By Geography
Years Covered |
2020-2028 |
Estimated Year Value (2021) |
US $11.69 BN |
Projected Year Value (2028) |
US $21.11 BN |
CAGR (2021 - 2028) |
8.8% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
Europe |
Fastest Growing Market |
South America |
According to Stratistics MRC, the Global Cryogenic Equipment Market is accounted for $11.69 billion in 2021 and is expected to reach $21.11 billion by 2028 growing at a CAGR of 8.8% during the forecast period. Cryogenic equipment is deployed in very low-temperature materials or processes. A cryogenic tank is usually used to store cryogenic gases such as liquid oxygen, carbon dioxide, argon, nitrogen, and methane. Cryogenic equipment is mostly used in the oil & gas industry for transportation and storage of Liquefied Natural Gas (LNG) and industrial gases in industrial operations.
Market Dynamics:
Driver:
Increasing demand from the entire LNG value chain
Reduced gas demand because of the pandemic has added to excess supply, creating market volatility. LNG is set for stronger growth, as domestic supply in key gas markets will not keep up with demand growth. Also, according to Gas Exporting Countries Forum’s survey, the LNG bunker fuel share is likely to increase in the overall bunker fuel market. These developments across the value chain of the LNG market demand the use of cryogenic systems for storage, handling, and transport of LNG, thus driving the demand for cryogenic equipment.
Restraint:
Volatility in prices
Cryogenic equipment includes a pressure containment tube and an intermediate static support tube made from stainless steel. The efficiency of this equipment can be achieved by modifying and replacing the stainless-steel drive shaft, and the concentric static stainless-steel components with components made of a glass/epoxy composite. Stringent regulations for the emission of toxic greenhouse gases (GHGs) from the steel industry and the frequent rise and drop of crude oil supply due to demand are the major factors attributed to the volatility in steel production and prices.
Opportunity:
Rising focus on manufacturing & processing industries
The increasing investments in mining and metal, food & beverage, metallurgy, and electronics industry in the developing economies will drive the product demand. Moreover, governments are focusing on improvising industrial policies and regulations to bring a conducive environment for discovering new industries and advance sustainability amongst competitors. Strategic investment policy priorities, entry and establishment of foreign investors, and promotion and facilitation of investment policies are some of the supportive regulations which help to increase the application of industrial gases, resulting in providing ample opportunities for the market.
Threat:
Hazards and greenhouse emissions due to cryogen leakage from equipment
The rising number of modular cryogenic processing plants increases the threat of greenhouse emissions and cryogen leakages. Even after proper and periodic checks, the equipment may fail to prevent the leakage or discharge of cryogen into the atmosphere. These cryogens are not environment friendly, and if released in a closed area, they can lead to oxygen deficiency in the region. Prolonged exposure to cryogen can cause frostbite and damage to the lungs. The manufacturers need to use better leak detection equipment for sensing any leakage or emission during operations, so that appropriate actions could be taken on time.
The nitrogen segment is expected to be the largest during the forecast period
The nitrogen segment is estimated to have a lucrative growth owing to a wide variety of applications in oil & gas, metallurgy, and chemical industries and it is also used in the packing of medicines and freezing the blood in the healthcare industry, purge equipment, cryogenic tanks, and pipelines in pharmaceuticals, and food & beverage industries.
The tanks segment is expected to have the highest CAGR during the forecast period
The tanks segment is anticipated to witness the fastest CAGR growth during the forecast period due to the increasing LNG production and high demand for industrial gases. Tanks used for cryogenic purposes are generally called cryotank or cryogenic tanks. These tanks are mostly used for storage and transportation purposes. Many countries started reducing the usage of coal and increases using natural gas for energy and power generation. Gas is more comfortable to be transported in liquefied natural gas (LNG) form that includes various segments of cryogenic equipment such as tanks.
Region with highest share:
Europe is projected to hold the largest market share during the forecast period owing to substantial application across the food & beverage, healthcare and electronics industries to store materials at minimal temperature requirements. LNG fuel is favored by the European government, as it addresses environmental concerns. An enormous amount of LNG is transported to major European countries, driving the demand for tanks that store these gases.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period due to the rapidly changing consumer behavior, supportive policies to achieve sustainable development, investment in industrial infrastructure, the significant increase in power demand, and the growing awareness of renewable power generation propelling the need for gas-based power plants. Development in Asian countries has led to increased investment in LNG transportation as an energy and fuel source, thereby driving the demand.
Key players in the market
Some of the key players profiled in the Cryogenic Equipment Market include Wessington Cryogenics, Taylor-Wharton, Sulzer Ltd, Air Liquide, Shell-n-Tube, PHPK Technologies, Air Products Inc, Nikkiso Co., Linde plc, INOX India Pvt Ltd, Flowserve Corporation, Chart Industries, Emerson Electric Co., Cryofab, Beijing Tianhai Cryogenic Equipment Co., Ltd., Fives SAS, PARKER HANNIFIN CORP, Acme Cryo and SHI Cryogenics Group.
Key Developments:
In Feb 2022, Linde has signed a long-term agreement with BASF for the supply of hydrogen and steam. Linde will design, build, own and operate a new hydrogen production facility at Chalampé, France, effectively doubling Linde's current capacity in the Chalampé chemical park where it already has one production facility.
In Feb 2022, Air Liquide partnered with Airbus, Korean Air and Incheon to develop the first hydrogen usage roadmap at and around Incheon airport and support the development of hydrogen ecosystem. This partnership reflects a shared ambition to drive the emergence of an innovative aviation sector dedicated to supporting the Korean government's goal of carbon neutrality by 2050.
In Dec 2021, Chart Industries collaborated with Howden for advanced hydrogen solutions, incorporating Howden gas compression systems into Chart hydrogen offerings. This relationship will result in more cost-effective standardised solutions within an integrated and optimised service offering.
Cryogens Covered:
• Oxygen
• Nitrogen
• Liquefied Natural Gas (LNG)
• Hydrogen
• Helium
• Argon
System Types Covered:
• Supply Systems
• Storage System
• Handling System
Equipments Covered:
• Vaporizers
• Bayonet Connection
• Tanks
• Vacuum Jacketed Piping (VJP)
• Pumps
• Valves
• Actuator
• Other Equipments
Applications Covered:
• Distribution
• Storage
• Regasification
• Processing
• Liquefaction
End Users Covered:
• Transportation
• Shipping
• Rubber & Plastics
• Oil & Gas
• Metallurgy
• Food and Beverages
• Energy & Power
• Electronics
• Chemical & Petrochemical
• Marine and Aerospace
• Biomedical and Healthcare
• Agriculture, Forestry & Fishing
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Cryogenic Equipment Market, By Cryogen
5.1 Introduction
5.2 Oxygen
5.3 Nitrogen
5.4 Liquefied Natural Gas (LNG)
5.5 Hydrogen
5.6 Helium
5.7 Argon
6 Global Cryogenic Equipment Market, By System Type
6.1 Introduction
6.2 Supply Systems
6.3 Storage System
6.4 Handling System
7 Global Cryogenic Equipment Market, By Equipment
7.1 Introduction
7.2 Vaporizers
7.3 Bayonet Connection
7.4 Tanks
7.5 Vacuum Jacketed Piping (VJP)
7.6 Pumps
7.7 Valves
7.8 Actuator
7.9 Other Equipments
7.9.1 Tunnel Freezer
7.9.2 Strainer
7.9.3 Sampler
7.9.4 Regulator
8 Global Cryogenic Equipment Market, By Application
8.1 Introduction
8.2 Distribution
8.3 Storage
8.4 Regasification
8.5 Processing
8.6 Liquefaction
9 Global Cryogenic Equipment Market, By End User
9.1 Introduction
9.2 Transportation
9.3 Shipping
9.4 Rubber & Plastics
9.5 Oil & Gas
9.6 Metallurgy
9.7 Food and Beverages
9.8 Energy & Power
9.9 Electronics
9.10 Chemical & Petrochemical
9.11 Marine and Aerospace
9.12 Biomedical and Healthcare
9.13 Agriculture, Forestry & Fishing
10 Global Cryogenic Equipment Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Wessington Cryogenics
12.2 Taylor-Wharton.
12.3 Sulzer Ltd
12.4 Air Liquide
12.5 Shell-n-Tube
12.6 PHPK Technologies
12.7 Air Products Inc
12.8 Nikkiso Co.
12.9 Linde plc
12.10 INOX India Pvt Ltd
12.11 Flowserve Corporation
12.12 Chart Industries
12.13 Emerson Electric Co.
12.14 Cryofab
12.15 Beijing Tianhai Cryogenic Equipment Co., Ltd.
12.16 Fives SAS
12.17 PARKER HANNIFIN CORP
12.18 Acme Cryo
12.19 SHI Cryogenics Group
List of Tables
1 Global Cryogenic Equipment Market Outlook, By Region (2020-2028) ($MN)
2 Global Cryogenic Equipment Market Outlook, By Cryogen (2020-2028) ($MN)
3 Global Cryogenic Equipment Market Outlook, By Oxygen (2020-2028) ($MN)
4 Global Cryogenic Equipment Market Outlook, By Nitrogen (2020-2028) ($MN)
5 Global Cryogenic Equipment Market Outlook, By Liquefied Natural Gas (LNG) (2020-2028) ($MN)
6 Global Cryogenic Equipment Market Outlook, By Hydrogen (2020-2028) ($MN)
7 Global Cryogenic Equipment Market Outlook, By Helium (2020-2028) ($MN)
8 Global Cryogenic Equipment Market Outlook, By Argon (2020-2028) ($MN)
9 Global Cryogenic Equipment Market Outlook, By System Type (2020-2028) ($MN)
10 Global Cryogenic Equipment Market Outlook, By Supply Systems (2020-2028) ($MN)
11 Global Cryogenic Equipment Market Outlook, By Storage System (2020-2028) ($MN)
12 Global Cryogenic Equipment Market Outlook, By Handling System (2020-2028) ($MN)
13 Global Cryogenic Equipment Market Outlook, By Equipment (2020-2028) ($MN)
14 Global Cryogenic Equipment Market Outlook, By Vaporizers (2020-2028) ($MN)
15 Global Cryogenic Equipment Market Outlook, By Bayonet Connection (2020-2028) ($MN)
16 Global Cryogenic Equipment Market Outlook, By Tanks (2020-2028) ($MN)
17 Global Cryogenic Equipment Market Outlook, By Vacuum Jacketed Piping (VJP) (2020-2028) ($MN)
18 Global Cryogenic Equipment Market Outlook, By Pumps (2020-2028) ($MN)
19 Global Cryogenic Equipment Market Outlook, By Valves (2020-2028) ($MN)
20 Global Cryogenic Equipment Market Outlook, By Actuator (2020-2028) ($MN)
21 Global Cryogenic Equipment Market Outlook, By Other Equipments (2020-2028) ($MN)
22 Global Cryogenic Equipment Market Outlook, By Tunnel Freezer (2020-2028) ($MN)
23 Global Cryogenic Equipment Market Outlook, By Strainer (2020-2028) ($MN)
24 Global Cryogenic Equipment Market Outlook, By Sampler (2020-2028) ($MN)
25 Global Cryogenic Equipment Market Outlook, By Regulator (2020-2028) ($MN)
26 Global Cryogenic Equipment Market Outlook, By Application (2020-2028) ($MN)
27 Global Cryogenic Equipment Market Outlook, By Distribution (2020-2028) ($MN)
28 Global Cryogenic Equipment Market Outlook, By Storage (2020-2028) ($MN)
29 Global Cryogenic Equipment Market Outlook, By Regasification (2020-2028) ($MN)
30 Global Cryogenic Equipment Market Outlook, By Processing (2020-2028) ($MN)
31 Global Cryogenic Equipment Market Outlook, By Liquefaction (2020-2028) ($MN)
32 Global Cryogenic Equipment Market Outlook, By End User (2020-2028) ($MN)
33 Global Cryogenic Equipment Market Outlook, By Transportation (2020-2028) ($MN)
34 Global Cryogenic Equipment Market Outlook, By Shipping (2020-2028) ($MN)
35 Global Cryogenic Equipment Market Outlook, By Rubber & Plastics (2020-2028) ($MN)
36 Global Cryogenic Equipment Market Outlook, By Oil & Gas (2020-2028) ($MN)
37 Global Cryogenic Equipment Market Outlook, By Metallurgy (2020-2028) ($MN)
38 Global Cryogenic Equipment Market Outlook, By Food and Beverages (2020-2028) ($MN)
39 Global Cryogenic Equipment Market Outlook, By Energy & Power (2020-2028) ($MN)
40 Global Cryogenic Equipment Market Outlook, By Electronics (2020-2028) ($MN)
41 Global Cryogenic Equipment Market Outlook, By Chemical & Petrochemical (2020-2028) ($MN)
42 Global Cryogenic Equipment Market Outlook, By Marine and Aerospace (2020-2028) ($MN)
43 Global Cryogenic Equipment Market Outlook, By Biomedical and Healthcare (2020-2028) ($MN)
44 Global Cryogenic Equipment Market Outlook, By Agriculture, Forestry & Fishing (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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