The global cryogenic equipment market is projected to reach USD 17.4 billion by 2027 from an estimated market size of USD 12.5 billion in 2022, at a CAGR of 6.8% during the forecast period. The factors driving the growth for cryogenic equipment market are high demand for industrial gases from metallurgy, and energy & power industries and growing demand for cryogenic equipment across entire LNG value chain.
“Tanks segment dominates the global market”
The cryogenic equipment market, by equipment, is segmented into tanks, valves, vaporizers, pumps and others. Other equipment include pipes, regulators, freezers, dewar, strainers, samplers, heat exchangers, leak detection equipment, dispensers, and accessories (manifolds, fittings, vacuum jacketed/insulated piping, hoses, connections. Increasing LNG production and high demand for industrial gases is expected to drive the equipment segment, which consequently increases the demand for cryogenic equipment.
“LNG segment to lead the global cryogenic equipments market “
The cryogenic equipment market, by cryogen, is segmented into nitrogen, argon, oxygen, LNG, hydrogen, and others. Other cryogenic gases include helium, nitrous oxide, ethylene, and carbon dioxide. Rising demand for hydrogen fuel cells and cleaner energy is expected to drive the cryogen segment of the cryogenic equipment market during the forecast period.
“Asia Pacific dominates the global cryogenic equipments market in terms of annual growth rate”
The Asia Pacific region is estimated to be the largest market for the cryogenic equipment market, followed by north america. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American cryogenic equipment market is expected to be driven by increasing E&P activities concerned with clean energy revolution.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier I–65%, Tier II–24%, and Tier III–11%
- By Designation: C-Level–30%, Director Level–25%, and Others–45%
- By Region: Middle East & Africa–8%, Asia Pacific–33%, North America–27%, South & Central America–12%, Europe–20%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017; Tier 1: USD 1 billion, Tier 2: from USD 1 billion to USD 500 million, and Tier 3:
The cryogenic equipments market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global cryogenic equipments market include Linde plc (Ireland), Air Liquide (France), Air Products Inc (US), Chart Industries (Georgia) and PARKER HANNIFIN CORP (US).
The report defines, describes, and forecasts the cryogenic equipments market, by equipment, cryogen, system, end-user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the cryogenic equipments market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for cryogenic equipments, which would help cryogenic equipments providers review the growth in demand.
The report helps service providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.