The cryogenic equipment market is expected to grow massively by 2030 owing to surging demand for natural gas. In addition, booming healthcare, chemicals, and food processing industries, along with ongoing investments in the expansion of existing manufacturing facilities, are likely to further impel market growth in the forecast years.
Stringent legislative requirements in efforts to reduce greenhouse gas emissions have considerably aided market growth. Moreover, major players in the industry have been focusing on prominent growth strategies, such as partnerships and acquisitions, to improve their market standing. For instance, in May 2022, Chart Industries, a prominent manufacturer of highly engineered equipment, acquired Cryogenic Service Center, a Swedish turnkey solutions company, for approximately $4 million. The acquisition allowed Chart to broaden its geographical reach and increase its manufacturing capacity and broaden its geographical presence in the Nordic Region.
The cryogenic equipment market has been bifurcated based on end-user, product, application, cryogen, and region.
In terms of product, the cryogenic equipment industry has been divided into pipe, tanks, pumps, valves, and vaporizers. The vaporizers segment is speculated to observe significant progress by 2030 as a result of reinforcing consumer awareness toward the adoption of sustainable solutions equipment.
The market has been categorized based on end-user into agriculture forestry & fishing, O&G industry, shipping, power, healthcare, food & beverage, metallurgy, chemical, and rubber & plastics. Increasing investments toward the development of gas-based infrastructure, primarily across developing economies, are anticipated to boost product demand across the power end-use sector. Meanwhile, the cryogenic equipment market share from the food & beverage segment is estimated to witness robust growth due to rising demand for packaged and frozen food products, along with an upsurge in the transportation of beverages.
Additionally, the rubber & plastics segment is projected to grow substantially by 2030 due to the development and expansion of new industrial establishments, mainly across developing countries. The metallurgy segment is primed to expand drastically over the review period on account of increasing foreign direct investment across emerging nations for technological enhancement.
Moreover, the cryogenic equipment industry share from the shipping segment is contemplated to record notable expansion by 2030 owing to soaring demand for LNG as a fuel, coupled with an upsurge in the transportation of natural gas. Accelerating investments toward the development of sustainable ponds and food grain infrastructure is likely to bolster product uptake in the agriculture forestry & fishing segment.
In the regional frame of reference, the Latin America cryogenic equipment market is slated to grow enormously over the forecast period due to sizable growth in several industries, including chemical manufacturing, metallurgy, E&P, and food & beverage, in the LATAM region.