Cryogenic Equipment Market Size to Grow $16.6 Billion, at a 6.9% CAGR by 2028 – Report by MarketsandMarkets™

Chicago, Nov. 16, 2023 (GLOBE NEWSWIRE) — Cryogenic Equipment Market size is projected to grow from USD 11.9 billion in 2023 to USD 16.6 billion by 2028, at a CAGR of 6.9% according to a new report by MarketsandMarkets™. The global transition to clean energy sources represents a significant driver for the heightened demand for cryogenic equipment.

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273 – Tables
64 – Figures
307– Pages

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Scope of the Report

Report Metric Details
Cryogenic Equipment Market Size Values
  • CAGR 6.9%
  • USD 16.6 billion by 2028
  • USD 11.9 billion in 2023
Base Year 2022
Forecast Period 2023–2028
Forecast Unit Value (USD Billion)
Segments Covered Cryogenic Equipment Market by Equipment, Cryogen, End-user Industry, System Type, Application, and Region.
Geographic Regions Covered Asia Pacific, North America, Europe, South America,  Middle East and Africa.
Companies Covered Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); INOX India Limited (India); SHI Cryogenics Group (Japan); Emerson Electric Co. (US); Sulzer Ltd (Switzerland); Taylor-Wharton (US); Wessington Cryogenics (UK); PHPK Technologies (US); Acme Cryo (US); Five SAS (France); HEROSE GMBH (Germany); Shell-N-Tube (India); CRYOFAB (US); Cryostar (France)

This report segments the Cryogenic Equipment Market based on equipment into five categories: tanks, valves, vaporizers, pumps and other equipments. Valves are expected to hold the second-largest market share in the Cryogenic Equipment Market during the forecast period. Cryogenic valves are essential for handling liquefied gases, particularly in LNG, LPG, and other cryogenic processes. These valves are vital for maintaining leak-free operations during heating and cooling cycles. There is a variety of cryogenic valve types, including manual and actuated globe valves, gate valves, emergency shut-off gate valves, manual and actuated ball valves, safety relief valves, needle valves, check valves, and control valves. They have diverse applications in industries such as solar panel manufacturing, specialty gases, metallurgy, rubber production, food processing, healthcare, automotive, chemicals, transportation, and electronics.

Based on the cryogen, the Cryogenic Equipment Market is segmented into nitrogen, argon, oxygen, liquified natural gas (LNG), hydrogen, and other cryogens. The LNG segment is expected to grow at the highest rate during the forecast period due to increasing investments in LNG infrastructure LNG is a globally traded commodity, with its demand as a cleaner energy source surging worldwide. This has led to the expansion of LNG infrastructure to support international trade and the increasing need for LNG across different regions. LNG’s ease of transport has unlocked previously unprofitable natural gas reserves that were once considered economically unviable due to the high costs associated with pipeline infrastructure. To address the surging LNG demand, countries are making significant investments in LNG storage and regasification infrastructure.

Based on application, the Cryogenic Equipment Market is segmented into CASU and non-CASU. The non-CASU segment is expected to be the fastest growing market during the forecast period. The market for non-CASU includes the demand for cryogenic equipment across various applications, such as rail & road transport, bulk carrier ships, LNG liquefaction & regasification terminals, and other minor applications. By expanding the ecosystem for air separation technology, the non-cryogenic air separation units (ASUs) can indirectly support the rising demand for cryogenic equipment. Non-cryogenic ASUs work at room temperature and do not directly involve cryogenic processes. Non-cryogenic units have advantages over cryogenic ones for industries and applications that do not need high-purity gases produced by cryogenic ASUs. As industries grow and their need for higher purity gases increases, cryogenic equipment and air separation technologies are likely to become more essential.

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Asia Pacific is expected to be the largest region in the Cryogenic Equipment Industry.

Asia Pacific is expected to be the largest Cryogenic Equipment Market during the forecast period. The Asia Pacific region comprises major economies such as China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific primarily includes Thailand, the Philippines, Singapore, Indonesia, and Myanmar. The high growth rate and market share of the Asia Pacific region can be attributed to constant LNG infrastructure developments in China, investments in the aerospace industry in India, and increasing investments in gas production and LNG imports in Australia and Japan, respectively. The significant demand for cryogenic equipment in the region is witnessed by end-user industries such as healthcare, metallurgy, energy & power, and electronics.

Key Market Players

Due to their strong supply network, a few global and regional players hold a strong foothold in the Cryogenic Equipment Companies. Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India) are the market leaders in the global Cryogenic Equipment Market. These companies have adopted strategies such as partnerships, contracts, agreements, acquisitions, and expansions to increase their market share.

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Recent Developments

  • In July 2023, Chart Industries opened a second facility at Alabama. This plant is expected to fabricate the largest shop-built cryogenic tanks ever manufactured globally—70% larger than the previous model—to begin in the first quarter 2024. The tanks manufactured at this site will be used as propellant storage solutions in the aerospace industry, hydrogen and LNG storage solutions in the marine industry and many other processes and technologies adopted in the sciences and decarbonization industries.
  • In June 2023, INOX India Limited built an LNG facility in Tamil Nadu, which comprises 2 x 113 KL LNG tanks, regas system with a capacity of 5,000 SCMH @ 22 Bar pressure and associated equipment was supplied by INOXCVA on a turnkey basis in a record time.
  • In April 2023, Linde signed an agreement with Evonik, a leading specialty chemicals company, to supply green hydrogen in Singapore. According to the agreement, Linde will build, own, and operate a nine-megawatt alkaline electrolyzer plant on Jurong Island, Singapore. The plant will produce green hydrogen, which Evonik will use to manufacture methionine, an essential component in animal feed.
  • In March 2023, Air Products and Chemicals, Inc. and Shaanxi LNG Reserves & Logistics Company signed an agreement to supply its proprietary liquefied natural gas (LNG) process technology and equipment to Technip Energies for the Xi’An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd., in ShaanXi Province, China.

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