Cryogenic Equipment Market
The Cryogenic Equipment Market was valued at USD 11,831 million in 2019 and is projected to expand at a CAGR of 6.1% during the forecast period (2020-2027).
The factors driving the growth of Cryogenic Equipment Market includes increasing use of industrial gases in metallurgy, and energy & power industries, rapid growth in the manufacturing sector, growing emphasis on utilizing clean sources of energy and improvement in the healthcare services. According to the report published by the Economic Times, the Foreign Direct Investments (FDI) inflows in India in the manufacturing sector has increased from USD 12.09 billion in FY2020-2021 to USD 21.34 billion during the FY 2021-2022, which is expected to boost the market growth in India in the coming years. Moreover, the growing investments in LNG based power plants, increasing adoption of innovative technologies, rise in electricity generation, expansion of smart city projects, are some of the additional factors supplementing the Global Cryogenic Equipment Market. As per S&P Global, the capacity of LNG-based plants in estimated to increase by 43%, rising from 41.3 GW in 2020 to 59.1 GW by the end of 2034, which will accelerate the market growth in South Korea in the approaching years.
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However, the growth of Cryogenic Market is hindered due to high capital cost for setting up cryogenic plants.
The leading players operating in the Cryogenic Market are Air Products and Chemicals, Inc, Taylor-Wharton International, LLC, Cryofab Inc, Linde Plc, Chart Industries, Inc, Parker Hannifin Corp, Wessington Crygenics Ltd, Herose GmbH, Flowserve Corporation and Emerson Electric Co, among others.
Equipment: Segment Analysis
Based on Equipment, the tanks segment is predicted to expand at a remarkable CAGR over the forecast period attributed to increasing application of cryogenic tanks in manufacturing, construction and refineries.
Cryogen: Segment Analysis
Based on Cryogen, the LNG segment is estimated to grow at a significant CAGR during the forecast period due to huge availability of natural gas and increasing demand for LNG in the Power and Oil and Gas industries.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share over the forecast period. The increasing consumption of LNG as a fuel, rapid economic growth in the Countries such as India, South Korea, and Indonesia, rising disposable incomes, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Market Segmentation
Segmentation by Equipment
- Tanks
- Valves
- Vaporizers
- Pumps
- Others
Segmentation by Cryogen
- Nitrogen
- Argon
- Oxygen
- LNG
- Others
Segmentation by End-User
- Energy & power
- Chemicals
- Metallurgy
- Electronics
- Shipping
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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