Cryogenic Equipment Market Size (2023 - 2030):

The Global Cryogenic Equipment Market was valued at USD 13.35 Billion and is projected to reach a market size of USD 21.16 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 6.8%.

Cryogenic equipment is a highly valuable device for achieving and maintaining an extremely low temperature, typically around -150°C. These products are utilized in a variety of applications, including the production and transportation of liquefied natural gas (LNG), as well as the storage of liquid oxygen, helium, or nitrogen, blood transfusions, and the preservation of biological samples. Cryogenic liquids have significant medical and industrial applications, including the use of liquid nitrogen for low-temperature chemical reactions and liquid hydrogen and oxygen as rocket fuels. Smaller vacuum flasks and Dewar flasks are used to store liquefied gases, while large-scale industrial operations rely on massive cryogenic storage tanks.

Cryogenic equipment offers many advantages. They are ideal for applications requiring extremely low temperatures owing to their low-temperature capabilities. They assist in preserving the quality of products and materials by keeping them at very low temperatures, which, throughout the freezing process, minimizes the loss of moisture and the formation of ice. They are helpful for the long-term storage of products and materials, such as biological samples or food items, to retain their quality over extended periods. They are versatile, which means, they can be used in a variety of industries ranging from food and beverage to space exploration. They are also eco-friendly as the majority of the cryogen equipment uses natural gases like LNG as cryogens, which help in reducing waste and pollution.

Global Cryogenic Equipment Market Drivers:

The increasing demand for LNG as a clean energy source is fueling the growth of the global cryogenic equipment market.

The demand for liquefied natural gas (LNG) as cryogenic is increasing in developing nations as a result of the advantages it offers over other cryogenics. LNG is highly considered an eco-friendly fuel as it produces lower emissions of carbon dioxide and nitrogen oxide and no emissions of particulate, which makes it harmless and non-toxic. It is safe to use as it quickly disperses in the air in case of accidental spillage. To transport and store large amounts of LNG in compact volumes, cryogenic equipment is needed. Therefore, this factor drives the demand for cryogenic equipment.

The rising adoption of cryogenic equipment in the medical industry is another factor contributing to the growth of the global cryogenic equipment market.

Cryogenic systems assist in the production of numerous gases for applications in the medical industry, including medical oxygen, medical air, nitrous oxide, helium gas, etc. Due to the numerous significant applications of oxygen as a respiratory aid, liquid oxygen systems are crucial to the pharmaceutical and medical industries. Nitrogen is also used to guarantee rapid cooling for the transportation and preservation of cells and tissues; while cryosurgery is progressively used to kill unwanted tissues or tumors, including both benign and malign skin conditions, by utilizing liquefied nitrogen. Therefore, this factor also drives the demand for cryogenic equipment.

Global Cryogenic Equipment Market Challenges:

The global cryogenic equipment market is encountering challenges, primarily in terms of high capital investment and fatal damage to human health. Small and medium-sized businesses can face issues in the installation and maintenance of cryogen equipment as setting up a cryogen manufacturing facility requires high capital investment. Moreover, frostbite and oxygen deficiency can result from prolonged exposure to cryogen, which can cause fatal damage to the lungs and other body parts. Thus, these challenges inhibit the growth of the global cryogenic equipment market.

Global Cryogenic Equipment Market Opportunities:

The expansion of cryogenic equipment to emerging industries presents lucrative opportunities in the global cryogenic equipment market. Given the rising demand for cryogenic equipment due to their advantages of low-temperature capabilities, preserved product quality, long-term storage capability, versatility, and environment-friendly, major manufacturing companies specializing in cryogenic equipment can stand to gain significantly from this opportunity by expanding their products, including tanks, pumps, and vaporizers, valves, etc., to emerging industries, such as 3D printing industry, carbon capture, utilization, and storage (CCUS) industry, and biotechnology industry, to broaden their customer base and boost their overall revenue.

COVID-19 Impact on the Global Cryogenic Equipment Market:

The outbreak of the COVID-19 pandemic substantially impacted the global cryogenic equipment market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of cryogenic equipment. This factor negatively impacted the growth of the global cryogenic equipment market. However, the pandemic accelerated the use of cryogenic equipment for the storage and transportation of COVID-19 vaccines at extremely low temperatures. This factor positively impacted the market's growth. Therefore, the global cryogenic equipment market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global Cryogenic Equipment Market Recent Developments:

• In March 2023, INOXCVA, a leading manufacturer of cryogenic storage tanks in India, started the construction of its cryogenic tank manufacturing facility in Vadodara, India, with an investment of INR 200 crore. The facility will be India's largest cryogenic equipment manufacturing facility, manufacturing over 20,000 MT per year of stainless-steel equipment.
• In Feb 2023, Nikkiso Clean Energy and Industrial Gases Group, a functional consolidation of Nikkiso Co., Ltd, and Cryogenic Industries, Inc., successfully acquired Cryotec Anlagenbau GmbH, a Germany-based competence center for technical gases, for an undisclosed amount.
• In September 2022, Hindustan Aeronautics Limited (HAL), an Indian public sector aerospace and defense company, successfully set up the Integrated Cryogenic Engine Manufacturing Facility (ICMF) for INR 208 crore. The Indian Space Research Organization's (ISRO) entire rocket engine production will be managed at this facility. 

CRYOGENIC EQUIPMENT MARKET REPORT COVERAGE:

Global Cryogenic Equipment Market Segmentation:

Global Cryogenic Equipment Market Segmentation: By Equipment

• Pumps & Vaporizers
• Tanks
• Vacuum Jacketed Piping
• Valves
• Others

In 2022, the tanks segment held the highest market share. The growth can be attributed to the requirement to maintain gases for a variety of essential industrial processes that offer superior insulation, longer durability, and lower maintenance in contrast to conventional cooling lubricants. Cryogenic tanks are utilized for the storage of cryogenics, including oxygen, argon, nitrogen, hydrogen, and helium among others. Cryogenic tanks are considered an essential component of cryogenic infrastructure as they are designed in such a way that can easily maintain high pressure and extremely low temperatures.

Due to the increasing demand for cryogenic equipment in the healthcare, oil and gas, metallurgy, and energy and power industries, the pumps and vaporizers segment is anticipated to expand at the fastest rate over the forecast period.

Global Cryogenic Equipment Market Segmentation: By Cryogen

• Argon
• Liquefied Natural Gas
• Nitrogen
• Oxygen
• Others

In 2022, the liquefied natural gas segment held the highest market share. The growth can be attributed to the rising adoption of LNG as a clean energy source, the increasing demand in the applications of power generation, transportation, and industrial, and the continuous advancements in LNG storage technologies. LNG is produced by cooling and reducing the volume of natural gas, making it shipping around the world, simpler, safer, and more cost-effective. LNG produces 40% less carbon dioxide than coal and 30% less than oil, making it the cleanest of petroleum products. It does not produce insignificant amounts of sulfur dioxide, mercury, and other compounds, which are considered harmful to the environment.

Due to the increasing applications in several industries, including food and beverage for food conservation and hygienic packaging, healthcare for freezing biological samples and destruction of diseased tissue, and electronics for creating controlled and inert atmospheres for manufacturing electronic products and electrical components, nitrogen segment is anticipated to expand at the fastest rate over the forecast period.

Global Cryogenic Equipment Market Segmentation: By Application

• Processing
• Storage
• Transportation & Distribution 
• Others

In 2022, the storage segment held the highest market share. The growth can be attributed to the increasing use of cryogenic equipment, such as cryogenic tanks, for storing cryogenic fluids, including liquefied natural gas, nitrogen, oxygen, and argon, at very low temperatures in the industries of healthcare, food and beverages, oil and gas, and marine among others.

Due to the rising adoption of portable cryogenic equipment for the transportation of cryogenic fluids in the industries of food and beverage, oil and gas, and healthcare, the transportation and distribution segment is anticipated to expand at the fastest rate over the forecast period.

Global Cryogenic Equipment Market Segmentation: By End-User

• Automotive
• Chemical & Petrochemical
• Food & Beverage
• Metallurgy
• Oil & Gas
• Others

In 2022, the metallurgy segment held the highest market share. The growth can be attributed to the vast usage of cryogenic fluids, such as oxygen, nitrogen, and argon, in the applications of the metallurgy industry, including sintering, annealing, neutral hardening, cyanidation, and during blast furnaces.

Due to the growing popularity and increasing demand for frozen foods and the rising adoption of cryogenic equipment for the preservation and transportation of perishable food items, the food and beverage segment is anticipated to expand at the fastest rate over the forecast period.

Global Cryogenic Equipment Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

In 2022, the region of Asia-Pacific held the largest share of the global cryogenic equipment market. The growth can be attributed to the increasing demand for cryogenic equipment in a number of industries, including food and beverage, chemical and petrochemical, and metallurgy, the rising adoption of liquefied natural gas as a result of reducing carbon emissions, and the increasing demand for gas-fired power plants owing to the augmented renewable energy awareness. In addition, the region is home to several significant market players, including INOXCVA, Nippon Sanso Holdings Corporation, CIMC Enric Holdings Limited, and Daesung Industrial Gases Co., Ltd.

Due to the rising adoption of cryogenic equipment in the industries of food and beverage, healthcare, and electronics, to preserve products at low temperatures, the increasing demand for cryogenic tanks for the storage of liquefied natural gas, and the presence of significant market players, including Linde plc, Wessington Cryogenics, and Air Liquide SA, the region of Europe is anticipated to expand at the fastest rate over the forecast period.

Global Cryogenic Equipment Market Key Players:

1. Linde plc (Ireland)
2. Nikkiso Cryo, Inc. (United States)
3. Wessington Cryogenics (United Kingdom)
4. INOXCVA (India)
5. Cryofab, Inc. (United States)
6. Air Liquide SA (France)
7. Chart Industries, Inc. (United States)
8. Standex International Corporation (United States)
9. Flowserve Corporation (United States)
10. Herose GmbH (Germany)