Global Cryogenic Technology Market Research By Treatment (Shallow Cryogenics, Flooding and Deep Cryogenics), By Product (Vaporizer, Valve, Pump, Tank and Other), and By Application (Mechanical Application, Medical Science, Gas Industry, Food Preservation and Other) Forecast Period 2022-2028
The global cryogenic technology market is growing at a considerable CAGR of 6.5% during the forecast period. Growing demand of technology adoption in medical sector is one of the prime factors affecting and driving the market. Growing demand for conduction cooling system along with increasing shift towards organ freezing among others is also estimated to be the prime factors that are contributing significantly towards the growth of the market. However, high cost that is involved in equipment along with cryogenic burn risk is the major factors constraints that are hindering the growth of the global cryogenic technology market across the globe.
Further, the growing adoption of liquid nitrogen is one of the important factors that are creating opportunities for the market. New product launches in the market are likely to drive the growth of the global cryogenic technology market. For instance, in March 2021, one of the leading manufacturers of cryogenic technology equipment and solutions, named as Inoxcva India Pvt Ltd. had introduced the first ever LNG dispenser in India. This will play an efficient role in supporting LNG that are environmentally friendly in heavy motor transportation which is considered for long distance travelling.
Impact of COVID-19 Pandemic on the Global Cryogenic Technology Market
The global cryogenic technology market is hardly hit by the COVID-19 pandemic since December 2019. The COVID-19 pandemic had brought a lot of disruption across the globe. Due to COVID-19 pandemic the market players present in the business had suffered a lot of uncertainty which had adversely impacted the market.
The market is segmented based on treatment, product and application. Based on treatment, the market is segmented into shallow cryogenics, flooding and deep cryogenics. By product, the market is segmented into vaporizer, valve, pump, tank and other. Further, by application the market is segmented into mechanical application, medical science, gas industry, food preservation and other.
Global Cryogenic Technology Market Share by Product 2020 (%)
Global Cryogenic Technology Market Share by Product
Based on the product, Tank segment is having significant share in the market. The application related with tank segments is adopted in various industries such as in gas industry for the purpose of storing gas even in the high temperature along with chemical and petrochemical, which in turn is increasing the demand for cryogenic tank.
The global cryogenic technology market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global cryogenic technology market. Some factors that are boosting the market growth in North America are raising industrialization in the cryogenic market. Additionally, selection of cryogenic in different application that includes medical sector, gas industry and for food preservation in the US market are acting as the driving factor for the growth of the market in North America region.
Global Cryogenic Technology Market, by Region 2022-2028
Global Cryogenic Technology Market, by Region
Asia-Pacific will have Considerable Growth in the Global Cryogenic Technology Market
Asia-Pacific region is expected to witness significant growth opportunities for the market. Increasing usage and demand for equipment related with cryogenic in adoption within various industries that includes manufacturing along with processing among other is likely to drive the growth of the regional market. Additionally, rising investment associated with LNG in transportation in this region especially in South Korea, China and India is driving the growth of the market.
Market Player Outlook
Key players of the global cryogenic technology market are Air Liquide, Chart Industries, Flowserve Corp., Herose Gmbh, and Linde. To survive in the market, these players adopt different marketing strategies such as product launches and acquisition. For instance, in April 2021, INOXCVA INDIA PVT. LTD. had entered into Memorandum of Understanding with Mitsui & Co. (Asia Pacific) Pte. Ltd. (Mitsui) in order to grow the penetration related with LNG that are cost-efficient for different users that includes automotive, mining, shipping and rail industry.
In March 2021, in order to show its presence and increase in Kazakhstan, one of the companies named as Air Liquide had entered into long term agreement through its 75% owned joint venture Air Liquide Munay Tech Gases (ALMTG). With this agreement, the company will support the assets to supply in industries of gas to the Atyrau refinery.
In October 2020, Chart Industries has done the acquisition of Theodore, Alabama cryogenic trailer and hydrogen trailer (transport) that will support by combining the expertise of chart industries in cryogenics along with liquid hydrogen storage and handling with the Theodore operations for the purpose of packaging and assembly of liquid hydrogen trailers.
In September 2019, HEROSE GMBH had been providing it customer with safety valves that will be delivered through the support of HEROSE Fast Lane within the 5 working days.
In February 2019, Acme Cryogenics had done the acquisition of one of the providers of vaporizers along with accessories for all types of cryogenic and non-cryogenic specialty fluids named a Cryogenic Experts, Inc. (CEXI). This will support the company in order to enhance its portfolio by offering various products and services.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global cryogenic technology market Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where in the market.
Table of Contents
- Current Industry Analysis and Growth Potential Outlook
- Impact of COVID-19 on the Global Cryogenic Technology Industry
- Recovery Scenario of Global Cryogenic Technology Industry
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
5.1.1. Shallow Cryogenics
5.1.3. Deep Cryogenics
5.2. Global Cryogenic Technology Market by Product
5.3. Global Cryogenic Technology Market by Application
5.3.1. Mechanical Application
5.3.2. Medical Science
5.3.3. Gas Industry
5.3.4. Food Preservation
6.1.1. United States
6.2.6. Rest of Europe
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7.2. Air Liquide
7.3. Asia Technical Gas Co Pte Ltd.
7.4. Beijing Tianhai Industry co., Ltd.
7.6. Chart Industries
7.7. DFL Italia Srl
7.8. Emerson Electric Co.
7.9. Flowserve Corp.
7.10. HABONIM INDUSTRIAL VALVES & ACTUATORS Ltd.
7.11. HEROSE GMBH
7.12. INOXCVA INDIA PVT LTD.
7.15. Nikkiso Co., Ltd.
7.16. The VRV Group
7.17. Wessington Cryogenics
A selection of companies mentioned in this report includes:
- Acme Cryogenics
- Air Liquide
- Asia Technical Gas Co Pte Ltd.
- Beijing Tianhai Industry co., Ltd.
- Chart Industries
- Emerson Electric Co.
- Flowserve Corp.
- HABONIM INDUSTRIAL VALVES & ACTUATORS Ltd.
- HEROSE GMBH
- INOXCVA INDIA PVT LTD.
- Nikkiso Co., Ltd.
- The VRV Group
- Wessington Cryogenics