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Cryogenic Equipment - Global Market Trajectory & Analytics

  • ID: 4804607
  • Report
  • January 2021
  • Region: Global
  • 311 Pages
  • Global Industry Analysts, Inc
Global Cryogenic Equipment Market to Reach US$ 18.1 Billion by the Year 2027

Amid the COVID-19 crisis, the global market for Cryogenic Equipment estimated at US$ 11.9 Billion in the year 2020, is projected to reach a revised size of US$ 18.1 Billion by 2027, growing at a CAGR of 6.1% over the analysis period 2020-2027.Nitrogen, one of the segments analyzed in the report, is projected to grow at a 6.8% CAGR to reach US$ 5.8 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Oxygen segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Cryogenic Equipment market.

The U.S. Accounts for Over 20.2% of Global Market Size in 2020, While China is Forecast to Grow at a 7.8% CAGR for the Period of 2020-2027

The Cryogenic Equipment market in the U.S. is estimated at US$ 2.4 Billion in the year 2020. The country currently accounts for a 20.25% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$ 2.4 Billion in the year 2027 trailing a CAGR of 7.8% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 5.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR while Rest of European market (as defined in the study) will reach US$ 2.4 Billion by the year 2027.

Argon Segment Corners a 20.2% Share in 2020

In the global Argon segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 1.7 Billion in the year 2020 will reach a projected size of US$ 2.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 3.1 Billion by the year 2027, while Latin America will expand at a 6.3% CAGR through the analysis period. The publisher brings years of research experience to this 9th edition of the report. The 267-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Select Competitors (Total 86 Featured):

  • Air Liquide SA
  • Beijing Tianhai Industry Co., Ltd.
  • Chart Industries, Inc.
  • Cryofab Inc.
  • Cryoquip LLC
  • Emerson Electric Co.
  • Flowserve Corporation
  • Graham Partners
  • Herose GmbH
  • Inox India Pvt. Ltd,
  • Linde AG
  • Parker Hannifin Corporation
  • Taylor-Wharton International LLC.
  • Vrv S.P.A
  • Wessington Cryogenics Ltd.
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Frequently Asked Questions about the Global Market for Cryogenic Equipment

What is the estimated value of the Global Market for Cryogenic Equipment?

The Global Market for Cryogenic Equipment was estimated to be valued at $11.9 Billion in 2020.

What is the growth rate of the Global Market for Cryogenic Equipment?

The growth rate of the Global Market for Cryogenic Equipment is 6.2%, with an estimated value of $18.1 Billion by 2027.

What is the forecasted size of the Global Market for Cryogenic Equipment?

The Global Market for Cryogenic Equipment is estimated to be worth $18.1 Billion by 2027.
Note: Product cover images may vary from those shown


  • Impact of Covid-19 and a Looming Global Recession
  • Escalating Oxygen Demand from Hospitals amid COVID-19 Provide Relief to Cryogenic Equipment Providers
  • Cryogenic Containers to Aid Mammoth Mission of COVID-19 Vaccine Distribution
  • Contact Protection for Medical Staff during COVID-19 Vaccine Administration Creates Need for Cryogenic PPE
  • A Prelude to Cryogenic Equipment
  • Global Market Prospects and Outlook
  • Steadfast Demand for Liquid & Medical Gases to Drive the Cryogenic Equipment Market Post COVID-19 Pandemic
  • Global Cryogenic Equipment Market: Prominent Drivers & Restraints
  • Cryogenic Tanks Reign Supreme in Cryogenic Equipment Market
  • Liquid Nitrogen Emerges as the Leading Segment
  • LNG Segment to Witness the Fastest Growth
  • Asia-Pacific Dominates the Cryogenic Equipment Market
  • Energy and Power Sector to Dominate the Cryogenic Equipment Market
  • An Insight into the Use of Cryogenic Equipment in Other Industries
  • Metallurgy Industries
  • Chemicals
  • Automotive and Mechanical Engineering
  • Food Industry
  • Construction Industry
  • Medicine and Pharmaceutics
  • Defense Industries and Space Advancements
  • Oil and Gas Industry
  • Other Industries

  • Recent Market Activity

  • Myriad Applications of Cryogenics Presents Growth Opportunity for Cryogenic Equipment Market
  • Growing Role of Cryogenics in Industrial Manufacturing Fosters Growth in Cryogenic Equipment Market
  • Metal Processing Industry Emerges as a Major End-Use Market for Cryogenic Equipment
  • EXHIBIT 1: Global Steel Processing Market Size (in US$ Billion) for the Years 2019, 2022 and 2025
  • Widespread Use of Cryogenic Technology for Food Processing and Preservation to Boost Market Prospects
  • Cryogrinding
  • Preserving Fresh Produce
  • Freezing Food
  • EXHIBIT 2: Global Frozen Food Market Size (in US$ Billion) for the Years 2018, 2021 & 2024
  • Rising Importance of Cryogenic Gases for Improving Quality of Foods
  • Liquid Nitrogen Takes the Icing on Cakes and Bakes
  • Enhancing Shelf Life of Products: A Key Advantage
  • Cryogenic Food Freezing Taps Benefits of Liquid Nitrogen Vis-à-vis other Gases
  • Helium based Cryogenic Auto-fill Equipment - A Growing Market Segment
  • Cryogenic Tanks for Regulating Temperature in Cold Storage Chains
  • Rising Demand for LNG Drives Demand for Cryogenic Tanks
  • EXHIBIT 3: Global Primary Energy Consumption by Source (in %) for 2018 and 2040
  • EXHIBIT 4: Global Gas Supply Breakdown by Source (in %) for 2019
  • EXHIBIT 5: Global LNG Imports Breakdown by Region (in %) for 2019
  • Shift Towards Renewable Energy Enhances Importance of Cryogenic Energy Storage System, Driving Market Growth
  • EXHIBIT 6: World Installed Base of Wind Energy (in Megawatts) by Geographic Region: 2018, 2021 & 2024
  • EXHIBIT 7: Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
  • Cryogenics and Superconductivity for Affordable Energy Storage and Generation
  • Worldwide Steel Production Trends Impact Cryogenic Tanks Market
  • EXHIBIT 8: Global Crude Steel Monthly Production (in Million Tonnes) for the Period Jul-2019 to Jul-2020
  • With Cryogenics Finding Increased Adoption in Medical Applications, Cryogenic Tanks Market Poised for Growth
  • Rising Importance of Cryogenic Tanks for Fast Biological Sample Preservation and Rapid Vaccine Freezing
  • Storage and Shipping of COVID-19 Vaccines Drives Efforts to Develop Cryogenic Containers
  • EXHIBIT 9: COVID-19 Vaccines in Pipeline by Technology and Clinical Stage
  • Increasing Role of Cryogenic Equipment in Electronics Industry to Spur Growth
  • Growing Demand for Liquid Oxygen to Fuel Growth in Cryogenic Tanks Market
  • Surge in Demand for Medical Oxygen Amidst the COVID-19 Pandemic Fuels Market Prospects
  • Market to Benefit from Rising Use of Liquid Oxygen in Water Treatment
  • Growing Use of Cryogenic Tanks in Space Technology
  • Cryogenic Applications for Mars Missions
  • Introduction of Newer Technologies in Space Systems Bodes Well for Cryogenic Tanks Market
  • Robotic Refueling Mission 3 (RRM3)
  • Growing Need for Transportation Tanks for Cryogenic Liquids: A Major Growth Opportunity
  • Technological Innovations and Advancements
  • CryoHub Innovation Project
  • Air Products Showcases Sophisticated Solutions for Cryogenic Food Processing
  • HAL Delivers Large-sized Cryogenic Propellant Tank to ISRO
  • Using Optimal Control to Cut Energy Consumption & Carbon Emission of Cryogenic Refrigerators
  • Hermetic Shield Addresses Parasitic Heating Issues in Cryogen-free Dilution Refrigerators
  • Researchers Eye on Cryogenic Energy Storage to Push Renewable Energy Generation and Balance Power Grid
  • Cryogenics to Preserve Human Corpse for Probable Revival in Near Future
  • Space Odyssey Dream with Exciting Developments in Cryogenic Fluid Management



  • Total Companies Profiled: 164
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