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Cryogenic Equipment: Global Strategic Business Report

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    Report

  • 441 Pages
  • January 2023
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4804607

Global Cryogenic Equipment Market to Reach $22.1 Billion by 2030

In the changed post COVID-19 business landscape, the global market for Cryogenic Equipment estimated at US$13.1 Billion in the year 2022, is projected to reach a revised size of US$22.1 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2022-2030. Nitrogen, one of the segments analyzed in the report, is projected to record a 7.6% CAGR and reach US$7.2 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Oxygen segment is readjusted to a revised 5.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $2.6 Billion, While China is Forecast to Grow at 8.6% CAGR

The Cryogenic Equipment market in the U.S. is estimated at US$2.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$3.1 Billion by the year 2030 trailing a CAGR of 8.6% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.4% and 6.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.9 Billion by the year 2030.

Select Competitors (Total 92 Featured) -

  • Acme Cryogenics
  • Air Products
  • Chart Industries
  • Cryo Pur
  • Cryofab Inc
  • Cryogenic Systems Equipment, Inc.
  • Cryoquip LLC
  • Cryostar SAS
  • Emerson Electric Co.
  • Fives Cryo
  • Flowserve Corporation
  • Herose GmbH
  • INOXCVA
  • Linde plc
  • Parker Hannifin Corporation
  • PHPK Technologies
  • SHI Cryogenics Group
  • Sulzer Ltd
  • Taylor Wharton
  • Wessington Cryogenics

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Looking Ahead to 2023

The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year. Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
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 $13.1 Billion in 2022.

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

The growth rate of the Global Market for Cryogenic Equipment is 6.8%, with an estimated value of $22.1 Billion by 2030.

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

The Global Market for Cryogenic Equipment is estimated to be worth $22.1 Billion by 2030.

Who are the key companies in the Global Market for Cryogenic Equipment?

Key companies in the Global Market for Cryogenic Equipment include Acme Cryogenics, Air Products, Chart Industries, Cryo Pur, Cryofab Inc, Cryogenic Systems Equipment, Inc., Cryoquip LLC, Cryostar SAS and Fives Cryo.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • 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
  • Cryogenic Equipment - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • 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
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • 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
  • 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
  • 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
  • Global Primary Energy Consumption by Source (in %) for 2018 and 2040
  • Global Gas Supply Breakdown by Source (in %) for 2019
  • Global LNG Imports Breakdown by Region (in %) for 2019
  • Shift Towards Renewable Energy Enhances Importance of Cryogenic Energy Storage System, Driving Market Growth
  • World Installed Base of Wind Energy (in Megawatts) by Geographic Region: 2018, 2021 & 2024
  • 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
  • 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
  • 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
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for Cryogenic Equipment by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 2: World Historic Review for Cryogenic Equipment by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 3: World 16-Year Perspective for Cryogenic Equipment by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for Nitrogen by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 5: World Historic Review for Nitrogen by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 6: World 16-Year Perspective for Nitrogen by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for Oxygen by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 8: World Historic Review for Oxygen by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 9: World 16-Year Perspective for Oxygen by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for Argon by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 11: World Historic Review for Argon by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 12: World 16-Year Perspective for Argon by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 13: World Recent Past, Current & Future Analysis for LNG by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 14: World Historic Review for LNG by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 15: World 16-Year Perspective for LNG by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 16: World Recent Past, Current & Future Analysis for Other Cryogens by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 17: World Historic Review for Other Cryogens by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 18: World 16-Year Perspective for Other Cryogens by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 19: World Recent Past, Current & Future Analysis for Energy & Power by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 20: World Historic Review for Energy & Power by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 21: World 16-Year Perspective for Energy & Power by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 22: World Recent Past, Current & Future Analysis for Chemicals by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 23: World Historic Review for Chemicals by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 24: World 16-Year Perspective for Chemicals by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 25: World Recent Past, Current & Future Analysis for Metallurgy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 26: World Historic Review for Metallurgy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 27: World 16-Year Perspective for Metallurgy by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 28: World Recent Past, Current & Future Analysis for Electronics by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 29: World Historic Review for Electronics by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 30: World 16-Year Perspective for Electronics by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 31: World Recent Past, Current & Future Analysis for Shipping by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 32: World Historic Review for Shipping by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 33: World 16-Year Perspective for Shipping by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 34: World Recent Past, Current & Future Analysis for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 35: World Historic Review for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 36: World 16-Year Perspective for Other End-Uses by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 37: World Cryogenic Equipment Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
III. MARKET ANALYSIS
UNITED STATES
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
CANADA
JAPAN
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
CHINA
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
EUROPE
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
FRANCE
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
GERMANY
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
ITALY
UNITED KINGDOM
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
AUSTRALIA
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
INDIA
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
AFRICA
  • Cryogenic Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Acme Cryogenics
  • Air Products
  • Chart Industries
  • Cryo Pur
  • Cryofab Inc
  • Cryogenic Systems Equipment, Inc.
  • Cryoquip LLC
  • Cryostar SAS
  • Emerson Electric Co.
  • Fives Cryo
  • Flowserve Corporation
  • Herose GmbH
  • INOXCVA
  • Linde plc
  • Parker Hannifin Corporation
  • PHPK Technologies
  • SHI Cryogenics Group
  • Sulzer Ltd
  • Taylor Wharton
  • Wessington Cryogenics