01 November 2023
The global cryogenic equipment market size stood at USD 17.24 billion in 2021. The market is estimated to rise from USD 18.06 billion in 2021 to USD 32.86 billion by 2028 at 8.9% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Cryogenic equipment Market, 2021-2028.”
According to the analysis increasing investments in LNG power plants and rising focus on processing and manufacturing industries to foster market development. The rising demand for clean energy power is anticipated to boost the market in the near future. The transportation, storage, and regasification applications for generating clean energy hold substantial potential for the growth of the market.
List of Key Companies Profiled in the Market Report:
Chart Industries, Inc. (U.S.)
Cryofab, Inc. (U.S.)
Nikkisso Cryoquip (U.S.)
Nikkiso Co. Ltd (Japan)
SHI Cryogenics Group (Japan)
HEROSE GMBH (Germany)
Wessington Cryogenics (U.K.)
Cryo Pur (France)
INOXCVA (INOX India Pvt Ltd) (India)
Flowserve Corporation (U.S.)
Phpk Technologies (U.S.)
Marshall Excelsior Company (U.S.)
ACME Cryogenics (U.S.)
Habonim Industrial Valves & Actuators LTD (U.S.)
Impact of COVID-19:
Restrictions on Manufacturing and Transport to Hinder Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic because of the restrictions imposed on manufacturing and transport activities. The sudden spike in COVID-19 infections led to the adoption of stringent norms. This has led to the closure of industries and the lack of raw materials for cryogenic equipment production. However, the adoption of production machinery, advanced sanitization methods, reduced capacities, and half capacities have enabled manufacturers to recover their losses. This factor is expected to boost market growth during the pandemic.
The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.
Drivers and Restraints:
Rising Demand for Clean Energy Source to Bolster Market Expansion
The rising demand for regasification, storage, and transportation of clean energy is expected to boost cryogenic equipment’s demand. The rising demand for LNG fuels for automotive use is expected to increase the equipment’s sales. Further, significant investments in the petrochemical and chemical sectors are likely to boost market growth. Rising usage of refrigerators, pumps, vaporizers, valves, and oil tankers is likely to increase the demand for the equipment. The equipment increases the safety of the fuel and maintains safety.
The rising demand for fuel storage and the rising adoption of renewable energy resources is likely to increase the equipment’s adoption. Moreover, it is also used in the healthcare sector to store blood, package medicines, and purge equipment. These factors are likely to drive the cryogenic equipment market growth.
However, the fluctuating stainless steel prices and stringent green-house emission norms may hinder the market progress.
Major Players Set Up Facilities to Expand Market Reach Globally
Prominent companies operating in the company set up manufacturing facilities to expand their market reach worldwide. For example, Lide declared that it had set up a novel on-site manufacturing plant in Qinzhou, China, in July 2021. The company shall supply industrial gases and oxygen to Shanghai Huayi's new chemical complex by opening up the plant. The manufacturing plant comprises three air separation units designed to supply 5,000 tons of nitrogen and 7,500 tons per day of oxygen. This strategy may enable the company to expand its market reach. In addition, the adoption of research and development may enable companies to improve their product quality and boost their brand image.
By product, the market is segmented into bayonet connection, actuator, vaporizer, pump, valve, tank, and others. As per cryogen, it is categorized into helium, hydrogen, liquefied natural gas (LNG), argon, oxygen, nitrogen, and others.
Based on end-user, it is classified into marine, chemical & petrochemical, power generation, metallurgy, oil & gas, and others.
Regionally, it is grouped into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.