“Growing investments for modernization along with technological advancement in developing and developed nations will boost the market”
The global cryogenic equipment market is growing competently, expected to grow at a CAGR of 7.4% during the estimated period from 2023 to 2030, starting from US$ 20.27 Bn in 2021.
“Dominance is led by the wide-scale implementation of cryogenic gases across Energy & Power industries.”
Natural gas based cryogenic equipment market is expected to hold a market share of around 32% in 2021, thereby driving the market growth globally. In addition, substantial availability of natural gas across developing countries such as China, Argentina, India, along with abundant untapped reservoirs favored by the U.S. will boost the industry growth. Moreover, widespread requirement and increasing demand of LNG across the industries like power and oil & gas sector as a feedstock, is likely to spur the market for cryogenic equipment on a global scale.
Furthermore, growing E&P (exploration & production) technologies including well hydraulic fracturing and enhanced oil recovery will drive the product penetration, owing to its application as an injection fluid. For instance, “MAN Energy Solutions”, a marine-based LNG gas manufacturer signed a contract with Swedish shipping line company “Wallenius SOL”, for supplying LNG fuel-gas supply systems along with two RoRo new buildings in China, Yantai Raffles shipyard.
The factors driving the cryogenic equipment market are the growing demand for clean energy production technologies such as LNG, increased consumption of natural gas, and upsurge in demand for metallurgical processes. Moreover, growing significant requirements has resulted towards increasing the amount of natural gas being liquefied and transported around the globe by a network of special cryogen tankers. Additionally, increasing global demand for energy and natural gas, respiratory healthcare sector, and more usage of therapies like genetically live tissue drug therapy and biopharma therapy is likely to spur the market for cryogenic equipment over the forecast period.
“Rapid industrialization across various regions coupled with growing power demand for LNG storage and shipping worldwide will flicker the market growth for cryogenic equipment”
The Asia Pacific is projected to dominate the market and accounted to hold a market revenue of around 38% in 2021. Additionally, growing power demand coupled with rapid industrialization from economies like China, India, and Japan makes Asia Pacific a dominant player across the globe. Moreover, development in shipping industries has increased investments towards LNG transportation in Asian countries, thereby expanding the market revenue for cryogenic equipment in the upcoming years. Furthermore, demand for new technological applications and increasing demand from healthcare, food & beverages, metal, and power industries for cryogenic gases is projected to drive the market growth over the forecast period.
For instance, in May 2018, Safmarine, a container carrier announced their involvement with behemoth project for Cryolor Asia Pacific and will deliver 80 Cryogenic tanks for Cryolor SA from India to Charleston, USA announced. The global shift towards clean energy has significantly improved the development of battery technology in order to harness solar and wind energy. For instance, according to Highview, the cryobattery would cost around US$ 143 per MWh/200 MW system, thereby making a cost-efficient energy storage technology.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cryogenic Equipment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Product Type
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Cryogen Type
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End-use
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
