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Cryogenic Equipment Market Size By Product (Tanks, Valves, Vaporizers, Pumps, Pipe), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-user (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI2918
  • Published Date: Jun 2022
  • Report Format: PDF

Industry Trends

Cryogenic Equipment Market size exceeded USD 17 billion in 2021 and is projected to expand at a CAGR of over 5% from 2022 to 2030. The development and expansion of new industrial establishments in line with increasing foreign direct investments across emerging nations toward technological enhancements across the cryogenic sector will drive the market growth.

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The ongoing development of advanced technologies and sustainable cryogenic units along with rising projects related to the integration of liquefication processes and combined-cycle gasification will foster the industry dynamics. Accelerating investments in chemical plants and refineries in line with the extensive suburban migration will fuel the product adoption. In addition, a growing customer base supported by an increasing number of advanced solutions will augment the business landscape.

Increasing gas storage capacity has provided favorable opportunities for business expansion

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The cryogenic tank segment is predicted to observe a 5% growth rate till 2030, credited to the ongoing enhancements in technologies along with the implementation of cryogenic grinding and spray-on foam insulation. Flourishing storage capacity requirement for liquified gases across various applications in line with the growing LNG trade will escalate the market share over the coming years. Moreover, the ongoing product deployment in space programs coupled with the rising demand for LNG as bunkering fuel will propel the market scenario.

The cryogenic equipment market from pump segment valued at USD 2 billion in 2021. Increasing investments across the power and oil & gas sectors along with upsurging spending across healthcare sector will thrust the cryogenic pump market. Additionally, the accessibility for different applications including refrigerator cooled, bath cryopumps, novel cryogenic pumps, and supercritical helium-cooled will energize product deployment.

Favorable government policies to support the oil & gas sector

The natural gas cryogenic equipment market is predicted to observe growth rate of nearly 5.1% through 2030. The plentiful availability of natural gas, significantly across China, the U.S., Qatar, and Russia, is attributed to the abundant undiscovered reservoirs, which will proliferate the business growth. Furthermore, the growing demand for LNG owing to its extensive requirement across the oil & gas and power sectors as a feedstock will sway the industry landscape.

Liquid argon segment is expected to witness significant growth during the forecast period due to its wide range of applications in the metal and manufacturing industries. The capability of argon to be used alone or in mixed form with other gases including nitrogen, oxygen, carbon dioxide, helium, and hydrogen to meet customer requirements will influence its demand. Argon is an idle gas and does not react with gases available in the area including nitrogen and oxygen, thus supplementing its deployment as a safeguarding gas for processing including heat treating and welding.

Development of industrial centers across underdeveloped and major economies

The increasing necessity to expand oil yield from techniques including hydraulic fracturing and enhanced oil recovery will escalate the demand for these products across the oil & gas application. Moreover, advancement in technologies for the exploration of unconventional oil & gas resources including tight oil, tight gas, coal bed methane, and shale gas will propel the industry growth. Shifting trends toward gas-based power generation along with rising spending toward development of transportation infrastructure will increase the cryogenic equipment market outlook.

The chemical industry accounted USD 1 billion by 2021 and is poised to grow at 5.5% GACR till 2030. Growing utilization of cryogens including nitrogen, helium as a liquifying agent, for creating atmosphere to protect products and facilities, dry freezing, synthesis of intermediates, and storage of drugs will positively influence the industry demand. Additionally, their rapidly rising necessity in the pharmaceutical industry for manufacturing of chemical drugs will spur the industry expansion.

Growing investments by major industry participants to boost the liquification capacity

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North America cryogenic equipment market is anticipated to reach USD 6 billion by 2030. The regional industry is dynamically driven by the growing exploration of natural gas reserves and accelerating construction activities. Favourable regulatory measures concerning the expansion of low emission components have augmented the deployment of cryogenic equipment. The reinforcing consumer awareness toward the adoption of sustainable solutions along with the increasing substitution of conventional equipment will further complement the product penetration. In addition, the scenario for these products has evolved over time with expansion of manufacturing base and growing rate of infrastructure development across the region.

The urban development initiatives adopted by the EU and respective government authorities have led to the construction and expansion of cryogenic equipment’s in Europe. The industry has witnessed a paradigm shift from conventional sources toward the adoption of sustainable and efficient sources for power generation. Moreover, the initiatives adopted by government agencies have led to the development of chemicals and food & beverage industries across the region. Increasing investments for the development of the aerospace industry including aircraft, space programs, and military along with the ongoing adoption of gas-based power plants will institute a positive business scenario.

Strategic mergers and acquisitions by major players

Companies operating in the cryogenic equipment market are Emerson Electric, IWI Cryogenic Vaporization Systems (India), Cryogas Equipment, Cryogenic Liquide, Super Cryogenic Systems, Oswal Industries Limited, Flowserve Corporation, sinocleansky, Cryofab, Wessington Cryogenics, Vacker LLC, VRV S.r.L, Abhijit Enterprises, SHI Cryogenics Group, Oxford Instruments, PACKO Industry, The Weir Group PLC, Fives, Schlumberger Limited, HEROSE GMBH, Shell-n-Tube, Air Liquide, Air Products Inc., Linde PLC, Cryostar, and INOXCVA, among others.

This market research report on global cryogenic equipment includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2018 to 2030 for the following segments:

Market, By Product

  • Tanks
  • Valves
  • Vaporizers
  • Pumps
  • Pipe

Market, By Cryogen

  • Nitrogen
  • Oxygen
  • Natural Gas
  • Argon

Market, By Application

  • Storage
  • Distribution

Market, By End-user

  • O&G Industry
  • Power
  • Food & Beverage
  • Chemical
  • Rubber & Plastics
  • Metallurgy
  • Healthcare
  • Shipping
  • Agriculture, Forestry & Fishing

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • Italy
    • France
    • Spain
    • Poland
    • Russia
    • Norway
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Thailand
    • Malaysia
    • Philippines
    • Australia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Kuwait
    • Oman
    • Turkey
    • Qatar
    • Egypt
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Peru


Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

Cryogenic equipment industry size exceeded USD 17 billion in 2021 and is expected to grow at a CAGR of 5% through 2030 owing to the expansion of new industrial establishments.
Cryogenic tank market value is anticipated to expand at a CAGR of 5% through 2030 considering the rising enhancements in technologies and the implementation of cryogenic grinding.
North America cryogenic equipment sector is anticipated to cross USD 6 billion until 2030 driven by the escalating exploration of natural gas reserves and an increase in construction activities.
Prominent companies in the cryogenic equipment industry comprise SHI Cryogenics Group, Oswal Industries Limited, Cryogenic Liquide, Vacker LLC, PACKO Industry, Oxford Instruments, and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 42
  • Tables & Figures: 776
  • Countries covered: 32
  • Pages: 580
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