Home > Pressrelease > Cryogenic Equipment Market worth over $27 Bn by 2030

Cryogenic Equipment Market worth over $27 Bn by 2030

  • Published Date: June 10, 2022

Cryogenic Equipment Market size is expected to cross USD 27 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market growth is credited to the rapid industrialization and product adoption for the transportation, storage & distribution of liquified gases. Growing investments in the development and expansion of prevailing construction facilities coupled with an inclination toward GHG emission targets and utilization of natural gas will propel the industry dynamics. Furthermore, shifting trends toward gas-based power generation and upsurge in investments and development of healthcare infrastructure will accelerate the business landscape.
 

The emergence of the COVID-19 pandemic has hindered the overall cryogenic equipment market operations across the globe owing to labor deficiencies, disruptions in the manufacturing process, and disturbances in distribution channels. However, the lifting of prohibitions by governing authorities for a global movement in line with the introduction of various vaccination drives has led to the resumption of business operations. Additionally, the growing necessity of cryogenic equipment during the pandemic across healthcare and oil & gas facilities has complemented the business dynamics.
 

Increasing utilization of natural gas across the transportation sector

The cryogenic pipe market is anticipated to reach USD 1.5 billion by 2030. The ongoing demand for cryogenic pipes across pharmaceutical, aerospace, beverage, and other applications with the expansion and modernization of networks to reduce losses have maintained the industry growth. Moreover, increasing acceptance of innovative technology in the medical sector coupled with growing pipeline infrastructure for distribution of LNG and other cryogenic liquids will augment the industry expansion.
 

Liquid nitrogen will significantly grow on account of its applicability across the food & beverage, chemical, metal, and healthcare industries. In addition, it is increasingly being used for heating treatment impelled by its ability to reduce oxidation which will further drive the industry progression. Surging energy and power technologies include enhanced oil recovery and well hydraulic fracturing owing to its utilization as an injection fluid will boost the product penetration.
 

Browse key industry insights spread across 580 pages with 712 market data tables & 64 figures & charts from the report, “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”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cryogenic-equipment-market

 

Surging investments toward the development of LNG transportation infrastructure

Middle East & Africa cryogenic equipment market is set to grow due to the rising usage of advanced and new hi-tech products combined with accelerating investments across the O&G sector. Upsurge in requirement to increase the oil output through advanced technologies will fuel the product demand. Furthermore, elevating technological advancements for the exploration of unconventional resources including shale gas, tight gas, tight oil, and coal bed methane will complement the industry landscape. Ongoing public and private funding toward development of healthcare infrastructure will provide favorable business opportunity for the industry players.
 

The cryogenic equipment market for storage application is estimated to attain a 5% CAGR till 2030. This growth is attributed to the rising in demand for handling, stocking, and transportation of liquified gasses. Moreover, the capacity of this equipment to store liquified gases at extremely low temperatures will facilitate product penetration. Additionally, the escalating demand for nitrogen & oxygen for storing plasma, vaccines, organs, and other biopharmaceuticals will foster the industry outlook.
 

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

Authors: Ankit Gupta, Abhishek Chopra