Cryogenic Equipment Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2032

The cryogenic genic equipment is a machinery that operates in very low temperature, typically around -150°C, it is used to store and transport items that cannot be preserved using traditional refrigeration systems. They consist a range of equipment including tanks, valves, regulators, pumps, compressors, vaporizers, heat exchangers and vacuum jacketed piping that are all designed to handle and preserve materials at a very low temperature state, while ensuing the stability and the integrity. It is widely used in industries including oil and gas, energy and power, food and beverages, electronics and semiconductor, marine and aerospace, chemical and healthcare and others.

MARKET OVERVIEW

The market valuation of cryogenic Equipment market was valued at approximately USD 11.9 billion in 2023 and is projected to reach USD 19.9 billion in 2032 exhibiting a CAGR of 7.9% during the forecast period of 2024-2032. Cryogenic equipment is essential for storing and transporting materials at low temperatures while preserving the integrity and functionality. The market is aligned with diverse sectors, which makes it a sustainable and growing market.

GROWTH DRIVERS

The increase in use of electronics and expansion of semiconductor industries, which is one of the major users of cryogenic equipment, is one of the significant drivers of the market. According to Deloitte, in 2023 the sales were expected to USD 520 billion for the year. 2024 is now predicted to see global sales of USD 588 billion, it not only would be 13% better than 2023, but it’s 2.5% higher than 2022’s record industry revenues of USD 574 billion.

According to Statista, the global electronics market is expected to grow at a compound annual growth rate of 9.78% during from 2024 to 2028, reaching a projected market volume of USD 1,340 billion by the year 2028. The number of electronic market users is also expected to reach 2.5 billion by 2028. The global consumer electronics market is expected to grow at a CAGR of 6.6% from 2023 to 2032, reaching USD 1,782.6 billion by 2032. The global demand for consumer electronics is projected to reach USD 1,150 billion by the end of 2032.

The rise in the industrial gas applications including metallurgy, compact cheering and others, where they utilize the cryogenic equipment for the production, storage and distribution of industrial gases like oxygen, nitrogen and argon, drives the market towards growth. The market size of industrial gases stood at USD 93.7 billion in 2021 and is expected to surpass USD 129.1 billion by 2029, the main applications include chemical manufacturing processes, steel manufacturing and metal fabrication, semiconductor manufacturing, breathing and medicinal gases, food and beverage gases, and hydrogen energy, according to Statista.

The cryogenic energy storage (CES) systems, which uses cryogenically liquified gases to store energy, drives the market towards growth with the demand for renewable energy storage. According to IEA, the global renewable energy sector grew by 50% in 2023, adding around 510 gigawatts (GW) of capacity to energy systems around the world. The solar PV accounted for three-quarters of the additions, with China adding as much solar PV in 2023 as the entire world did in 2022.

MARKET SEGMENTATION:

·         By Equipment Type – Tanks, Valves, Regulators, Pumps, Compressors, Vaporizers, Heat exchangers, vacuum jacketed piping

·         By Gas Used Type – liquified nitrogen, liquified helium, liquified oxygen, liquified natural gas and other

·         By Application- storage, transportation, distributing, processing and other

·         By End-User Industry - Oil and gas, energy and power, food and beverages, electronics and semiconductor, marine and aerospace, chemical and healthcare and others

·         By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America

Cryogenic Equipment Market Segment By Equipment Type Segment Review:

Cryogenic equipment encompasses a range of specialized tools that are essential for storage, transport, and processing of cryogenic liquids and gases. The cryogenic tanks are designed to securely store and transport liquified gases at extremely low temperatures, ensuring safe handling across different industrial applications. The cryogenic valves are critical for controlling the flow of this cryogenic materials within storage tanks, pipelines and processing units, by providing a reliable flow control at a very low temperature.

The regulators maintains the correct pressure of gases as they are dispensed from the storage system. The cryogenic pumps facilitate the efficient and controlled transfer of cryogenic liquids from storage tanks to transport containers, by minimizing loss and preserving the integrity of the liquid, which is very much vital in LNG plants and medical fields. The compressors are used to compress the cryogenic gases to high pressures, for optimizing storage space and ensuring high pressure delivery. The vaporizers converts the cryogenic liquids into gases through heat application, and makes it in gaseous forms available for industrial gas supply, medical oxygen delivery and LNG regasification. The heat exchangers transfers the heat between fluid in cryogenic processes. The vacuum jacketed piping, known for its thermal insulation is essential for transporting cryogenic liquids with minimal heat loss.

Cryogenic Equipment Market Segment By Gas Used Type Segment Review:

The liquefied gases like nitrogen, helium, oxygen and natural gas are critical components in various industrial, medical and scientific applications due to their respective unique properties and extremely low boiling points. The liquified nitrogen with a boiling point of -196°C is widely used for its inert nature, which is very much essential in cryopreservation for storing biological samples like blood and tissue.

The liquefied helium with the boiling point of -269°C, is indispensable for applications which requires ultra-low temperatures like cooling magnets in MRI machines and aerospace missions for cooling sensitive instruments. The liquefied oxygen, which has a boiling point at -183°C, plays a crucial role in health care for oxygen therapy and life support. The liquefied natural gas, cooled to -162°C serves as an alternative to traditional fossil fuels for power generation and heating, are utilized as a fuel in ships and heavy-duty vehicles.

Cryogenic Equipment Market Segment By Application Segment Review:

The cryogenic equipment is essential across various applications like storage, transportation, distribution and processing, each requiring specialized tools and techniques to maintain extremely low temperatures. In storage segment, the cryogenic equipment like tanks, cryogenic freezers and bulk storage systems are crucial for containing gases and liquids such as oxygen, argon, liquefied nitrogen and natural gas. These applications are vital in medical and biological fields for preservation. In the transportation segment, they are equipped with insulation and cooling systems that are necessary to move cryogenic substances from the production sites to end users while preventing evaporation.

The distribution segment involves delivering cryogenic gases and liquids to end users like industrial plants, healthcare facilities, and energy consumers utilizing cryogenic pumps, pipelines, distribution tanks or cylinders. The processing application involves using cryogenic temperatures to enhance material properties or enable specific reactions with equipment like cryogenic freezers, heat exchangers or cooling systems which is commonly seen in metal treatment, food processing and electronics manufacturing.

Cryogenic Equipment Market Segment By End User Industry Segment Review:

The cryogenic equipment serves a broad range of industries from oil and gas sector to healthcare sector, catering each for specialized applications.  In the oil and gas industry, these equipments are crucial for production, storage and transportation of liquefied natural gas and other hydrocarbons with cryogenic tanks. In the energy and power sector, these equipments are essential for storing transporting cryogenic fuels like liquid hydrogen and LNG for applications for superconducting power cables. The food and beverage industry utilizes cryogenic freezers and storage solutions for rapid freezing and chilling of food products.

The electronics and semiconductor industries rely on cryogenic coolers and treatment processes for manufacturing and testing high performance components. The marine and aerospace sector uses the cryogenic tanks and fuels are essential for LNG powered vessels and rocket propulsion systems. The chemical industry utilizes cryogenic tanks for gas storage and transport and cryogenic processes for temperature chemical reactions. The health care utilizes cryogenic freezers for storing biological samples, cryogenic tanks for medical gases and cryogenic equipment for cryosurgery.

Cryogenic Equipment Market Regional Analysis:

North America is a valuable market drive by the factors like the presence of strong and robust healthcare and biotechnology sectors. The region leads in aerospace and defense with organizations like NASA and private companies like SpaceX which propels the demand of the market. Europe is another valuable market driven by the factors like the strict environmental regulations and policies like the Your Unions Green Deal, which promotes the use of cleaner energy sources. Asia Pacific is a significant and rapidly growing market due to rapid industrialization and urbanization in countries like China and India which increases the demand for industrial gases contributing towards market growth.

According to EIA, the Asia pacific is a major consumer of LNG with countries investing heavily in LNG import. The top five importers and consumers of LNG in the world are Japan, South Korea, Mainland China, Taiwan, and India. The Middle East and Africa is a growing market driven by its vast oil and gas reserves, which requires cryogenic equipment for LNG production and export in countries like Qatar and Saudi Arabia. South America is another growing market driven by industrial expansion and investments in LNG restructure. MidOcean Energy, a liquefied natural gas (LNG) company formed and managed by investment company EIG, has completed the acquisition of Korea-based SK earthon’s interest in Peru LNG.

Key Challenges:

The cryogenic equipment involves significant capital due to the advanced materials and technologies that are required for the manufacturing and maintaining extremely low temperatures and other operational costs, which may lead to hinder the market growth. The handling cryogenic materials poses safety risks, like potential risk for leaks, explosion and frostbite, which is one of the significant challenges for the market. The designing and operating these systems require specialized knowledge and expertise, as it involves technical complexity in terms of temperature control, insulation and material compatibility, which may lead to operational challenges.

Competitive Landscape:

In the highly competitive cryogenic equipment market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategi partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share. Recent developments includes – Dalian Shipbuilding Industry, delivered the world's first dual-fuel VLCC 2x3500m³ C-type LNG cryogenic storage tank, in June 2021. Linde announced it has started delivering oxygen and other industrial gases to Shanghai Huayi's new chemical complex, in July 2021. Chart Industries opened a second facility in Alabama, in July 2023. INOX India Limited built an LNG facility in Tamil Nadu, in June 2023. Linde formed a strategic partnership with Evonik to supply green hydrogen in Singapore, in April 2023. Air Products and Chemicals and Shaanxi LNG Reserves and Logistics collaborated to supply LNG process technology to Technip Energies.

Global Key Players:

·         Linde plc

·         Emerson Electric Co.

·         INOXCVA

·         Beijing Tianhai Industry Co Ltd

·         Cryofab Inc

·         Chart Industries, Inc.

·         Air Products and Chemicals, Inc.

·         Air Liquide S.A.

·         Flowserve Corporation

·         Nikkiso Co., Ltd.

·         Other players

Attributes	Details
Base Year	2023
Trend Period	2024 – 2032
Forecast Period	2024 – 2032
Pages	215
By Equipment Type	Tanks, Valves, Regulators, Pumps, Compressors, Vaporizers, Heat exchangers, vacuum jacketed piping
By Gas Used Type	liquified nitrogen, liquified helium, liquified oxygen, liquified natural gas and other
By Application	storage, transportation, distributing, processing and other
By End-User Industry	Oil and gas, energy and power, food and beverages, electronics and semiconductor, marine and aerospace, chemical and healthcare and others
By region	North America, Europe, Asia Pacific, the Middle East and Africa, and South America
Company Profiles	Linde plc, Emerson Electric Co., INOXCVA, Beijing Tianhai Industry Co Ltd , Cryofab Inc, Chart Industries, Inc. , Air Products and Chemicals, Inc., Air Liquide S.A., Flowserve Corporation, Nikkiso Co., Ltd., Other players, Other Players
Edition	1st edition
Publication	May 2024