Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

The global cryogenic equipment market reached a value of US$ 19.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 27.8 Billion by 2027, exhibiting a CAGR of 6.32% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Cryogenic equipment refers to devices that are used for the storage and transportation of materials at extremely low temperatures. It consists of cryogenic storage racks, boxes, refrigerators, pressure vessels, cold traps, purifiers, piping, temperature controllers, accessories and tanks. It is primarily used for cooling, freezing, metal processing and biomedical and chemical storage purposes. It also aids in protecting users from accidental contact with hazardous materials during their handling. Owing to this, it finds extensive applications across various industries, including chemical, oil and gas, energy and power, food and beverage, healthcare, marine and aerospace.

Significant growth in the aerospace and aviation industries across the globe is one of the key factors that is creating a positive outlook for the market. Furthermore, the increasing demand for Liquified Natural Gas (LNG) across industries is also augmenting the market growth. The cryogenic equipment is specifically designed for gases, such as liquid helium, oxygen, nitrogen, argon and carbon dioxide (CO2) that are used in LNG-based power plants. In line with this, the increasing utilization of the equipment in oil tankers, vaporizers, pumps, refrigerators and valves in the oil and gas sector is acting as another major growth-inducing factor. Additionally, technological advancements in the field of immunotherapy, pharmaceuticals, vaccinations and regenerative medicines that have enhanced the utilization of cryogenic equipment, are contributing to the market growth. Other factors, including the growing need for clean energy sources, along with the development of mobile cryogenic equipment, are expected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cryogenic equipment market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on equipment, cryogen, application and end use industry.

Breakup by Equipment:

Heat Exchanger

Breakup by Cryogen:

Liquified Natural Gas

Breakup by Application:


Breakup by End Use Industry:

Oil and Gas
Energy and Power
Food and Beverages
Marine and Aerospace

Breakup by Region:

North America
United States
Asia Pacific
South Korea
United Kingdom
Latin America
Middle East and Africa

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Air Liquide S.A., Air Products and Chemicals Inc., Chart Industries Inc., Cryofab Inc., Cryoquip LLC (Nikkiso Co. Ltd.), Emerson Electric Co., Flowserve Corporation, Herose GmbH, INOX India Pvt. Ltd, Linde Plc, Parker-Hannifin Corporation and Wessington Cryogenics.

Key Questions Answered in This Report:
How has the global cryogenic equipment market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global cryogenic equipment market?
What are the key regional markets?
What is the breakup of the market based on the equipment?
What is the breakup of the market based on the cryogen?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cryogenic equipment market and who are the key players?
What is the degree of competition in the industry?

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Cryogenic Equipment Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Equipment
6.1 Tanks
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Pumps
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Heat Exchanger
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Valves
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Breakup by Cryogen
7.1 Nitrogen
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Liquified Natural Gas
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Helium
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Application
8.1 Storage
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Transportation
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Processing
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by End Use Industry
9.1 Oil and Gas
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Energy and Power
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Food and Beverages
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Healthcare
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Marine and Aerospace
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Chemicals
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Others
9.7.1 Market Trends
9.7.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States Market Trends Market Forecast
10.1.2 Canada Market Trends Market Forecast
10.2 Asia Pacific
10.2.1 China Market Trends Market Forecast
10.2.2 Japan Market Trends Market Forecast
10.2.3 India Market Trends Market Forecast
10.2.4 South Korea Market Trends Market Forecast
10.2.5 Australia Market Trends Market Forecast
10.2.6 Indonesia Market Trends Market Forecast
10.2.7 Others Market Trends Market Forecast
10.3 Europe
10.3.1 Germany Market Trends Market Forecast
10.3.2 France Market Trends Market Forecast
10.3.3 United Kingdom Market Trends Market Forecast
10.3.4 Italy Market Trends Market Forecast
10.3.5 Spain Market Trends Market Forecast
10.3.6 Russia Market Trends Market Forecast
10.3.7 Others Market Trends Market Forecast
10.4 Latin America
10.4.1 Brazil Market Trends Market Forecast
10.4.2 Mexico Market Trends Market Forecast
10.4.3 Others Market Trends Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 Air Liquide S.A. Company Overview Product Portfolio Financials SWOT Analysis
15.3.2 Air Products and Chemicals Inc. Company Overview Product Portfolio Financials SWOT Analysis
15.3.3 Chart Industries Inc. Company Overview Product Portfolio Financials
15.3.4 Cryofab Inc. Company Overview Product Portfolio
15.3.5 Cryoquip LLC (Nikkiso Co. Ltd.) Company Overview Product Portfolio
15.3.6 Emerson Electric Co. Company Overview Product Portfolio Financials SWOT Analysis
15.3.7 Flowserve Corporation Company Overview Product Portfolio Financials SWOT Analysis
15.3.8 Herose GmbH Company Overview Product Portfolio
15.3.9 INOX India Pvt. Ltd. Company Overview Product Portfolio
15.3.10 Linde Plc Company Overview Product Portfolio Financials
15.3.11 Parker-Hannifin Corporation Company Overview Product Portfolio Financials SWOT Analysis
15.3.12 Wessington Cryogenics Company Overview Product Portfolio Financials

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