Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application, & Region - Forecast to 2030

The cryogenic equipment market is projected to reach USD 22.96 billion by 2030 from USD 13.55 billion in 2024, at a CAGR of 9.3%. The growth is attributed to the factors such as Increasing utilization of industrial gases in metallurgy, oil & gas, and energy & power industries. Growing popularity of liquefied natural gas as source of clean and efficient energy has driven the growth of cryogenic equipment market.

“By end-user industry, Electronics segment is projected to be the fastest growing segment of the cryogenic equipment market during the forecast period.”

The electronics segment is expected to be the fastest-growing end-user segment in the cryogenic equipment market during the forecast period. In the electronics industry, cryogenic equipment is used widely in the storage and handling of high-purity industrial gases such as nitrogen, oxygen, and argon. These gases are essential in semiconductor fabrication, integrated circuits, flat-panel displays, and printed circuit boards. Their critical importance arises from the important manufacturing processes for which they are to be applied: wafer cooling, inerting, oxidation, deposition, and processing, where precise temperatures must be maintained in an environment free of contamination. The demand owing to extensive consumer need for electronics, electric vehicles, data centers, and advanced computing facilities raises the demand for an infusion of production capacity for semiconductors. It also substantiates a demand for reliable supply systems for cryogenic gases. Continuous advancements in chip miniaturization, high-density packaging, and.next-generation electronic materials are complementary contributors to increased demand. As the activities in electronics production increase in complexity and continue to be quality-driven, more of such equipment will surely be adopted gradually in this segment.

“Storage system segment is expected to be the largest segment during the forecast period based on system type.”

By system type, the cryogenic equipment market has been segmented into storage system, handling system, supply system, and others. The storage system segment is expected to hold the largest market share during the forecast period. The large market share and the high growth rate of this segment can be attributed to the lucrative growth opportunities provided by the expanding aerospace industry and technological advancements in cryogenic energy storage (CES) systems.
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“By region, Europe is expected to be the second-largest region in the cryogenic equipment market during the forecast period.”

Europe is expected to be the second-largest region in the cryogenic equipment market during the forecast period. The region has been segmented, by country, into Russia, the UK, Germany, France, and Rest of Europe. The market in Rest of Europe is primarily studied for the Netherlands, Italy, Norway, Sweden, Denmark, and Finland. The European market is mainly influenced by the modernization of Germany's healthcare industry and France's commitment to achieving net-zero emissions. the increasing investments in LNG exports are likely to create requirement for cryogenic equipment in the transportation industry, especially the shipping sector, thereby providing a lucrative growth opportunity for cryogenic equipment providers in the region.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%

By Designation: C-Level Executives - 30%, Managers- 25%, and Others- 45%

By Region North America- 27%, Europe- 20%, Asia Pacific- 33%, South America- 12%, The Middle East- 4% and Africa- 4%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The cryogenic equipment market is dominated by a few major players that have a wide regional presence. The leading players in the cryogenic equipment market are Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); and PARKER HANNIFIN CORP (US), among others.

Study Coverage:

The report defines, describes, and forecasts the global cryogenic equipment market by Equipment, Cryogen, End-user Industry, System Type, and Region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the cryogenic equipment market.
 
Key Benefits of Buying the Report

• The cryogenic equipment market is driven by a global trend toward cleaner, more efficient energy and industrial systems where ultra-low-temperature handling is key. Increased liquefied gas demand in relation to LNG, hydrogen, industrial gases, and energy security and emission reductions spurred the rapid adoption of cryogenic tanks, valves, pumps, and vaporizers. Many features of cryogenic equipment include safe liquefaction, storage, and transportation of gases-lending itself to LNG infrastructure development, hydrogen deployment, industrial processing, and medical applications. Another crucial and worth-noting feature of cryogenic equipment is that their inherent compatibility with existing gas value chains allows flexibility across energy, industrial, and transport sectors. The tighter safety and environmental regulations are complemented with the government push for clean fuels, thus propelling investment into cryogenic infrastructure. Meanwhile, advancement in insulation, materials, automation, and digital monitoring for better efficiency, reliability, and scalability would make cryogenic equipment a significant enabling infrastructure for low-carbon energy transition.
• Product Development/Innovation: The cryogenic equipment market is witnessing significant product development and innovation, driven by the growing demand for cryogenic equipment systems in the metallurgy industries. Companies are investing in developing advanced cryogenic equipments.
• Market Development: INOX India Limited built an LNG facility in Tamil Nadu, which comprises 2 x 113 KL LNG tanks, regas system with a capacity of 5,000 SCMH @ 22 Bar pressure and associated equipment was supplied by INOXCVA on a turnkey basis in a record time.
• Market Diversification: Chart Industries collaborated with 8 Rivers Capital, a North Carolina-based clean energy and climate technology company, to grab commercial opportunities for hydrogen technology and solutions. This collaboration includes developing equipment for 8 Rivers technologies backed up by Chart’s decades of experience in designing and manufacturing cryogenic, compression, and process technologies, and help 8 Rivers in delivering reliable and cost-effective solutions to its customers. The companies will work together to identify and develop commercial opportunities to integrate Chart offerings into 8 Rivers’s projects.
• Competitive Assessment: Assessment of rankings of some of the key players, including of Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); and PARKER HANNIFIN CORP (US), among others in the cryogenic equipment market.

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