Cryogenic Equipment Market by Product, Cryogen, System Type, End-User

List of Tables

[190 Pages Report] The Cryogenic Equipment Market size was estimated at USD 11.76 billion in 2023 and expected to reach USD 12.58 billion in 2024, at a CAGR 6.80% to reach USD 18.65 billion by 2030.

Cryogenic equipment is designed to produce, maintain, and utilize extremely low temperatures below -150°C. This specialized equipment is necessary for liquefying gases such as nitrogen, oxygen, hydrogen, and helium through the cryogenic distillation process and achieving their superfluid states. Cryogenic equipment has various applications across industries such as healthcare, energy, metallurgy, chemicals, food processing and oil & gas. Increasing demand for liquefied gases from various end-use industries significantly drives the market growth. Moreover, emerging applications of cryogenic equipment across various industries, such as aerospace and aviation, leads to the market expansion. However, the high cost of the liquefaction process for cryogenic gases, along with the technical limitations, create hindrances for the deployment of cryogenic equipment. Furthermore, continuous innovations in the development of cryogenic equipment create potential opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 11.76 billion
Estimated Year [2024]	USD 12.58 billion
Forecast Year [2030]	USD 18.65 billion
CAGR (%)	6.80%

Product: Ongoing research in cryogenic freezers includes the development of energy-efficient freezers and the incorporation of smart monitoring systems

Cryogenic freezers are indispensable in research, pharmaceutical, and food storage sectors due to their capacity to achieve ultra-low temperatures. A high-efficiency cryogenic freezer offers optimum temperature uniformity, which maximizes the preservation of samples. Cryogenic pipes, as essential components in cryogenic systems, transport liquefied gases at extremely low temperatures. Vacuum-insulated pipes stand out due to their thermal performance, reducing gas losses during transportation. Cryogenic pumps, commonly used for the circulation and pressurization of gases, play a critical role in the LNG industry. Cryogenic tanks are primarily used for storing and transporting liquefied gases. Companies manufacturing highly robust and efficient cryogenic tanks offer both static and transportable storage solutions. Cryogenic valves play a crucial role in controlling the flow of ultra-cold liquids in various industries. Vaporizers help convert cryogenic liquids back into gas form. Companies design and manufacture robust, reliable vaporizers that deliver consistent performance and high efficiency, mainly focusing on reducing the amount of heat lost during the vaporization process.

Cryogen: Increasing utilization of nitrogen as it provides a stable and ultra-low temperature environment

Argon, an inert and colorless gas, is essential in industries such as welding, cutting, soldering, brazing, and 3D printing due to its beneficial properties in shielding and purging applications. Helium, primarily sourced during natural gas extraction, is crucial in fields such as medicine (MRI machines), scientific research, and cooling systems. Hydrogen, the abundant element in the universe, is gaining more attention for its clean energy properties. Also, it is in high demand in industries such as food processing, chemical production, and metal production. Liquefied natural gas (LNG) is gaining momentum as a cleaner alternative to coal and oil. Nitrogen is generally used in refrigeration systems, food packaging, and chemical industries. Oxygen is a staple in medical treatments and industrial processes. Moreover, liquid oxygen has wide applications in the space industry as an oxidant in rocket propulsion systems.

System Type: Continuous improvements in storage systems to enhance operational safety

The handling system in cryogenic equipment is instrumental in managing the transportation and manipulation of cryogenic liquids and gases within a facility or between different stages of an application. A robust and efficient handling system needs to incorporate safety features, ergonomic design, and adaptability to different types of cryogenic substances. Equipment such as cryogenic transfer hoses, phase separators, and valves are part of this system and are designed to minimize heat input and maintain the integrity of the cryogens. Advanced handling systems often incorporate automation to reduce the risk of human error and exposure to extremely cold temperatures, enhancing safety and operational efficiency. Storage systems in cryogenic applications are vital for maintaining the temperature and pressure conditions necessary to keep gases and liquids in their cryogenic state. These systems range from small dewars to large-scale tanks and often include vacuum insulation or super-insulation to reduce heat transfer and prevent evaporation loss. A comprehensive assessment of a storage system must consider factors such as storage capacity, thermal performance, space utilization efficiency, and potential for boil-off gas recovery. It is also imperative to evaluate the durability and life cycle of storage containers and their conformance with applicable codes, standards, and suitability for the end-use application. Regular inspections and maintenance are crucial to ensuring the long-term reliability and safety of the storage system. The supply system in cryogenic equipment is designed to deliver cryogenic materials to the point of use safely and effectively. This encompasses ancillary equipment such as pumps, vaporizers, manifolds, and control systems that work together to regulate and monitor the cryogenic medium's flow, pressure, and state. Critical factors in assessing a supply system include its capacity to provide a consistent and uninterrupted flow rate to meet operational demands and its precision in delivering the cryogenic medium at the required temperature and pressure conditions. Furthermore, the system's resilience to extreme operating conditions, scalability, ease of integration with existing infrastructure, and energy efficiency are key to its overall performance.

End-User: Expanding cryogenic applications across the healthcare industry for freezing vaccines and preserving biological samples

The aerospace & rail transport industry heavily relies on cryogenic equipment for their cooling and cryo-treating needs. The increased durability and enhanced performance that cryogenic treatment provides are indispensable in these fields due to their demanding conditions. The chemical industry depends on cryogenic equipment for material preservation and reaction control in extreme temperatures. Cryogenic equipment is essential in electronics for semiconductor manufacturing and in maintaining optimum operating temperatures for sensitive electronics. The energy & power sector uses cryogenic equipment for liquefaction, separation, and storage of gases. The healthcare sector requires cryogenic equipment for cooling MRI scanners, preserving biological samples, and cold therapy. Cryogenic equipment is crucial in metallurgy for cryogenic hardening and cryo-treating of metals. The oil & gas industry uses cryogenic equipment for extraction, transportation, and storage of liquefied natural gas (LNG).

Regional Insights

In the American region, the market for cryogenic equipment is growing with the continued innovation in sectors such as healthcare, transportation, and manufacturing. The major manufacturers within the region are investing heavily in research and development and increasing production capacity. Within the European Union, cryogenic equipment deployment is expanding due to growth in key end-use industries. European Union's regulations around renewable energy and reduced emissions contributed to the adoption of cryogenic equipment. There is a growing demand for eco-friendly transportation, such as liquefied natural gas and liquid hydrogen, in the EU, which uses cryogenic technology. The Middle East and Africa present opportunities for growth in the cryogenics market, especially for the storage and transportation of liquefied natural gas and helium. The Middle East and Africa region witnessed a growing interest in cryogenic applications for water desalination and cold chain logistics. The countries, including China, Japan, and India, across the APAC region witnessed the growing demand in industries such as electronics, transportation, and space exploration contributing to the adoption of cryogenic equipment. These Asian markets generally comprise large domestic cryogenic equipment manufacturers, along with the presence of international companies.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Cryogenic Equipment Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Cryogenic Equipment Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Cryogenic Equipment Market, highlighting leading vendors and their innovative profiles. These include Ability Engineering Technology, Inc., Air Liquide S.A., Air Products and Chemicals, Inc., Air Water Inc., Atlas Copco AB, Azenta, Inc., Beijing Tianhai Cryogenic Equipment Co., Ltd, Bluefors Oy, Caterpillar Inc., Chart Industries, Inc., CIMC Enric Holdings Limited, CRYO PUR by La Francaise de l'Energie, Cryofab Inc., Cryospain, S.L., CryoVation LLC, CS&P Technologies, LP, Dover Corporation, Emerson Electric Co., Fives Group, Flowserve Corporation, Harris Products Group by Lincoln Electric Holdings, Inc., Herose GmbH, Honeywell International Inc., IceCure Medical Ltd., Indian Oil Corporation Limited, INOX India Limited, Linde PLC, MAN Energy Solutions SE, Nikkiso, Co. Ltd., Omni Tanker Pty Ltd., Pacira BioSciences, Inc., Parker-Hannifin Corporation, PHPK Technologies, Schlumberger N.V, Sulzer Ltd., Sumitomo Heavy Industries, Ltd., Taylor-Wharton, Thermo Fisher Scientific Inc., and Wessington Cryogenics Ltd..

Market Segmentation & Coverage

This research report categorizes the Cryogenic Equipment Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Freezer
- Pipe
- Pumps
- Tanks
- Valves
- Vaporizers

Cryogen
- Argon
- Helium
- Hydrogen
- LNG
- Nitrogen
- Oxygen

System Type
- Handling System
- Storage System
- Supply System

End-User
- Chemicals
- Electronics
- Energy & Power
- Healthcare
- Oil & Gas
- Transportation

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Cryogenic Equipment Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Cryogenic Equipment Market?

3. What are the technology trends and regulatory frameworks in the Cryogenic Equipment Market?

4. What is the market share of the leading vendors in the Cryogenic Equipment Market?

5. Which modes and strategic moves are suitable for entering the Cryogenic Equipment Market?

Product Code: MRR-3D2FD205B48A

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising demand for the production of industrial gasses
  - 5.1.1.2. Continuous growth in the aerospace and aviation industry
  - 5.1.1.3. Rising applications with the growing demand and consumption of energy
- 5.1.2. Restraints
  - 5.1.2.1. High cost of cryogenic equipment
- 5.1.3. Opportunities
  - 5.1.3.1. Continuous innovations in the development of cryogenic equipment
  - 5.1.3.2. Emerging potential for storage and transportation of medical gasses
- 5.1.4. Challenges
  - 5.1.4.1. Technical limitations associated with cryogenic equipment
5.2. Market Segmentation Analysis
- 5.2.1. Product: Ongoing research in cryogenic freezers includes the development of energy-efficient freezers and the incorporation of smart monitoring systems
- 5.2.2. Cryogen: Increasing utilization of nitrogen as it provides a stable and ultra-low temperature environment
- 5.2.3. System Type: Continuous improvements in storage systems to enhance operational safety
- 5.2.4. End-User: Expanding cryogenic applications across the healthcare industry for freezing vaccines and preserving biological samples
5.3. Market Trend Analysis
- 5.3.1. Innovation in the cryogenic equipment and expanding power & energy, and medical sector in the Americas
- 5.3.2. Increasing investment in cryogenic engine technology for the expanding space exploration and defense activities in the APAC region
- 5.3.3. Expanding infrastructure development of cryogenic hydrogen tank to meet sustainability goals and investments in the aerospace industry in the EMEA region
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Cryogenic Equipment Market, by Product

6.1. Introduction
6.2. Freezer
6.3. Pipe
6.4. Pumps
6.5. Tanks
6.6. Valves
6.7. Vaporizers

7. Cryogenic Equipment Market, by Cryogen

7.1. Introduction
7.2. Argon
7.3. Helium
7.4. Hydrogen
7.5. LNG
7.6. Nitrogen
7.7. Oxygen

8. Cryogenic Equipment Market, by System Type

8.1. Introduction
8.2. Handling System
8.3. Storage System
8.4. Supply System

9. Cryogenic Equipment Market, by End-User

9.1. Introduction
9.2. Chemicals
9.3. Electronics
9.4. Energy & Power
9.5. Healthcare
9.6. Oil & Gas
9.7. Transportation

10. Americas Cryogenic Equipment Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Cryogenic Equipment Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Cryogenic Equipment Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Flowserve introduces Worcester Cryogenic Ball Valves to Help Control Fugitive Emissions
- 13.3.2. Cryogenic Specialist Nikkiso Joins SEA-LNG Coalition
- 13.3.3. Bluefors to Acquire its Distributor Rockgate, Establishing Direct Presence in the Japanese Cryogenics Technology Market
- 13.3.4. Air Water Inc. Acquires Specialized Distribution Equipment Producer M1 Engineering
- 13.3.5. INOXCVA Begins Construction of INR 200 Crore Cryogenic Equipment Manufacturing Facility
- 13.3.6. Nikkiso Clean Energy & Industrial Gases Group Announces Expansion of Sales, Service and Engineering Facility in South Africa
- 13.3.7. Parker Releases a New Comprehensive Catalog for its Range of Bestobell Cryogenic Valves for Industrial Gas Applications
- 13.3.8. Nikkiso Clean Energy & Industrial Gases Group Completes the Acquisition of Cryotec Anlagenbau GmbH, Wurzen, Germany
- 13.3.9. Cryomotive and Fives Enter into a Partnership to Develop a Leading Cryogenic Pump for Truck Hydrogen Refueling Stations
- 13.3.10. Nikkiso Clean Energy Opens New Facility in Qatar

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio