Global Cryogenic Equipment Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

Recent Developments

• In June 2021, TECO 2030 entered into a Memorandum of Understanding with Chart Industries, Inc., aimed at jointly developing technological solutions for capturing carbon dioxide (CO2) emissions from ships and storing them in liquid form. The agreement spans three years and involves collaborative efforts to develop onboard carbon capture solutions for ships, utilizing the Cryogenic Carbon Capture (CCC) technology pioneered by SES, which was acquired by Chart in December 2020.

• In July 2021, Linde announced the commencement of its new on-site facility in Qinzhou, China, catering to the supply of oxygen and other industrial gases to Shanghai Huayi's recently established chemical complex. The facility comprises three air separation units capable of supplying up to 7,500 tons per day of oxygen and 5,000 tons per day of nitrogen.

• In July 2023, Chart Industries inaugurated its second facility in Alabama, which is slated to manufacture the largest shop-built cryogenic tanks ever produced globally. These tanks, 70% larger than previous models, are intended for use as propellant storage solutions in the aerospace industry, as well as for hydrogen and LNG storage applications in the marine industry and various other processes and technologies adopted in the sciences and decarbonization sectors.

• In June 2023, INOX India Limited completed the construction of an LNG facility in Tamil Nadu, featuring two 113 KL LNG tanks and a regasification system with a capacity of 5,000 SCMH at 22 Bar pressure. INOXCVA supplied the associated equipment on a turnkey basis, achieving project completion in record time.

• In April 2023, Linde finalized an agreement with Evonik, a leading specialty chemicals company, for the supply of green hydrogen in Singapore. Under the terms of the agreement, Linde will construct, own, and operate a nine-megawatt alkaline electrolyzer plant on Jurong Island, Singapore. The plant will produce green hydrogen, which Evonik will utilize in the manufacture of methionine, a vital component in animal feed.

• In March 2023, Air Products and Chemicals, Inc., in collaboration with Shaanxi LNG Reserves & Logistics Company, inked an agreement to supply its proprietary liquefied natural gas (LNG) process technology and equipment to Technip Energies for the Xi'An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd., in Shaanxi Province, China.

This report extensively covers different segments of Global Cryogenic Equipment Market and provides an in depth analysis (including revenue analysis for both historic and forecast periods) for all the market segments. In this report, the analysis for every market segment is substantiated with relevant data points and, insights that are generated from analysis of these data points (data trends and patterns).

The Global Cryogenic Equipment Market exhibits a multifaceted landscape, segmented by product type, cryogen, end user, and geography. This segmentation reflects the diverse range of equipment, applications, and industries that comprise the cryogenic equipment market, catering to various needs and requirements across different sectors worldwide.

Product segmentation encompasses a wide array of cryogenic equipment designed to handle materials at extremely low temperatures. This includes storage tanks, valves, vaporizers, pumps, and other specialized equipment used in cryogenic applications such as liquefied natural gas (LNG) production, medical imaging, and semiconductor manufacturing.

Cryogen segmentation focuses on the types of cryogenic substances and gases handled by the equipment. This may include gases such as nitrogen, oxygen, hydrogen, helium, and argon, as well as liquefied natural gas (LNG), liquid nitrogen, and liquid oxygen, among others.

End user segmentation identifies the diverse industries and sectors that rely on cryogenic equipment for their operations. This includes healthcare and medical facilities for applications such as cryopreservation and cryosurgery, energy and power generation for LNG liquefaction and storage, manufacturing and metallurgy for cryogenic cooling and freezing processes, and aerospace and defense for rocket propulsion and space exploration, among others.

Geographical segmentation divides the market into regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, reflecting the varying market dynamics, regulatory environments, and industry trends across different parts of the world.

Global Cryogenic Equipment Segment Analysis

In this report, the Global Cryogenic Equipment Market has been segmented by Product, Cryogen, End User, and Geography.

Global Cryogenic Equipment Market, Segmentation by Product

The Global Cryogenic Equipment Market has been segmented by Product into Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, and Others.

Among the primary product categories are cryogenic tanks, which serve as crucial vessels for storing and transporting liquefied gases such as nitrogen, oxygen, and argon. These tanks are engineered with robust insulation and pressure-resistant materials to maintain the cryogenic substances at their desired temperatures and prevent vaporization or leakage.

Valves are another integral component of cryogenic equipment, facilitating the control and regulation of flow rates, pressure, and temperature within cryogenic systems. Cryogenic valves are designed to withstand extreme temperature differentials and ensure reliable operation under cryogenic conditions, enabling precise control over the movement and distribution of cryogenic fluids in various applications.

Vaporizers play a critical role in the cryogenic process by converting liquefied gases into their gaseous states for downstream applications. These devices utilize heat exchange mechanisms to transfer thermal energy from ambient surroundings to the cryogenic fluid, causing it to evaporate and transition into a gas. Vaporizers are essential components in industries such as LNG production, industrial gas manufacturing, and semiconductor fabrication, where gaseous forms of cryogens are required for specific processes.

Pumps are indispensable in cryogenic applications for transferring and circulating cryogenic fluids within systems. Cryogenic pumps are specially designed to handle low-temperature liquids and gases, featuring robust seals, lubrication systems, and materials capable of withstanding extreme cold temperatures. These pumps are utilized in various industries for tasks such as filling cryogenic storage tanks, transferring LNG, and supplying cryogenic fluids to process equipment.

Actuators are mechanical devices used to control the movement or operation of valves, vents, and other components in cryogenic systems. Cryogenic actuators are engineered to function reliably under low-temperature conditions, offering precise and responsive control over critical processes. These actuators play a vital role in ensuring the safety, efficiency, and reliability of cryogenic equipment and systems across different industries.

Bayonet connections are specialized fittings used for coupling and connecting cryogenic components such as hoses, pipes, and valves. These connections provide a secure and leak-proof seal, enabling the efficient transfer of cryogenic fluids between different parts of the system. Bayonet connections are designed to withstand extreme temperature differentials and thermal expansion, ensuring reliable performance in cryogenic environments.

The category of Others encompasses a diverse range of auxiliary and specialized cryogenic equipment and components not covered by the aforementioned categories. This may include cryogenic insulation materials, pressure relief devices, temperature sensors, gauges, and safety valves, among others. These miscellaneous components play crucial roles in enhancing the safety, efficiency, and performance of cryogenic systems in various applications and industries.

Global Cryogenic Equipment Market, Segmentation by Cryogen Type

The Global Cryogenic Equipment Market has been segmented by Cryogen into Nitrogen, Oxygen, Argon, Liquified Natural Gas (LNG), Hydrogen, Helium, and Others.

Nitrogen stands as one of the most widely used cryogens, valued for its inertness, low reactivity, and ability to maintain low temperatures. In cryogenic applications, nitrogen finds extensive use in purging, inerting, and freezing processes, such as in food preservation, pharmaceutical manufacturing, and semiconductor fabrication. Nitrogen is employed as a coolant and carrier gas in cryogenic cooling systems and gas chromatography.

Oxygen, another essential cryogen, serves critical roles in medical, industrial, and aerospace applications. In cryogenic form, oxygen is utilized for medical oxygen therapy, industrial cutting and welding processes, and space exploration. Cryogenic oxygen is stored and transported in specialized tanks and vessels to maintain its liquid state at extremely low temperatures, ensuring its availability for various applications.

Argon, known for its inertness and stability, finds diverse applications in cryogenic welding, lighting, and industrial processes. In cryogenic applications, argon is used as a shielding gas for arc welding, an insulating gas in double-pane windows, and a propellant in aerosol sprays. Cryogenic argon is stored and transported in cryogenic tanks and vessels to maintain its liquid state for efficient storage and distribution.

Liquefied natural gas (LNG) represents a vital cryogen in the energy sector, valued for its high energy density and clean-burning properties. LNG is produced by cooling natural gas to cryogenic temperatures, liquefying it for storage and transportation purposes. Cryogenic equipment such as storage tanks, vaporizers, and pumps are utilized in LNG production, storage, and distribution facilities to ensure safe and efficient handling of this valuable energy resource.

Hydrogen, a lightweight and highly combustible gas, finds applications in cryogenic rocket propulsion, hydrogen fuel cells, and industrial processes. In cryogenic form, hydrogen is stored and transported in cryogenic tanks and vessels to maintain its liquid state at extremely low temperatures, enabling its use as a clean and efficient fuel source in various applications.

Helium, renowned for its low boiling point and inertness, is utilized in cryogenic cooling applications, scientific research, and medical imaging. Cryogenic helium is used in superconducting magnets for MRI machines, particle accelerators, and cryogenic research laboratories, where its low temperatures enable the operation of superconducting materials and devices.

The category of Others encompasses a range of specialty cryogens used in niche applications, such as carbon dioxide (CO2) for cryogenic food freezing, neon for cryogenic refrigeration, and krypton for cryogenic lighting and insulation. These miscellaneous cryogens offer unique properties and capabilities for specific applications in industries such as food processing, refrigeration, and lighting.

Global Cryogenic Equipment Market, Segmentation by End User

The Global Cryogenic Equipment Market has been segmented by End User into Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others.

The oil and gas industry stands as a significant end user of cryogenic equipment, utilizing it for various applications such as LNG liquefaction, natural gas storage and transportation, and cryogenic gas processing. Cryogenic equipment such as LNG plants, storage tanks, and vaporizers play crucial roles in the extraction, processing, and distribution of natural gas and other hydrocarbons, enabling the efficient utilization of these valuable energy resources.

Metallurgy represents another key end user of cryogenic equipment, employing it for cryogenic cooling, freezing, and heat treatment processes in metal fabrication and processing. Cryogenic cooling systems and equipment enable precise temperature control and rapid cooling rates, facilitating the production of high-quality metal components with enhanced mechanical properties and dimensional stability.

Power generation facilities rely on cryogenic equipment for various applications, including the storage and transportation of liquefied gases such as hydrogen and helium for use in power plant cooling systems, gas turbines, and energy storage technologies. Cryogenic equipment plays a vital role in enhancing the efficiency, reliability, and sustainability of power generation processes, enabling the integration of renewable energy sources and the transition to cleaner energy technologies.

Chemical and petrochemical plants utilize cryogenic equipment for cryogenic gas separation, purification, and liquefaction processes, as well as for the production and storage of specialty gases and chemicals. Cryogenic distillation columns, storage tanks, and vaporizers enable the separation and purification of gases such as oxygen, nitrogen, argon, and hydrogen, supporting the production of high-purity chemicals and industrial gases.

The marine industry relies on cryogenic equipment for various applications, including LNG fueling systems for ships, cryogenic cooling systems for onboard refrigeration and air conditioning, and cryogenic propulsion systems for submarines and deep-sea exploration vessels. Cryogenic technology enables the efficient and safe handling of liquefied gases in maritime environments, supporting the maritime industry's transition to cleaner and more sustainable fuel sources.

The category of Others encompasses a range of miscellaneous end users across diverse industries and sectors, including healthcare, aerospace, food processing, scientific research, and environmental monitoring. These end users utilize cryogenic equipment for a wide range of applications, from cryopreservation of biological samples to cryogenic rocket propulsion systems, highlighting the versatility and widespread adoption of cryogenic technology across different domains.

Global Cryogenic Equipment Market, Segmentation by Geography

In this report, the Global Cryogenic Equipment Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Global Cryogenic Equipment Market Share (%), by Geographical Region, 2023

North America stands as a prominent market for cryogenic equipment, driven by robust industrial sectors, technological advancements, and increasing investments in energy infrastructure. The region's leading position in LNG production and distribution, coupled with growing applications in healthcare, aerospace, and research, fuels demand for cryogenic equipment such as storage tanks, vaporizers, and pumps. Stringent environmental regulations and initiatives to promote clean energy drive the adoption of cryogenic technologies in power generation and transportation, further bolstering market growth in North America.

Europe represents another significant market for cryogenic equipment, characterized by a strong presence of key industries such as metallurgy, chemical manufacturing, and healthcare. The region's focus on environmental sustainability and energy efficiency drives demand for cryogenic technologies in LNG terminals, industrial gas production facilities, and biomedical research laboratories. Europe's leadership in aerospace and defense sectors fosters innovation and demand for cryogenic propulsion systems and components.

Asia Pacific emerges as a rapidly growing market for cryogenic equipment, propelled by industrialization, urbanization, and infrastructure development across countries such as China, India, and Japan. The region's expanding manufacturing sector, coupled with increasing investments in LNG infrastructure and healthcare facilities, drives demand for cryogenic storage, transportation, and processing equipment. Asia Pacific's burgeoning aerospace and automotive industries present opportunities for cryogenic applications in propulsion systems, materials processing, and environmental testing.

The Middle East and Africa region exhibits a growing demand for cryogenic equipment, driven by the region's rich natural gas reserves, expanding industrial base, and investments in energy infrastructure. Countries such as Qatar, Saudi Arabia, and the United Arab Emirates lead in LNG production and export, driving demand for cryogenic liquefaction and storage facilities. The region's growing healthcare sector and investments in research and development contribute to the adoption of cryogenic technologies in medical imaging, cryosurgery, and biotechnology.

Latin America presents opportunities for growth in the cryogenic equipment market, fueled by increasing investments in energy infrastructure, industrial expansion, and healthcare modernization efforts. Countries such as Brazil, Mexico, and Argentina exhibit demand for cryogenic equipment in LNG terminals, chemical processing plants, and medical facilities. Latin America's emerging aerospace and automotive sectors offer avenues for cryogenic applications in propulsion systems, materials testing, and space exploration.

This report provides an in depth analysis of various factors that impact the dynamics of Global Cryogenic Equipment Market. These factors include; Market Drivers, Restraints, and Opportunities.

Drivers:

• Growing Demand from Healthcare Sector
• Expansion of LNG Infrastructure
• Rapid Industrialization and Urbanization

• Versatile Applications in Aerospace and Defense - Versatile applications in aerospace and defense serve as a significant driver for the Global Cryogenic Equipment Market. Cryogenic technologies play a pivotal role in enabling a wide range of applications in these sectors, offering unique capabilities and advantages that drive demand for cryogenic equipment. In the aerospace industry, cryogenic technologies are integral to various propulsion systems, including rocket engines and thrusters used in launch vehicles, spacecraft, and satellites. Cryogenic fuels such as liquid hydrogen (LH2) and liquid oxygen (LOX) offer high energy density and efficiency, making them ideal propellants for space exploration missions and satellite launches. Cryogenic propulsion systems enable higher thrust-to-weight ratios, increased payload capacities, and extended mission durations, driving demand for cryogenic storage tanks, valves, and handling equipment.

  Cryogenic technologies are essential for space exploration and scientific research missions, enabling the study of celestial bodies, planetary atmospheres, and deep space phenomena. Cryogenic cooling systems, cryostats, and cryogenic detectors are used in telescopes, spectrographs, and space probes to capture and analyze cosmic radiation, infrared emissions, and other astronomical signals. These cryogenic instruments enable breakthrough discoveries and advancements in astrophysics, cosmology, and planetary science, driving demand for cryogenic equipment in the aerospace sector. In the defense industry, cryogenic technologies are employed in a wide range of applications, including missile guidance systems, infrared sensors, and radar systems. Cryogenic coolers, such as Stirling and Gifford-McMahon cryocoolers, are utilized to maintain sensitive electronic components and sensors at ultra-low temperatures, enhancing their performance and reliability in harsh environments. Cryogenic technologies enable the development of advanced defense systems with increased accuracy, sensitivity, and operational capabilities, driving demand for cryogenic equipment in defense applications. Cryogenic technologies play a crucial role in national security and strategic deterrence, particularly in the development of cryogenic fuels and propulsion systems for intercontinental ballistic missiles (ICBMs) and submarine-launched ballistic missiles (SLBMs). Cryogenic propellants offer advantages in terms of energy density, storage stability, and rapid response capabilities, enhancing the effectiveness and survivability of ballistic missile systems. The demand for cryogenic equipment in defense applications is further driven by ongoing modernization efforts, geopolitical tensions, and evolving threats, driving investment in cryogenic research, development, and procurement.

Restraints:

• Complexity of Operation and Maintenance
• Safety Concerns
• Availability of Alternative Technologies and Solutions

• Limited Infrastructure and Logistics - Limited infrastructure and logistics present a significant restraint for the Global Cryogenic Equipment Market. The availability and adequacy of infrastructure, including LNG terminals, distribution networks, and transportation facilities, are crucial for the efficient handling, storage, and transportation of cryogenic fluids such as liquefied natural gas (LNG) and liquid hydrogen. In many regions, especially in emerging markets and remote areas, the existing cryogenic infrastructure may be insufficient or underdeveloped, hindering market growth and adoption. The logistics involved in transporting cryogenic equipment and fluids pose challenges due to their specialized nature and stringent safety requirements. Cryogenic equipment, such as storage tanks, vaporizers, and transportation vessels, requires careful handling and transportation to ensure the safety of personnel and the integrity of the equipment. Cryogenic fluids must be transported under controlled conditions to prevent leaks, spills, and accidents, necessitating specialized transport vehicles and procedures.

  The limited infrastructure and logistics for cryogenic equipment and fluids can result in increased costs, delays, and logistical complexities for end users. Inadequate infrastructure may require companies to invest in the development of new facilities or rely on costly transportation solutions, impacting the overall viability and economics of cryogenic projects. The lack of reliable infrastructure may deter potential investors and customers from adopting cryogenic technologies, limiting market growth and penetration in certain regions. The reliance on complex supply chains for sourcing raw materials, components, and specialized equipment poses a risk of supply chain disruptions, including shortages, delays, and quality issues. The global nature of the cryogenic equipment market and the dependence on suppliers and manufacturers across different regions increase the vulnerability to external factors such as geopolitical tensions, natural disasters, and trade disruptions, which can disrupt the supply chain and affect market stability and growth.

Opportunities:

• Diversified Applications in Biotechnology and Pharmaceuticals
• Focus on Renewable Energy and Sustainable Technologies
• Expansion of Space Exploration and Satellite Launch Services

• Integration of Cryogenic Technologies in Transportation - The integration of cryogenic technologies in transportation presents a significant opportunity for the Global Cryogenic Equipment Market. Cryogenic technologies offer cleaner, more efficient alternatives to traditional fossil fuels, addressing environmental concerns and regulatory requirements in the transportation sector. One key aspect of this opportunity lies in the utilization of cryogenic fuels such as liquefied natural gas (LNG) and hydrogen as viable alternatives to conventional petroleum-based fuels. These cryogenic fuels can significantly reduce greenhouse gas emissions and air pollutants associated with transportation, contributing to efforts to mitigate climate change and improve air quality in urban areas. Cryogenic fuels offer advantages in terms of energy density and storage capacity, enabling longer-range and more efficient transportation solutions. LNG, in particular, has emerged as a promising fuel for heavy-duty vehicles, marine vessels, and locomotives, offering cost-effective and environmentally sustainable alternatives to diesel and gasoline. Cryogenic storage and handling technologies enable the safe and efficient storage, transportation, and dispensing of LNG and hydrogen fuels, supporting their integration into existing transportation infrastructure.

  In addition to cryogenic fuels, cryogenic technologies are also being integrated into various transportation applications, such as cryogenic cooling systems for refrigerated trucks and trailers. Cryogenic refrigeration systems offer superior performance and energy efficiency compared to traditional mechanical refrigeration systems, enabling the transportation of perishable goods such as food and pharmaceuticals at ultra-low temperatures. Cryogenic cooling technologies are being explored for use in electric vehicles (EVs) to improve battery performance and thermal management, extending vehicle range and longevity. The integration of cryogenic technologies in transportation is also driving innovation in infrastructure development, including the construction of LNG refueling stations, hydrogen fueling stations, and cryogenic storage facilities. These infrastructure investments support the widespread adoption of cryogenic fuels and technologies in the transportation sector, providing the necessary infrastructure to meet growing demand and facilitate market growth.

Key players in Global Cryogenic Equipment Market include,

• Chart Industries Inc.
• Linde plc
• Herose GmbH
• Nikkiso Co. Ltd.
• Wessington Cryogenics
• Braunschweiger Flammenfilter GmbH
• Standex International
• INOX India Limited
• Air Liquide SA
• Premier Cryogenics Ltd.
• Lapesa Grupo Empresarial s.l
• Galileo Technologies S.A.
• MAN Energy Solutions SE
• Cryolor SA
• SAS Cryo Pur
• Ulvac Technologies, Inc.

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis