Northbrook, IL 60062 -- (SBWire) -- 09/19/2023 --According to a new market research report, The global cryogenic equipment market is projected to reach USD 17.4 billion by 2027 from an estimated market size of USD 12.5 billion in 2022, at a CAGR of 6.8% during the forecast period. The factors driving the growth for cryogenic equipment market are high demand for industrial gases from metallurgy, and energy & power industries and growing demand for cryogenic equipment across entire LNG value chain.
Key Market Players:
The leading players in the global cryogenic equipment market include Linde plc (Ireland), Air Liquide (France), Air Products Inc (US), Chart Industries (Georgia) and PARKER HANNIFIN CORP (US).
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The cryogenic equipment market, by equipment, is segmented into tanks, valves, vaporizers, pumps and others. Other equipment include pipes, regulators, freezers, dewar, strainers, samplers, heat exchangers, leak detection equipment, dispensers, and accessories (manifolds, fittings, vacuum jacketed/insulated piping, hoses, connections. Increasing LNG production and high demand for industrial gases is expected to drive the equipment segment, which consequently increases the demand for cryogenic equipment.
The cryogenic equipment market, by cryogen, is segmented into nitrogen, argon, oxygen, LNG, hydrogen, and others. Other cryogenic gases include helium, nitrous oxide, ethylene, and carbon dioxide. Rising demand for hydrogen fuel cells and cleaner energy is expected to drive the cryogen segment of the cryogenic equipment market during the forecast period.
The cryogenic equipment market, by system type, is segmented, into storage system, handling system, supply system, and others. The storage system segment is expected to hold the largest share of the market and is also expected to grow with the highest CAGR of 7.5% during the forecast period. Government investments in gas generation and growing applications in aerospace industry is expected to drive the demand for cryogenic equipment.
The cryogenic equipment market, by end-user, is segmented into metallurgy, energy & power, chemical, electronics, transportation, and others. Other end-users include healthcare, aerospace, and food & beverages (F&B) industries. Metallurgy is expected to hold the largest market share in 2021 and have highest growth rate in the forecast period. The growing energy & oil demands and technological advancements is expected to drive the segment in the forecast period.
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The Asia Pacific region is estimated to be the largest market for the cryogenic equipment market, followed by north America. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American cryogenic equipment market is expected to be driven by increasing E&P activities concerned with clean energy revolution.
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Cryogenic Equipment Market Size, Share, Analysis, Regional Outlook and Forecast 2022-2027
The factors driving the growth for cryogenic equipment market are high demand for industrial gases from metallurgy, and energy & power industries and growing demand for cryogenic equipment across entire LNG value chain.