The global cryogenic equipment market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period (2024-2031). The significant rise in the trade of liquid natural gas (LNG) owing to increasing usage of LNG by the countries to phase out the non-renewable source of energy high cost of anticipated to drive the growth of cryogenic equipment market. The rising utility of cryogenic equipment in several end-user verticals for storage and distribution of liquefied gases at a lower temperature is expected to drive the market growth. However, the costly process of liquefaction for cryogenic gases is expected to hinder the cryogenic equipment market growth. The advancement and growing development of cryogenic technology in the field of healthcare is anticipated to create lucrative opportunities for the growth of the cryogenic equipment market during the forecast period.
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The COVID-19 pandemic has significantly increased the demand for cryogenic equipment across the globe. Medical oxygen, a crucial resource in treating critically ill COVID-19 patients, has been in short supply with the second wave of the pandemic resulting in tremendously high demand across the country. In April 2021, the Tata Group from India announced to import 24 cryogenic containers to transport liquid oxygen to ease oxygen shortage amid a staggering surge in COVID-19 cases across the country. The significant increase in demand for liquid oxygen is anticipated to promote the demand for cryogenic tanks; which in turn is anticipated to drive the growth of the global cryogenic equipment market.
For instance, in April 2020, Linde Plc signed a new contract with Indian Oil Corp. Ltd. (IOCL), the largest refiner in India. Praxair India Pvt. Ltd., a wholly-owned subsidiary of Linde, announced to build, own and operate an air separation unit (ASU) to supply oxygen and nitrogen to its incumbent customer, IOCL, for its refinery at Paradip, Orissa. The project is anticipated to support the expansion of the existing refinery into an integrated petrochemical complex. The plant will have a combined total gas capacity of 660 tons per day.
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Market Coverage
- Segment Covered-
o By Equipment
o By Cryogenic Type
o By End-User Vertical
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- CryoFab Inc., Emerson Electric Co., Herose GmbH, Honeywell International Inc., Linde PLC, and Thermo Fisher Scientific Inc.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Ike in the Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Cryogenic Equipment Market Report Segment
By Equipment
- Tanks
- Valves
- Pumps & Vaporizers
- Vacuum Jacketed Pipes
By Cryogenics Type
- Oxygen
- Nitrogen
- Argon
- Natural Gas
By End-User Vertical
- Oil & Gas
- Energy & Power
- Food & Beverages
- Medical & Healthcare
- Chemical
- Marine & Aerospace
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