According to the latest report by IMARC Group, titled, “Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global cryogenic equipment market reached a value of US$ 19.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 27.8 Billion by 2027, exhibiting a CAGR of 6.32% during 2022-2027.
Cryogenic equipment refers to devices that are used to generate, sustain and operate at extremely low temperatures.It comprises cryogenic storage racks, refrigerators, boxes, cold traps, pressure vessels, piping, purifiers, temperature controllers, tanks and accessories. It is used for freezing, cooling, and metal processing and biomedical purposes. Along with this, it also assists in protecting the users from accidental contact with hazardous materials.
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Market Trends:
The burgeoning aerospace and aviation industries represent one of the primary factors propelling the global cryogenic equipment market growth. Cryogenic fluids are widely used for cooling jet engines and in-flight components. Apart from this, the increasing utilization of cryogenic equipment in refrigerators, pumps, oil tankers, vaporizers and valves in the oil and gas sector is driving their sales further. Cryogenic equipment is designed for gases, such as oxygen, liquid helium, nitrogen, argon and carbon dioxide, widely used in Liquified Natural Gas (LNG)- based power plants. The equipment also finds extensive applications across various industries, including energy and power, marine and aerospace, food and beverage (F&B), healthcare and chemical, which is boosting the overall market growth.
Breakup by Equipment:
- Tanks
- Pumps
- Heat Exchanger
- Valves
- Others
Breakup by Cryogen:
- Nitrogen
- Liquified Natural Gas
- Helium
- Others
Breakup by Application:
- Storage
- Transportation
- Processing
- Others
Breakup by End Use Industry:
- Oil and Gas
- Energy and Power
- Food and Beverages
- Healthcare
- Marine and Aerospace
- Chemicals
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Some of these key players include:
- Air Liquide S.A.
- Air Products and Chemicals Inc.
- Chart Industries Inc.
- Cryofab Inc.
- Cryoquip LLC (Nikkiso Co. Ltd.)
- Emerson Electric Co.
- Flowserve Corporation
- Herose GmbH
- INOX India Pvt. Ltd
- Linde Plc
- Parker-Hannifin Corporation
- Wessington Cryogenics.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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