Cryogenic Equipment Trends and Forecast
The future of the global cryogenic equipment market looks promising with opportunities in the nitrogen, argon, oxygen, LNG, hydrogen markets. The global cryogenic equipment market is expected to reach an estimated $19 billion by 2030 with a CAGR of 5.9% from 2024 to 2030. The major drivers for this market are growing demand for technical gases in various industries, rising investments in LNG power plants, and increasing focus of the government on improvising industrial policies and regulations.
• Lucintel forecasts that tanks will remain the largest segment over the forecast period due to growing need for maintaining gases for multiple essential industrial processes against traditional cooling lubricants.
• Within this market, LNG will remain the largest segment due to its growing usage in various applications, such as transportation, fueling, storage, and processing.
• In terms of regions, APAC will remain the largest region over the forecast period due to growing demand for LNG and stringent environmental regulations in the region.
Gain valuable insight for your business decisions with our comprehensive 150+ page report
Emerging Trends in the Cryogenic Equipment Market
The market for cryogenic equipment has transitioned in recent years, adopting several new emerging trends that target higher efficiencies and further development of cleaner energy sources.
• Hydrogen Storage Solutions: Growing interest in hydrogen as a clean energy source is enhancing the development of cryogenic hydrogen storage technologies through innovations that increase hydrogen storage efficiency and assist hydrogen fuel cell applications.
• Advanced LNG Infrastructure: The rising demand for LNG and the energy transition is increasingly emphasizing the need for the construction of advanced liquefied natural gas (LNG) infrastructure, including better storage and transportation facilities.
• Energy Efficiency Improvements: There is an increasing trend of developing innovations that result in increased energy-saving efficiency of cryogenic refrigeration systems. Such actions aim at lowering operating expenses as well as the ecological footprint of industrial and energy sectors.
• Sustainable Technologies: The shift towards sustainable cryogenic equipment technologies that are commercially available in the market has been increasing, including technologies with low carbon emissions that facilitate the wider deployment of clean sources of energy.
• Integration with Renewable Energy: An improvement in energy management using cryogenic systems can be achieved by integrating cryogenic equipment with renewable energy systems, including solar and wind, offering a better option for transitioning to a sustainable grid.
These trends are transforming the cryogenic equipment industry in terms of fostering creativity, boosting efficiency, and helping the world move towards cleaner and more efficient energy.
Recent Developments in the Cryogenic Equipment Market
The latest trends in the cryogenic equipment industry focus on technological improvements and better attention to energy use and environmentally friendly design.
• Advanced LNG Storage Systems: Improved technologies are creating better systems for storing and handling liquefied natural gas, which spurs the development of gas transportation networks and fulfills the growing demand for energy.
• Hydrogen Storage: More efficient cryogenic hydrogen storage developments are advancing hydrogen energy technology as hydrogen becomes more practical and useful with improved transportation and storage methods for fuel cell use.
• Refrigeration with Improved Energy Efficiency: The emerging field of cryogenic refrigeration technology aims to enhance energy effectiveness and operational cost-cutting to meet the growing demand for the green economy in most sectors.
• Environmentally Responsible Cryogenic Equipment: The introduction of cryogenic equipment manufactured in an environmentally friendly manner, with features of improved environmental sustainability, aligns with efforts to reduce carbon in the atmosphere.
• Smart Technology Integration: The utilization of smart technologies, such as IoT, in the monitoring and diagnosis of cryogenic equipment performance enhances the efficiency and reliability of operations.
These developments are elevating the cryogenic equipment market through advancements in technology, efficiency, and sustainability, transforming energy and environmental needs.
Strategic Growth Opportunities for Cryogenic Equipment Market
The market for cryogenic equipment has several strategic growth opportunities in key applications concerning technological advancements and changes in industry demands.
• Hydrogen Energy Sector: The hydrogen energy sector has captured growth and will require equipment for the storage and transportation of hydrogen, which is crucial for the clean energy transition.
• LNG Infrastructure Expansion: The growing investments directed towards LNG infrastructure present prospects for advanced designs in structures that will enhance transportation systems globally and meet energy demand.
• Industrial Applications: The market for cryogenic equipment in industrial applications, such as manufacturing and processing, is expected to grow as efficient cooling and storage are needed for optimal performance.
• Integration of Renewable Energy: There is potential for cryogenics, which, in conjunction with wind and solar, can enhance energy efficiency in management and storage infrastructure, increasing the energy gridÄX%$%Xs sustainability.
• Space Exploration: The growth in the aerospace exploration field is creating a demand for specialized cryogenic equipment for rocket propulsion and other components in space missions, presenting an opportunity for growth in this sector.
These growth opportunities are shaping the cryogenic equipment market by expanding applications and propelling innovations to satisfy shifting demands in the industry and energy sectors.
Cryogenic Equipment Market Driver and Challenges
The devices available in the cryogenic equipment market are subject to various drivers and challenges, including advancements in technology, regulatory pressures, and economic-related issues.
The factors driving the cryogenic equipment market include:
• Technological Advancements: Factors contributing to the market growth in cryogenic technologies include improvements in storage and refrigeration systems related to efficiency and new applications in the energy and industrial sectors.
• Growing Demand for Clean Energy: The adoption of energy sources such as hydrogen and LNG, which require newer and advanced technologies for their storage facilities, has propelled the demand for advanced cryogenic systems necessary for storing this energy.
• Energy Efficiency Requirements: The increase in energy efficiency standards across the board has led to the introduction of cryogenic systems that are more energy-efficient, penetrating the market and reducing operating and environmental impacts across various sectors.
• LNG Infrastructure Development Activities: Due to the infrastructural growth in LNG worldwide, there is a demand for cryogenic equipment catering to liquefied natural gas storage and transportation.
• Relation with Other Energy Systems: The combination of renewable energy and cryogenic equipment is fostering creativity and promoting kinetic energy storage and energy management systems.
Challenges in the cryogenic equipment market are:
• High Costs of Ultra-Modern Low-Temperature Tools: This poses a threat to certain industries due to the high price of modern cryogenic equipment.
• Coordination with Regulations: Understanding how to comply with various laws in different regions can be challenging for manufacturers and may affect their product development and market commercialization.
• Market Risks: Intense competition among cryogenic equipment manufacturers drives price competition, impacting profits as each company must invest more in technology and performance.
The net effect of these drivers and challenges is that they define the cryogenic equipment market by determining product innovation, market forces, and strategic positioning within the industry.
List of Cryogenic Equipment Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies cryogenic equipment companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the cryogenic equipment companies profiled in this report include-
• Air Liquide
• Linde
• Praxair
• Messer
• Chart Industries
• Cryogenic Industries
• IHI Corporation
• Chart Ferox
• Chart Energy & Chemicals
• Howden
Cryogenic Equipment by Segment
The study includes a forecast for the global cryogenic equipment by equipment, system type, cryogen, end use, and region.
Cryogenic Equipment Market by Equipment [Analysis by Value from 2018 to 2030]:
• Tanks
• Valves
• Vaporizers
• Pumps
Cryogenic Equipment Market by System Type [Analysis by Value from 2018 to 2030]:
• Storage
• Handling
• Supply
Cryogenic Equipment Market by Cryogen [Analysis by Value from 2018 to 2030]:
• Nitrogen
• Argon
• Oxygen
• LNG
• Hydrogen
Cryogenic Equipment Market by End Use [Analysis by Value from 2018 to 2030]:
• Energy
• Chemicals
• Metallurgy
• Transportation
Cryogenic Equipment Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Cryogenic Equipment Market
Trends in the cryogenic equipment market arise from technological developments and increasing competition for effective and eco-friendly solutions.
• United States: The stigma surrounding these technologies is fast disappearing, with developments in cryogenic storage and transport technologies focused on thermodynamics. This is forecasted by the continued expansion of LNG infrastructure and total dependency on hydrogen as a fuel source.
• China: There is a need for further development of cryogenic equipment in the field of liquefied natural gas (LNG), as significant potential is linked to the increase in the country’s energy requirements and the need to overcome technological backwardness in the energy market.
• Germany: As the focus on renewable and hydrogen energy continues, Germany is making strides in cryogenic equipment development through the introduction of high-performance cryogenic chillers and storage systems for clean energy transitions.
• India: Development in cryogenic systems and components is being witnessed, driven by the increasing demand for new LNG infrastructure and cryogenic storage systems in India’s growing economy.
• Japan: The country is improving its cryogenic equipment through research and development of more efficient LNG technologies and hydrogen storage systems, driven by the desire to lower carbon dioxide emissions and advance clean energy technologies.
If you are looking to expand your business in this market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the cryogenic equipment market size?
Answer: The global cryogenic equipment market is expected to reach an estimated $19 billion by 2030.
Q2. What is the growth forecast for cryogenic equipment market?
Answer: The global cryogenic equipment market is expected to grow with a CAGR of 5.9% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the cryogenic equipment market?
Answer: The major drivers for this market are growing demand for technical gases in various industries, rising investments in LNG power plants, and increasing focus of the government on improvising industrial policies and regulations.
Q4. What are the major segments for cryogenic equipment market?
Answer: The future of the cryogenic equipment market looks promising with opportunities in the nitrogen, argon, oxygen, LNG, hydrogen markets.
Q5. Who are the key cryogenic equipment market companies?
Answer: Some of the key cryogenic equipment companies are as follows:
• Air Liquide
• Linde
• Praxair
• Messer
• Chart Industries
• Cryogenic Industries
• IHI Corporation
• Chart Ferox
• Chart Energy & Chemicals
• Howden
Q6. Which cryogenic equipment market segment will be the largest in future?
Answer: Lucintel forecasts that tanks will remain the largest segment over the forecast period due to growing need for maintaining gases for multiple essential industrial processes against traditional cooling lubricants.
Q7. In cryogenic equipment market, which region is expected to be the largest in next 5 years?
Answer: • In terms of regions, APAC will remain the largest region over the forecast period due to growing demand for LNG and stringent environmental regulations in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the cryogenic equipment market by equipment (tanks, valves, vaporizers, and pumps), system type (storage, handling, and supply), cryogen (nitrogen, argon, oxygen, LNG, and hydrogen), end use (energy, chemicals, metallurgy, and transportation), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Cryogenic Equipment Market, Cryogenic Equipment Market Size, Cryogenic Equipment Market Growth, Cryogenic Equipment Market Analysis, Cryogenic Equipment Market Report, Cryogenic Equipment Market Share, Cryogenic Equipment Market Trends, Cryogenic Equipment Market Forecast, Cryogenic Equipment Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.