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Global Cryogenic Equipment Market to reach USD XX billion by the end of 2030

Global Cryogenic Equipment Market Size study & Forecast, by Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, Others), by Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), Hydrogen, Helium, Others), by End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others) and Regional Analysis, 2023-2030

Product Code: OIRIME-99329230
Publish Date: 10-08-2023
Page: 200

Global Cryogenic Equipment Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Cryogenic equipment is mainly utilized in the oil & gas industry for the storage and transportation of Liquefied Natural Gas and industrial gases in industrial operations. The growth of the industrial sector is essential for both economic development and raising public awareness of the importance of developing sustainable energy sources. These elements have a significant impact on the market’s expansion. The key factors driving the market growth is the high demand for industrial gases from the metallurgy and energy & power industries, the growing demand for LNG, the rising need for clean energy source, the increasing demand from the healthcare and medical industry, and expanding industrial gas industry that anticipated to support the market growth during the forecast period 2023-2030.

Moreover, the growing liquefied natural gas (LNG) trade has a significant impact on the growth of the cryogenic equipment market. The LNG is produced by cooling natural gas to cryogenic temperatures, which reduces its volume significantly, making it easier and more cost-effective to transport. This process requires a wide range of cryogenic equipment, including liquefaction plants, storage tanks, and transportation vessels. As the demand for LNG increases, there is a corresponding need for more cryogenic equipment to support its production and transportation. According to Statista, in 2019, the worldwide trade of Liquefied natural gas was 484 billion cubic meters and in 2022 the trade volume reached 542 billion cubic meters. As a result, the growing Liquefied natural gas is anticipated to support the market growth. Additionally, evolving cryogenic electronics applications and transition toward renewable energy and increasing awareness of cryogenic energy storage systems are anticipated to create lucrative opportunities for the market during the forecast period 2023-2030. However, the high CAPEX and OPEX costs associated with cryogenic plants, volatile raw material prices and competition from gray market players stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Cryogenic Equipment Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the expanding industrial applications, increasing demand for LNG, technological advancements, and stringent regulatory standards. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the increasing demand from various end-use industries, growing healthcare sector, advancements in industrial gas applications, infrastructure development, and expanding LNG industry.

Major market player included in this report are:
Linde plc (Ireland)
Air Liquide (France)
Air Products and Chemicals, Inc (US)
Chart Industries Inc. (Georgia)
Parker Hannifin Corp (US)
Flowserve Corporation (US)
SHI Cryogenics Group (Japan)
Emerson Electric Co. (US)
Sulzer Ltd (Switzerland)
Acme Cryo (US)

Recent Developments in the Market:
Ø In December 2021, Chart Industries cooperated with Howden to develop advanced hydrogen solutions and to include Howden’s gas compression technology into chart Industries’ services.

Global Cryogenic Equipment Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Cryogen Type, End-User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Bayonet Connection
By Cryogen Type:
Liquefied Natural Gas (LNG)
By End-User:
Oil & Gas
Power Generation
Chemical & Petrochemical
By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Cryogenic Equipment Market, by Region, 2020-2030 (USD Billion)
1.2.2. Cryogenic Equipment Market, by Product, 2020-2030 (USD Billion)
1.2.3. Cryogenic Equipment Market, by Cryogen Type, 2020-2030 (USD Billion)
1.2.4. Cryogenic Equipment Market, by End-User, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Cryogenic Equipment Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Cryogenic Equipment Market Dynamics
3.1. Cryogenic Equipment Market Impact Analysis (2020-2030)
3.1.1. Market Drivers High demand for industrial gases from metallurgy and energy & power industries Growing demand for LNG, rising need for clean energy source Increasing demand from healthcare and medical industry
3.1.2. Market Challenges High CAPEX and OPEX costs associated with cryogenic plants, Volatile raw material prices and competition from gray market players
3.1.3. Market Opportunities Evolving cryogenic electronics applications and transition toward renewable energy Increasing awareness of cryogenic energy storage systems
Chapter 4. Global Cryogenic Equipment Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Cryogenic Equipment Market, by Product
5.1. Market Snapshot
5.2. Global Cryogenic Equipment Market by Product, Performance – Potential Analysis
5.3. Global Cryogenic Equipment Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
5.4. Cryogenic Equipment Market, Sub Segment Analysis
5.4.1. Tank
5.4.2. Valve
5.4.3. Vaporizer
5.4.4. Pump
5.4.5. Actuator
5.4.6. Bayonet Connection
5.4.7. Others
Chapter 6. Global Cryogenic Equipment Market, by Cryogen Type
6.1. Market Snapshot
6.2. Global Cryogenic Equipment Market by Cryogen Type, Performance – Potential Analysis
6.3. Global Cryogenic Equipment Market Estimates & Forecasts by Cryogen Type 2020-2030 (USD Billion)
6.4. Cryogenic Equipment Market, Sub Segment Analysis
6.4.1. Nitrogen
6.4.2. Oxygen
6.4.3. Argon
6.4.4. Liquefied Natural Gas (LNG)
6.4.5. Hydrogen
6.4.6. Helium
6.4.7. Others
Chapter 7. Global Cryogenic Equipment Market, by End-User
7.1. Market Snapshot
7.2. Global Cryogenic Equipment Market by End-User, Performance – Potential Analysis
7.3. Global Cryogenic Equipment Market Estimates & Forecasts by End-User 2020-2030 (USD Billion)
7.4. Cryogenic Equipment Market, Sub Segment Analysis
7.4.1. Oil & Gas
7.4.2. Metallurgy
7.4.3. Power Generation
7.4.4. Chemical & Petrochemical
7.4.5. Marine
7.4.6. Others
Chapter 8. Global Cryogenic Equipment Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Cryogenic Equipment Market, Regional Market Snapshot
8.4. North America Cryogenic Equipment Market
8.4.1. U.S. Cryogenic Equipment Market Product breakdown estimates & forecasts, 2020-2030 Cryogen Type breakdown estimates & forecasts, 2020-2030 End-User breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Cryogenic Equipment Market
8.5. Europe Cryogenic Equipment Market Snapshot
8.5.1. U.K. Cryogenic Equipment Market
8.5.2. Germany Cryogenic Equipment Market
8.5.3. France Cryogenic Equipment Market
8.5.4. Spain Cryogenic Equipment Market
8.5.5. Italy Cryogenic Equipment Market
8.5.6. Rest of Europe Cryogenic Equipment Market
8.6. Asia-Pacific Cryogenic Equipment Market Snapshot
8.6.1. China Cryogenic Equipment Market
8.6.2. India Cryogenic Equipment Market
8.6.3. Japan Cryogenic Equipment Market
8.6.4. Australia Cryogenic Equipment Market
8.6.5. South Korea Cryogenic Equipment Market
8.6.6. Rest of Asia Pacific Cryogenic Equipment Market
8.7. Latin America Cryogenic Equipment Market Snapshot
8.7.1. Brazil Cryogenic Equipment Market
8.7.2. Mexico Cryogenic Equipment Market
8.8. Middle East & Africa Cryogenic Equipment Market
8.8.1. Saudi Arabia Cryogenic Equipment Market
8.8.2. South Africa Cryogenic Equipment Market
8.8.3. Rest of Middle East & Africa Cryogenic Equipment Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Linde plc (Ireland) Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Air Liquide (France)
9.3.3. Air Products and Chemicals, Inc (US)
9.3.4. Chart Industries Inc. (Georgia)
9.3.6. Flowserve Corporation (US)
9.3.7. SHI Cryogenics Group (Japan)
9.3.8. Emerson Electric Co. (US)
9.3.9. Sulzer Ltd (Switzerland)
9.3.10. Acme Cryo (US)
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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