September 23, 2024 21:30 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.
Delray Beach, FL, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Cryogenic Equipment Market size is projected to grow from USD 11.9 billion in 2023 to USD 16.6 billion by 2028, at a CAGR of 6.9% according to a new report by MarketsandMarkets™. The cryogenic equipment market is heavily dependent on the consumption of industrial gases that are liquefied for high-volume storage purposes. oxygen, nitrogen, argon, and hydrogen, wherein oxygen and nitrogen are such major industrial gases used across end-user industries for numerous applications. The increasing use of these industrial gases in industries such as energy & power, metallurgy, electronics, chemicals, and transportation is likely to propel the demand for cryogenic equipment. Moreover, growing popularity of liquefied natural gas as source of clean and efficient energy, will boost the demand for cryogenic equipment for the transportation and storage at LNG liquefaction and regasification terminals. Welded Forged Steel Gate Valve
Browse in-depth TOC on “Cryogenic Equipment Market” 273 – Tables 64 – Figures 307– Pages
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Valves are expected to hold the second-largest market share in the Cryogenic Equipment Market during the forecast period. Cryogenic valves are essential for handling liquefied gases, particularly in LNG, LPG, and other cryogenic processes. These valves are vital for maintaining leak-free operations during heating and cooling cycles. There is a variety of cryogenic valve types, including manual and actuated globe valves, gate valves, emergency shut-off gate valves, manual and actuated ball valves, safety relief valves, needle valves, check valves, and control valves. They have diverse applications in industries such as solar panel manufacturing, specialty gases, metallurgy, rubber production, food processing, healthcare, automotive, chemicals, transportation, and electronics.
Based on the cryogen, the Cryogenic Equipment Market is segmented into nitrogen, argon, oxygen, liquified natural gas (LNG), hydrogen, and other cryogens. The LNG segment is expected to grow at the highest rate during the forecast period due to increasing investments in LNG infrastructure LNG is a globally traded commodity, with its demand as a cleaner energy source surging worldwide. This has led to the expansion of LNG infrastructure to support international trade and the increasing need for LNG across different regions. LNG's ease of transport has unlocked previously unprofitable natural gas reserves that were once considered economically unviable due to the high costs associated with pipeline infrastructure. To address the surging LNG demand, countries are making significant investments in LNG storage and regasification infrastructure.
The Cryogenic Equipment Market is segmented into CASU and non-CASU. The non-CASU segment is expected to be the fastest growing market during the forecast period. The market for non-CASU includes the demand for cryogenic equipment across various applications, such as rail & road transport, bulk carrier ships, LNG liquefaction & regasification terminals, and other minor applications. By expanding the ecosystem for air separation technology, the non-cryogenic air separation units (ASUs) can indirectly support the rising demand for cryogenic equipment. Non-cryogenic ASUs work at room temperature and do not directly involve cryogenic processes. Non-cryogenic units have advantages over cryogenic ones for industries and applications that do not need high-purity gases produced by cryogenic ASUs. As industries grow and their need for higher purity gases increases, cryogenic equipment and air separation technologies are likely to become more essential.
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Asia Pacific is expected to be the largest region in the Cryogenic Equipment Industry.
Asia Pacific is expected to be the largest Cryogenic Equipment Market during the forecast period. The Asia Pacific region comprises major economies such as China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific primarily includes Thailand, the Philippines, Singapore, Indonesia, and Myanmar. The high growth rate and market share of the Asia Pacific region can be attributed to constant LNG infrastructure developments in China, investments in the aerospace industry in India, and increasing investments in gas production and LNG imports in Australia and Japan, respectively. The significant demand for cryogenic equipment in the region is witnessed by end-user industries such as healthcare, metallurgy, energy & power, and electronics.
Due to their strong supply network, a few global and regional players hold a strong foothold in the Cryogenic Equipment Companies. Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India) are the market leaders in the global Cryogenic Equipment Market. These companies have adopted strategies such as partnerships, contracts, agreements, acquisitions, and expansions to increase their market share.
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