Cryogenic Equipment Market to be dominated by Tanks Segment at a CAGR of 6.29 percent- Says Maximize Market Research

PUNE, India, July 30, 2024 /PRNewswire/ -- Maximize Market Research has published a report on the "Global Cryogenic Equipment Market". The total market size for the Cryogenic Equipment Market was USD 22.45 Bn in 2023 and is expected to grow at 6.29 percent CAGR through the forecast period by reaching nearly USD 34.42 Bn by 2030. The aerospace industry encompasses a broad range of activities related to the design, development, manufacturing, testing, and operation of aircraft, spacecraft, satellites, and related components and systems. Cryogenic equipment in the aerospace industry facilitates the storage, handling, and propulsion of cryogenic fluids essential for rocket propulsion, life support systems, and scientific instrumentation in space exploration. The growing aerospace industry is expected to increase the growth of the cryogenic equipment market.

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Competitive Landscape

Linde plc and Air Liquide are leading competitors in the global cryogenic equipment market, with Linde maintaining a superior position despite a revenue decline in 2023. Linde's robust brand reputation, extensive product range, and strong focus on research and development have bolstered its competitive edge, particularly in sectors like healthcare, energy, and manufacturing. This focus has also allowed Linde to stay ahead of market trends and regulatory changes, particularly in sustainability and LNG solutions. In contrast, Air Liquide, although a significant player, faces challenges in profitability compared to Linde. Despite Air Liquide's revenue being slightly lower and its profitability metrics weaker, it is actively pursuing efficiency improvements through its ADVANCE program. Linde's higher EBITDA margin and stronger cash flows, coupled with better debt management, underscore its superior financial performance relative to Air Liquide.

Cryogenic Equipment Market Key Players

• Air Products and Chemicals
• Air Liquide
• Linde Group
• Herose GmbH
• Nikkiso Co. Ltd.
• Wessington Cryogenics
• Braunschweiger Flammenfilter GmbH
• Emerson Electric Co.
• Beijing Tianhai Industry Co. Ltd
• Cryofab Inc.
• Others

Metallurgy Segment to dominate during the forecast period

Based on the End-User the Metallurgy Segment held the largest market share in 2023. The metallurgy industry heavily relies on industrial gases like oxygen and nitrogen, particularly in metal forming, fabrication, welding, and combustion processes. Oxygen is crucial for steel production, with the World Steel Association reporting that approximately 73% of global steel production uses the basic oxygen process. As steel demand rises, oxygen demand and related cryogenic equipment requirements will likely increase. In the US, the Build Back Better Act aims to boost manufacturing, clean energy, and green technologies with an estimated $1.64 trillion investment over ten years, enhancing infrastructure for electric vehicles, hydrogen, and health sectors. This will drive demand for metals like steel and aluminum, increasing the need for cryogenic equipment to handle gases such as oxygen and LNG. China's Belt and Road Initiative, with projects worth up to $900 billion, and India's National Infrastructure Pipeline (NIP), with $1.87 billion in projects, is set to drive demand for these metals further. Infrastructure development, automobile production (notably electric vehicles), and consumer durables are expected to rise due to population growth, urbanization, and increased consumption, especially in developing economies.

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Asia Pacific region to dominate Cryogenic Equipment Industry during the forecast period

The Asia-Pacific region dominates the cryogenic equipment market, holding a 35% market share, with China playing a significant role due to its large industrial sector and substantial investments in LNG infrastructure. The increasing demand for LNG, along with a shift towards low-carbon technologies in industry and transportation, is driving this growth. Key drivers include LNG infrastructure development in China, rising demand in Japan, natural gas production in Australia, and the growing semiconductor manufacturing sectors in China and India. Furthermore, India's investments in space and satellite applications will also contribute to the demand for cryogenic equipment. Europe, the second-largest market, is expected to experience strong growth due to LNG infrastructure developments, modernization of Germany's healthcare industry, and efforts to achieve net zero emissions. The demand for cryogenic equipment will be fueled by the electronics, metallurgy, and energy and power segments, reflecting global trends towards technological advancement and sustainable practices.

by Product Type              

• Tanks
• Valves
• Vaporizers
• Pumps
• Other

by Cryogenic Type          

• Nitrogen
• Oxygen
• Argon
• LNG
• Other

by Application 

• Storage
• Distribution

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Key Highlights:

• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Segment Covered by Product Type, Cryogen, End-user, Application, and Region.
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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Cryogenic Tanks Market is valued at US$ 6.43 Bn in 2023 and is estimated to reach at an evaluation of US$ 9.61 Bn by the end of 2030, growing approximately at a CAGR of 5.9 % during the forecast 2024 and 2030.

Cryogenic Valve Market is expected to reach US$ 5.09 Bn. by 2030 with a CAGR of 4.51%, during the forecast period.

Cryogenic Insulation Market size was valued at USD 5.02 Billion in 2023 and the total Cryogenic Insulation revenue is expected to grow at a CAGR of 8.1 % from 2024 to 2030, reaching nearly USD 8.66 Billion by 2030.

Cryogenic Pump Market size is expected to reach US $ 2.30 Bn by 2030, at a CAGR of 5.8% during the forecast period.

Small Scale LNG Market was valued at USD 46.52 Bn in 2023 and is expected to reach USD 98.11 Bn by 2030, at a CAGR of 11.25% during the forecast period.

LNG Market size was valued at US$ 440.24 Mn. in 2023 and Power Generation is one of the dominating segments reviewed in MMR report is dominating Global LNG Market.

About Maximize Market Research:

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