The Cryogenic Equipment Market is projected to experience significant growth from USD 11.9 billion in 2023 to USD 16.6 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 6.9%. This growth is driven by the consumption of industrial gases that are liquefied for storage purposes in various industries. Oxygen, nitrogen, argon, and hydrogen are major industrial gases used across different sectors for various applications. The rising popularity of liquefied natural gas (LNG) as a clean and efficient energy source is also expected to boost the demand for cryogenic equipment for transportation and storage at LNG terminals.
Valves are anticipated to hold a significant market share in the Cryogenic Equipment Market, especially in handling liquefied gases like LNG and LPG. These valves play a crucial role in ensuring leak-free operations during heating and cooling cycles. Different types of cryogenic valves, such as globe valves, gate valves, ball valves, and safety relief valves, find applications in industries like solar panel manufacturing, healthcare, automotive, and electronics.
The market is segmented based on cryogen types, including nitrogen, argon, oxygen, LNG, hydrogen, and other cryogens. The LNG segment is expected to witness substantial growth due to increasing investments in LNG infrastructure to support global trade and meet the rising demand for cleaner energy sources. Countries are making significant investments in LNG storage and regasification infrastructure to address the growing demand for LNG across different regions.
In terms of applications, the Cryogenic Equipment Market is divided into CASU (Cryogenic Air Separation Units) and non-CASU segments. The non-CASU segment is projected to be the fastest-growing market, driven by the demand for cryogenic equipment in rail & road transport, bulk carrier ships, LNG terminals, and other applications. The expansion of air separation technology indirectly supports the demand for cryogenic equipment, especially in industries that require high-purity gases.
The Asia Pacific region is expected to dominate the Cryogenic Equipment Market during the forecast period, driven by significant LNG infrastructure developments in countries like China, India, Australia, and Japan. The region’s strong demand for cryogenic equipment is witnessed across industries such as healthcare, metallurgy, energy & power, and electronics.
Key market players in the Cryogenic Equipment Market include Linde plc, Air Liquide, Air Products and Chemicals, Chart Industries, Parker Hannifin Corp, Flowserve Corporation, Nikkiso Co., Ltd., and INOX India Limited. These companies have adopted various strategies like partnerships, agreements, acquisitions, and expansions to enhance their market presence and meet the evolving industry requirements.
Overall, the Cryogenic Equipment Market is poised for substantial growth driven by the increasing demand for industrial gases, LNG infrastructure developments, and advancements in cryogenic technologies across various industries. The market presents lucrative opportunities for both global and regional players to innovate and expand their market footprint in the coming years.