Dublin, Jan. 10, 2024 (GLOBE NEWSWIRE) — The “Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application & Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global cryogenic equipment market is estimated to grow from USD 11.9 billion in 2023 to USD 16.6 billion by 2028; it is expected to record a CAGR of 6.9% during the forecast period. The growth is attributed to the factors such as Increasing utilization of industrial gases in metallurgy, oil & gas, and energy & power industries. The growing popularity of liquefied natural gas as source of clean and efficient energy has driven the growth of the cryogenic equipment market.
Premium Insights
- Utilization of Industrial Gases in Metallurgy and Energy & Power Industries to Drive Market
- Asia-Pacific to Register Highest CAGR in Cryogenic Equipment Market During Forecast Period
- Nitrogen and China Held Largest Share of Asia-Pacific Cryogenic Equipment Market, by Cryogen and Country, Respectively, in 2022
- Tanks Held the Largest Share of Global Cryogenic Equipment Market in 2022
- Nitrogen Segment Captured Majority of Market Share in 2022
- Metallurgy Industry Accounted for Largest Share of Cryogenic Equipment Market in 2022
- CASU Applications Dominated Cryogenic Equipment Market in 2022
- Storage Systems Dominated Cryogenic Equipment Market in 2022
Market Dynamics
- Drivers
- Increasing Utilization of Industrial Gases in Metallurgy, Oil & Gas, and Energy & Power Industries
- Growing Popularity of Liquefied Natural Gas as a Source of Clean and Efficient Energy
- Rapid Transition Toward Clean Energy
- Restraints
- High CapEx and OpEx Costs Associated with Cryogenic Plants
- Volatile Raw Material and Metal Prices and Significant Competition from Gray Market Players
- Opportunities
- Launch of New Space and Satellite Missions
- Evolving Applications of Cryogenic Electronics
- Development of Hydrogen Economy
- Challenges
- Hazards and Greenhouse Gas Emissions Resulting from Leakage of Cryogenic Fluids
- Supply Chain Disruptions due to Russia-Ukraine War
Case Study Analysis
- Pharmaceutical Ingredient Manufacturer Adopted Afcryo’s Cryocube Product to Receive Secure Supply of Pharmacopoeia-Compliant Liquid and Gas
Metallurgy: The largest segment of the cryogenic equipment market, by end-user industry
Based on the end-user industry, the cryogenic equipment market has been split into six types: metallurgy, energy & power, chemical, electronics, transportation, and other end-user industries. The metallurgy segment is expected to be the largest segment during the forecast period. In the metallurgy industry, processes such as metal forming, fabrication, welding, and combustion require industrial gases such as oxygen, nitrogen, argon, and hydrogen. The research and innovations associated with the development of high-strength and high-conductivity alloys for non-rare-earth induction motors used in EVs, metals with high rigidity and stiffness for use in industrial applications, new composites such as highly conducting carbon nanotubes to enhance the efficiency of electrical energy transport, and new corrosion protection systems for marine and offshore applications are also expected to create a high demand for cryogenic equipment in the metallurgy industry.
Storage system segment is expected to be the largest segment during the forecast period based on system type
By system type, the cryogenic equipment market has been segmented into storage systems, handling systems, supply systems, and others. The storage system segment is expected to hold the largest market share during the forecast period. The large market share and the high growth rate of this segment can be attributed to the lucrative growth opportunities provided by the expanding aerospace industry and technological advancements in cryogenic energy storage (CES) systems.
By application, the CASU segment is expected to be the largest segment during the forecast period
Based on the application, the cryogenic equipment market is segmented into a cryogenic air system unit (CASU) and a non-cryogenic air system unit (non-CASU). The CASU segment is expected to be the largest segment of the cryogenic equipment market during the forecast period. Cryogenic ASUs are specialized equipment that use cryogenic refrigeration and distillation techniques to separate air from its individual components. The main products obtained using CASUs are typically oxygen and nitrogen, with small amounts of argon and other trace gases. The rising demand for CASUs can be attributed to higher requirements for high-purity oxygen, nitrogen, and argon in industries…
Read More: Cryogenic Equipment Industry Assessment 2023-2028: Linde,