Global Cryogenic Equipment Market to Grow at 6.32% During 2022-2027, Spurred by Increasing Demand For LNG

July 27, 2021

According to the latest report by IMARC Group, titled "Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cryogenic equipment market reached a value of US$ 19.5 Billion in 2021. Cryogenic equipment are machinery that are utilized for the storage and transportation of numerous materials at extremely low temperatures. They commonly consist of cryogenic refrigerators, cryogenic storage racks and boxes, cryogenic tanks, and temperature controllers. A cryogenic tank is employed for the storage of cryogenic gases, such as liquid oxygen, carbon dioxide, argon, nitrogen and methane, whereas a cryogenic refrigerator uses a refrigerant to be circulated in a fluid flow path between the chambers to preserve cryogenic materials. These equipment are commonly used for cooling, freezing, metal processing and biomedical and chemical storage purposes across the chemical, oil and gas, food and beverage, healthcare, energy and power, and marine sectors.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Cryogenic Equipment Market Trends:

The global market is majorly driven by the rising demand for Liquified Natural Gas (LNG) that is widely used to facilitate numerous industrial processes. With rapid industrialization, there has been an escalating demand for LNG-based power generation systems across the globe. This, coupled with the growing utilization of liquid gases in complex industrial processes, is providing an impetus to the market growth. Moreover, significant growth in the aerospace and aviation industries is also creating a positive outlook for the market. The rising employment of oil tankers, vaporizers, pumps, refrigerators and valves across the oil and gas sector is also providing an impetus to the market growth. Some of the other factors contributing to the market include the launch of mobile cryogenic equipment and the continual technological advancements in pharmaceuticals, immunotherapy, vaccinations and regenerative medicines. On account of the aforementioned factors, the market is expected to grow at a CAGR of 6.32% during the forecast period (2022-2027).

Market Summary:

  • On the basis of the equipment, the market has been divided into tanks, pumps, heat exchanger, valves and others.
  • Based on the cryogen, the market has been classified into nitrogen, liquified natural gas, helium and others.
  • On the basis of the application, the market has been categorized into storage, transportation, processing and others.
  • Based on the end use industry, the market has been segmented into oil and gas, energy and power, food and beverages, healthcare, marine and aerospace, chemicals and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Air Liquide S.A., Air Products and Chemicals Inc., Chart Industries Inc., Cryofab Inc., Cryoquip LLC (Nikkiso Co. Ltd.), Emerson Electric Co., Flowserve Corporation, Herose GmbH, INOX India Pvt. Ltd, Linde Plc, Parker-Hannifin Corporation and Wessington Cryogenics.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal

Global Cryogenic Equipment Market to Grow at 6.32% During 2022-2027, Spurred by Increasing Demand For LNG
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More