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.
Market Size in
2023
|
USD 22.45 Bn
|
Market Size in
2030
|
USD 34.42 Bn
|
CAGR
|
6.29 Percent
|
Forecast
Period
|
2024-2030
|
Base
Year
|
2023
|
Number of
Pages
|
225
|
No. of
Tables
|
142
|
No. of Charts and
Figures
|
198
|
Segment
Covered
|
By Product Type,
Cryogen, End-user, and Application
|
Regional
Scope
|
North America, Europe,
Asia Pacific, Middle East and Africa, South America
|
Report
Coverage
|
Market Share, Size, and
Forecast by Revenue | 2024−2030, Market Dynamics, Growth Drivers,
Restraints, Investment Opportunities, and Key Trends, Competitive
Landscape, Key Players Benchmarking, Competitive Analysis, MMR
Competition Matrix, Competitive Leadership Mapping, Global Key
Players' Market Ranking Analysis.
|
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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
For Detailed Segment Analysis: Request a Sample
Report
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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2023 and the total Vial Adaptors for Reconstitution Drug revenue is
expected to grow at a CAGR of 5.63% from 2024 to 2030, reaching
nearly USD 1708.32 Million by
2030.
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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consulting company with professionals from several industries. Some
of the industries we cover include medical devices, pharmaceutical
manufacturers, science and engineering, electronic components,
industrial equipment, technology and communication, cars and
automobiles, chemical products and substances, general merchandise,
beverages, personal care, and automated systems. We provide
market-verified industry estimations, technical trend analysis,
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