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A 7.5% CAGR from 2023 to 2030 is projected for the global cryogenic equipment market, which in 2022 was valued at an estimated USD 22,249.67 million. During the projected period, the global industry is predicted to be driven by the demand for technical gases in various sectors to obtain a specific temperature level. There has been widespread economic disruption because to the COVID-19 pandemic. The shutdown of many businesses throughout the pandemic reduced demand for several gases and stunted overall economic expansion. However, medical needs drove up the need for liquid oxygen.
Cryogenic equipment is poised to benefit greatly from the growing demand for LNG-based power plants as a replacement for coal as a clean energy source. As a result of the growth in the manufacturing and electrical markets, the United States government has decided to invest in the construction of 18 GW of new gas-based power plants. This could be a window of opportunity for the development of these things. Two major market drivers for cryogenic equipment are rising natural gas use and improvements in healthcare. As funding for space and satellite missions grows, so too will the need for cryogenic gases. Cryogenic equipment is poised to benefit greatly from the growing demand for LNG-based power plants as a replacement for coal as a clean energy source. The growth of the industrial and electricity sectors is one reason why the United States government has taken steps to build 18 GW of new gas-based power plants. This could be a window of opportunity for the development of these things. Two major market drivers for cryogenic equipment are rising natural gas use and improvements in healthcare.
Cryogenic gases are inert and ideal for keeping space specimens, and rising funding for space and satellite missions is predicted to increase demand for these items. Cryogenic equipment is poised for rapid market growth thanks to the increasing number of LNG-based power plants being built as a clean alternative to coal as a source of energy. The growth of the industrial and electricity sectors in the United States has also inspired new government projects to construct 18 GW of gas-based power plants. This might be a great chance for the industry to expand and benefit these goods. Two major growth areas for the cryogenics market are rising natural gas use and better healthcare systems worldwide. The need for energy storage in several sectors is significantly driven by the requirement for widespread usage of renewable energy in the infrastructure. As renewable electricity generation and energy storage in power plants grow more commonplace, the need for CES based on cryogenics is expected to increase worldwide. Industry expansion is expected to be fueled by efforts to convert gas into liquid and the ongoing modernisation of existing healthcare facilities. Specialty materials and cryogenic equipment upkeep are two of the industry's biggest expenses.
Investment growth in the mining and metal, food and beverage, metallurgy, and electronics industries in emerging markets will drive product demand. The majority of 2017's USD 476 billion in FDI into the Asia-Pacific region went to China and Singapore, per the World Investment Report 2018. Governments are also working to create a more welcoming climate for the development of novel industries by enhancing industrial rules and regulations that make existing ones more sustainable. Several enabling rules, including those pertaining to strategic investment policy priorities, the admission and establishment of foreign investors, and the promotion and facilitation of investment policies, contribute to the expansion of the industrial gases market.
The LNG industry saw a year of firsts in 2020. The LNG market was already poised for oversupply in 2020 and 2021 before the COVID-19 outbreak, as new projects would increase capacity much beyond stable demand growth. Because of the pandemic's effect on petrol consumption, supply has far exceeded demand, leading to price fluctuations. In contrast, LNG is expected to expand at a faster rate since domestic supply in key gas markets will be unable to meet rising demand. McKinsey's global gas outlook to 2050 predicts that LNG demand will increase 3.4% year until 2035, at which point an additional 100 million metric tonnes of capacity will be needed to account for both growth in demand and a reduction in output from currently operating plants.
Cryogenic plants are particularly expensive because of the high speciality materials used in their construction and the high energy costs associated with maintaining temperatures. Initial CAPEX associated with setting up cryogenic plant infrastructure is projected to be roughly USD 300 million, as reported by the US Department of the Interior (DOI). Cryogenic air separation is a well-established technology that functions well at high throughput. Pressure Swing Adsorption (PSA) is a more cost-effective alternative technology that can be used for low-volume industrial gas applications. Cryogenic facilities are only practical for uses that demand more than a few hundred tonnes of the separated gases daily. Large-scale oxygen and nitrogen production, at the rate of about 5,000 tonnes per day, relies heavily on cryogenic air separation technology. PSA is the second option, and it's useful for amounts of nitrogen and oxygen that are less than 500 tonnes per day. Furthermore, nitrogen cryogen plants have a 40% greater operating cost than PSA plants. Liquid nitrogen is essential for the fertiliser and agricultural industries. Liquified industrial gases are expensive to store and transport under these conditions. As a result, the development of the cryogenic equipment market is hindered by the high CAPEX and OPEX of cryogenic plants.
Report Coverage
Global Cryogenic Equipment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Cryogenic Equipment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Cryogenic Equipment competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Cryogenic Equipment market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Cryogenic Equipment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Cryogenic Equipment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Beijing Tianhai Industry, Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde Group AG, VRV SPA, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve Corporation, Parker Hannifin, INOX India Ltd
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Cryogenic Equipment market based on the below-mentioned segments:
Global Cryogenic Equipment Market, By Product Type
Valve
Tank
Vaporizer
Pump
Global Cryogenic Equipment market, By Cryogen Type
Oxygen
Nitrogen
Liquified Natural Gas
Argon
Global Cryogenic Equipment Market, By End User
E and P
Chemical
Electronics
Metallurgical
Global Cryogenic Equipment market, Regional Analysis
Cryogenic equipment is poised to benefit greatly from the growing demand for LNG-based power plants as a replacement for coal as a clean energy source. As a result of the growth in the manufacturing and electrical markets, the United States government has decided to invest in the construction of 18 GW of new gas-based power plants. This could be a window of opportunity for the development of these things. Two major market drivers for cryogenic equipment are rising natural gas use and improvements in healthcare. As funding for space and satellite missions grows, so too will the need for cryogenic gases. Cryogenic equipment is poised to benefit greatly from the growing demand for LNG-based power plants as a replacement for coal as a clean energy source. The growth of the industrial and electricity sectors is one reason why the United States government has taken steps to build 18 GW of new gas-based power plants. This could be a window of opportunity for the development of these things. Two major market drivers for cryogenic equipment are rising natural gas use and improvements in healthcare.
Cryogenic gases are inert and ideal for keeping space specimens, and rising funding for space and satellite missions is predicted to increase demand for these items. Cryogenic equipment is poised for rapid market growth thanks to the increasing number of LNG-based power plants being built as a clean alternative to coal as a source of energy. The growth of the industrial and electricity sectors in the United States has also inspired new government projects to construct 18 GW of gas-based power plants. This might be a great chance for the industry to expand and benefit these goods. Two major growth areas for the cryogenics market are rising natural gas use and better healthcare systems worldwide. The need for energy storage in several sectors is significantly driven by the requirement for widespread usage of renewable energy in the infrastructure. As renewable electricity generation and energy storage in power plants grow more commonplace, the need for CES based on cryogenics is expected to increase worldwide. Industry expansion is expected to be fueled by efforts to convert gas into liquid and the ongoing modernisation of existing healthcare facilities. Specialty materials and cryogenic equipment upkeep are two of the industry's biggest expenses.
Investment growth in the mining and metal, food and beverage, metallurgy, and electronics industries in emerging markets will drive product demand. The majority of 2017's USD 476 billion in FDI into the Asia-Pacific region went to China and Singapore, per the World Investment Report 2018. Governments are also working to create a more welcoming climate for the development of novel industries by enhancing industrial rules and regulations that make existing ones more sustainable. Several enabling rules, including those pertaining to strategic investment policy priorities, the admission and establishment of foreign investors, and the promotion and facilitation of investment policies, contribute to the expansion of the industrial gases market.
The LNG industry saw a year of firsts in 2020. The LNG market was already poised for oversupply in 2020 and 2021 before the COVID-19 outbreak, as new projects would increase capacity much beyond stable demand growth. Because of the pandemic's effect on petrol consumption, supply has far exceeded demand, leading to price fluctuations. In contrast, LNG is expected to expand at a faster rate since domestic supply in key gas markets will be unable to meet rising demand. McKinsey's global gas outlook to 2050 predicts that LNG demand will increase 3.4% year until 2035, at which point an additional 100 million metric tonnes of capacity will be needed to account for both growth in demand and a reduction in output from currently operating plants.
Cryogenic plants are particularly expensive because of the high speciality materials used in their construction and the high energy costs associated with maintaining temperatures. Initial CAPEX associated with setting up cryogenic plant infrastructure is projected to be roughly USD 300 million, as reported by the US Department of the Interior (DOI). Cryogenic air separation is a well-established technology that functions well at high throughput. Pressure Swing Adsorption (PSA) is a more cost-effective alternative technology that can be used for low-volume industrial gas applications. Cryogenic facilities are only practical for uses that demand more than a few hundred tonnes of the separated gases daily. Large-scale oxygen and nitrogen production, at the rate of about 5,000 tonnes per day, relies heavily on cryogenic air separation technology. PSA is the second option, and it's useful for amounts of nitrogen and oxygen that are less than 500 tonnes per day. Furthermore, nitrogen cryogen plants have a 40% greater operating cost than PSA plants. Liquid nitrogen is essential for the fertiliser and agricultural industries. Liquified industrial gases are expensive to store and transport under these conditions. As a result, the development of the cryogenic equipment market is hindered by the high CAPEX and OPEX of cryogenic plants.
Report Coverage
Global Cryogenic Equipment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Cryogenic Equipment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Cryogenic Equipment competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Cryogenic Equipment market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Beijing Tianhai Industry, Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde Group AG, VRV SPA, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve Corporation, Parker Hannifin, INOX India Ltd |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Cryogenic Equipment Market from 2021 to 2030.
- Market Forecast for Cryogenic Equipment Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Cryogenic Equipment competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Cryogenic Equipment
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Cryogenic Equipment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Cryogenic Equipment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Beijing Tianhai Industry, Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde Group AG, VRV SPA, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve Corporation, Parker Hannifin, INOX India Ltd
Primary Target Market
- Market Players of Cryogenic Equipment
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Cryogenic Equipment market based on the below-mentioned segments:
Global Cryogenic Equipment Market, By Product Type
Valve
Tank
Vaporizer
Pump
Global Cryogenic Equipment market, By Cryogen Type
Oxygen
Nitrogen
Liquified Natural Gas
Argon
Global Cryogenic Equipment Market, By End User
E and P
Chemical
Electronics
Metallurgical
Global Cryogenic Equipment market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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