The global cryogenic equipment market is expected to witness considerable growth during the forecast period due to the increasing demand across power & energy sectors, coupled with rapid industrialization. The factors such as increasing utilization and distribution of industrial gases, favorable government initiatives, and recent growth in Liquefied Natural Gas (LNG) market are expected to boost the growth of the market during the forecast period.
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Cryogenic equipment is generally operated at temperature below -150°C. They are used for refrigeration or creating a low temperature condition through cryogenic gases such as nitrogen, helium and argon. The advancement in the cryogenic equipment technology has increased its application from cold storage to core processes in various end-user industries. Regular applications for cryogenic equipment include freezing and cooling, enhancing certain chemical reactions, biomedical and chemical storage, and metal processing. Nowadays, various liquid cryogens are also used as fuel in aerospace and rocketry. Cryogenic equipment includes containers, pressure vessels, cold traps, purifiers and piping. Proper insulation is the key to the effectiveness of cryogenic components, as it ensures the maintenance of temperature levels within the equipment. This equipment also protects users from dangerous materials during handling. The development in metal design has resulted in the evolution of enhanced techniques for handling liquids, which is expected to fuel the equipment demand during the forecast period.
The factors driving this market are the increased consumption of natural gas, growing demand for clean energy production technologies such as LNG, and up surge in demand for metallurgical processes. Besides, the increased global demand for energy and natural gas, growing needs for respiratory healthcare and more usage of therapies such as biopharma therapy and genetically live tissue drug therapy are spurring the growth of cryogenic equipment market. Moreover, the growth of major application industries and high economic growth of developing countries are some other important market drivers. Growth in LNG trade and development in cryogenic energy storage systems has been identified as the major opportunity that attracts all cryogenic equipment manufacturers.
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Based on end-user, the energy & power sector is the largest end-user for cryogenic equipment. Moreover, countries such as the U.S. and China are focusing on reducing carbon emissions, which is expected to increase renewable power generation. With this positive outlook, the demand for cryogenic equipment in this sector is likely to grow during the forecast period. The increase in investments across the power sector, particularly in the developing regions also provide avenues for market growth.
Among the applications, storage segment is expected to hold the largest market during the forecast period. The growth in storage segment is expected due to an increasing need for sourcing, stocking, handling and transferring liquefied gases such as oxygen, nitrogen, natural gas and argon. Among gas type, LNG demand is expected to continue its strong growth during the forecast period. This is being driven by factors such as diesel displacement and continuing efforts by petroleum producing countries to utilize the better stranded natural gas and flared gases.
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