Cryogenic equipment refers to machinery, devices or systems designed to operate at extremely low temperatures, typically below -150 degrees Celsius (°C) (-238 degrees Fahrenheit (°F)). These temperatures are achieved through the use of liquefied gases, such as liquid nitrogen, liquid helium or other cryogenic fluids.
The cryogenic equipment market consists of sales, by entities (organizations, sole traders and partnerships), of cryogenic equipment that are designed for the production or utilization of materials at extremely low temperatures.
The global cryogenic equipment market was valued at $15,508.5 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Growth In The Manufacturing Industry
The growth in the manufacturing industry fueled growth in the cryogenic equipment market during the historic period. The manufacturing industry encompasses the production of goods through the conversion of raw materials, components, or parts into finished products, typically involving various mechanical, chemical, or physical processes. The manufacturing industry is growing due to advancements in technology, globalization, increasing consumer demand and a focus on innovation and efficiency. Cryogenic equipment in the manufacturing industry enables precise temperature control for processes like cooling, machining and material handling, enhancing efficiency and product quality. For instance, in July 2023, according to the Office for National Statistics, a UK-based statistics authority, UK manufacturers achieved a total product sales value of approximately $579.5 billion (£429.8 billion) in 2022, reflecting a growth of $38.3 billion, or a 7% increase compared to the $541.2 billion (£401.5 billion) recorded in 2021. Therefore, the growth in the manufacturing industry drove growth in the cryogenic equipment market.
Development Of Innovative Cryogenic Ball Valves To Enhance Fluid Control In Extreme Low-Temperature Environments
Companies in the cryogenic equipment market are working on developing cryogenic ball valves to improve and expand their product portfolios. Cryogenic ball valves are specialized valves designed to control the flow of fluids, gases, or slurries at extremely low temperatures, typically below -150°C (-238°F). For instance, in November 2023, Flowserve Corporation, a US-based manufacturer of industrial pumps and valves, launched Worcester Cryogenic ball valves to aid in controlling fugitive emissions. These high-performance valves are designed for use on liquid gases like nitrogen and oxygen, offering shutoff capabilities for both intermittent and continuous flow applications with temperatures as low as -253°C (-425°F). The valves feature a compact design with high flow velocity through quarter-turn operation, positive cavity pressure relief to prevent dangerous overpressure due to thermal expansion and ease of actuation.
The global cryogenic equipment market is fairly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 20.3% of the total market in 2022.
Cryogenic Equipment Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global cryogenic equipment market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for cryogenic equipment? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The cryogenic equipment market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider cryogenic equipment market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by equipment, by cryogen, by application and by end-user.
- Key Trends- Highlights the major trends shaping the cryogenic equipment market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the cryogenic equipment market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by equipment, by cryogen, by application and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for cryogenic equipment providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Equipment: Tanks; Valves; Vaporizers; Pumps; Other Equipment
- 2) By Cryogen: Nitrogen; Argon; Oxygen; LNG; Hydrogen; Helium; Other Cryogens
- 3) By Application: Storage; Transportation; Processing; Other Applications
- 4) By End User: Energy And Power; Chemicals; Metallurgy; Electronics; Shipping; Other End-Users
- Companies Mentioned: Nikkiso Co. Ltd.; Linde plc; Chart Industries, Inc.; Air Products and Chemicals Inc.; Honeywell International Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; cryogenic equipment indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.