Global Cryogenic Equipment Market Scenario:
The cryogenic equipment market is projected to reach USD 17.1 billion by 2025 from an estimated USD 12.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Increasing demand for industrial gases and investments in LNG infrastructure is driving the cryogenic equipment market. Moreover, the increasing demand for industrial gases from cryogenic energy storage and cryoelectronics manufacturing is likely to bring opportunities for the cryogenic equipment market.
Key Market Players:
Linde plc (Ireland), Chart Industries (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), and Cryofab (US).
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The vaporizer segment is expected to grow at the highest CAGR from 2020 to 2025.
Cryogenic vaporizers are used for high volume vaporization and regasification of industrial gases like LNG to release them in a controlled flow. The various types of vaporizers are ambient vaporizers, water bath vaporizers, shell and tube vaporizers, electric vaporizers, and well service vaporizers. Industries like metallurgy and chemicals are observing increasing consumption for industrial gases. For this, the industries have to set up air separation units at their manufacturing sites. These air separation units involve different types of vaporizers for converting the cryogenic liquid back into gaseous form for end-use purposes. These factors have increased the demand for vaporizers.
The Nitrogen segment is expected to lead the global cryogenic equipment market during the forecast period.
Nitrogen is mostly used in industries like energy & power for enhanced oil recovery. It is mostly used in fertilizer and chemical industries. Fertilizer is the major consumer of nitrogen. In 2019, According to the National Center for Biotechnology Information, every year, 50 million tons of nitrogen are produced. This growth rate stimulated the demand for equipment to handle and manage the Nitrogen. However, the cryogen equipment market for nitrogen is mature; thus, there is a lesser year on year demand for nitrogen handling and cryogenic transportation equipment.
The electronics segment is expected to grow at the highest CAGR in the global cryogenic equipment market during the forecast period.
Cryogenics has vast applications in the electronics industry. Cryogenic processing extends the life of the circuit boards. They are also employed in switching devices, semiconductor, and superconductor devices since low temperature decreases the resistance of materials. Cryogenic milling and freezer grinding are some of the other processes that happen in the electronic industry. Cryogenic equipment such as semiconductor grade vaporizers and tanks are commonly used. Increasing the construction of air separation units for the electric industry is likely to drive the cryogenic equipment market during the forecast period.
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- In January 2020, Linde was awarded a contract by HLMC for setting a new air separation plant to supply nitrogen, high purity oxygen, and argon at its manufacturing facility. Under the terms of the contract, Linde would supply nitrogen generator and other cryogenic equipment to build the plant. The company intends to meet the rising demands for higher purity industrial gas from the electronics and semiconductor industry.
- In December 2019, Linde signed a master agreement with BP as the company is the LNG technology licensor for phases 2 and 3 of the Greater Tortue Ahmeyim project. Under the contract, Linde manufactured and supplied cryogenic coil-wound heat exchangers for the liquefaction technology.
- In September 2019, Chart Industries was awarded a contract from LGM Engineering for the supply of 4 LNG fuel tanks for construction of ships that were to be built in Wuhu Shipyard, China. Chart Industries intends to grow its revenues from the shipping industry.