Cryogenic Equipment Market to Record Sturdy Growth by 2028 – Linde plc; Air Liquide; Air Products and Chemicals, Nikkiso Co, INOX India Limited

The Cryogenic Equipment Market, is projected to witness substantial growth from 2023 to 2028. The market, valued at $11.9 billion in 2023, is expected to reach $16.6 billion by 2028, with a compound annual growth rate (CAGR) of 6.9%.

The growth of the cryogenic equipment market is propelled by the substantial demand for industrial gases in the metallurgy, energy, and power sectors. Additionally, there is an increasing need for cryogenic equipment throughout the entire LNG value chain.

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Drivers, Restraints, and Opportunities

The Cryogenic Equipment Market is driven by rising demand for liquefied natural gas (LNG) and the growing industrial gas industry. Drivers include the increasing use of cryogenic storage and transportation systems for gases such as oxygen, nitrogen, and argon, which are more efficient and have a reduced environmental impact. However, the market confronts constraints such as high initial investment prices and tight rules governing cryogenic equipment handling and safety. Nonetheless, opportunities exist in the expanding use of cryogenic equipment in the medical and healthcare industries, as well as in emerging economies where infrastructure development is driving demand for cryogenic technologies.

Segment Analysis

  • The nitrogen segment, by cryogen, is expected to be the largest segment during the forecast period.
  • The Tanks, by equipment, is expected to grow at the highest CAGR during the forecast period.
  • The electronics segment, by end-user industry, is expected to be the fastest growing market during the forecast period.
  • By system type, handling system is expected to be second-largest market during the forecast period.

Geographical Analysis

Asia Pacific is expected to be the largest cryogenic equipment market during the forecast period. The Asia Pacific region comprises major economies such as China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific primarily includes Thailand, the Philippines, Singapore, Indonesia, and Myanmar. . The high growth rate and market share of the Asia Pacific region can be attributed to constant LNG infrastructure developments in China, investments in the aerospace industry in India, and increasing investments in gas production and LNG imports in Australia and Japan, respectively.

Key Players

Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India) are the market leaders in the global cryogenic equipment market.

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Recent Developments

  • In July 2023, Chart Industries opened a second facility at Alabama. This plant is expected to fabricate the largest shop-built cryogenic tanks ever manufactured globally—70% larger than the previous model—to begin in the first quarter 2024. The tanks manufactured at this site will be used as propellant storage solutions in the aerospace industry, hydrogen and LNG storage solutions in the marine industry and many other processes and technologies adopted in the sciences and decarbonization industries.
  • In June 2023, INOX India Limited built an LNG facility in Tamil Nadu, which comprises 2 x 113 KL LNG tanks, regas system with a capacity of 5,000 SCMH @ 22 Bar pressure and associated equipment was supplied by INOXCVA on a turnkey basis in a record time.
  • In April 2023, Linde signed an agreement with Evonik, a leading specialty chemicals company, to supply green hydrogen in Singapore. According to the agreement, Linde will build, own, and operate a nine-megawatt alkaline electrolyzer plant on Jurong Island, Singapore. The plant will produce green hydrogen, which Evonik will use to manufacture methionine, an essential component in animal feed.
  • In March 2023, Air Products and Chemicals, Inc. and Shaanxi LNG Reserves & Logistics Company signed an agreement to supply its proprietary liquefied natural gas (LNG) process technology and equipment to Technip Energies for the Xi’An LNG Emergency Reserve & Peak Regulation Project with Shaanxi LNG Reserves & Logistics Company Ltd., in ShaanXi Province, China.