HOME Top Market Reports Cryogenic Equipment Market by Product (Tank, Valve, Vaporizer, Pump), Cryogen (Nitrogen, Oxygen, Argon, LNG), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping) and Region - Global Forecast to 2021

Cryogenic Equipment Market by Product (Tank, Valve, Vaporizer, Pump), Cryogen (Nitrogen, Oxygen, Argon, LNG), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping) and Region - Global Forecast to 2021

By: marketsandmarkets.com
Publishing Date: September 2016
Report Code: EP 3337

 

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The global cryogenic equipment market is expected to grow from an estimated USD 16.18 Billion in 2016 to USD 22.42 Billion by 2021, at a CAGR of 6.74% from 2016 to 2021. Factors such as increasing demand for LNG and improving healthcare services, especially in the developing economies are driving the market worldwide.

Objectives of the study

  • To analyze the cryogenic equipment market based on product type, cryogen type, end-user, and region
  • To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contribution to the overall market
  • To analyze major driving factors, restraints, opportunities, burning issues, and winning imperatives in the cryogenic equipment market
  • To analyze trends and forecasts of the cryogenic equipment market and its subsegments
  • To analyze the major stakeholders in the cryogenic equipment market and provide a detailed competitive landscape for the leading players of the industry
  • To analyze the industrial trends in major regions, namely, North America, Asia-Pacific, Europe, South America, Africa, and the Middle East
  • To analyze competitive developments, such as contracts & agreements, expansions, new product launches and mergers & acquisitions in the global cryogenic equipment market, and profile the major players of the market

The years considered for the study are as follows:

  • Historical Year: 2014
  • Base Year: 2015
  • Estimated Year: 2016
  • Projected Year: 2021
  • Forecast Period: From 2016 to 2021

For company profiles in the report, 2015 has been used as the base year. Wherever recent (2015) data was unavailable, the previous year’s (2014) data has been included.

Research Methodology

This research study involved extensive usage of secondary sources, directories, and databases (such as Hoovers, Bloomberg, Businessweek, and Factiva) to identify and collect information useful for this technical, market-oriented, and commercial study of cryogenic equipment. The points mentioned below explain the research methodology applied in making this report.

  • Analysis of country-wise natural gas production for the past 10 years
  • Analysis of region-wise capital expenditure in the energy & power sector for the past 5 years
  • Analysis of country-wise LNG import and export for the past 10 years
  • Country-wise analysis of investments in healthcare sector
  • Analysis of market trends of cryogenic equipment across regions
  • The overall market sizes have been finalized by triangulating the supply-side data, including product developments, supply chain, and global annual sales of cryogenic equipment

After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below shows the breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study.

Cryogenic Equipment Market

To know about the assumptions considered for the study, download the pdf brochure

Market Ecosystem

The cryogenic equipment market starts with the manufacturing of equipment such as tanks, valves, vaporizers, and pumps, among others. Linde Group AG (Germany), Chart Industries, Inc. (U.S.), and VRV S.p.A. (Italy), among others are the leading equipment & service providers. The final stage covers application in the end-use industries such as energy & power, chemical, metallurgy, and electronics, among others.

Cryogenic Equipment Market

Stakeholders

The stakeholders included in this report are as follows:

  • Cryogenic equipment manufacturers, dealers, and suppliers
  • Cryogenic gases/liquid merchant producers, suppliers, and dealers
  • Cryogenic plant developers and service providers
  • LNG dealers
  • Oil & gas companies
  • Consulting companies in the E&P sector
  • Cryogenic and cold storage associations
  • Power and energy associations
  • Shareholders and investors
  • Investment banks

“The study answers several questions for the stakeholders, primarily which market segments to focus in the next 2–5 years for prioritizing efforts and investments.”

Scope of the Report

  • By Product Type
    • Tanks
    • Valves
    • Vaporizers
    • Pumps
    • Other Equipment
  • By Cryogen Type
    • Nitrogen
    • Oxygen
    • Argon
    • LNG
    • Other Cryogens
  • By End-User
    • Energy & Power
    • Chemical
    • Metallurgy
    • Electronics
    • Shipping
    • Other Industries
  • By Region
    • North America
    • South America
    • Europe
    • Africa
    • The Middle East
    • Asia-Pacific

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for the report:

  • Detailed analysis and profiling of additional market players (Up to 5)

Table of Contents

1 Introduction (Page No. - 15)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency & Pricing
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Introduction
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions & Limitations
           2.4.1 Assumptions
           2.4.2 Limitations

3 Executive Summary (Page No. - 26)
    3.1 Introduction
    3.2 Historical Backdrop & Evolution
    3.3 Current Scenario
    3.4 Future Outlook
    3.5 Conclusion

4 Premium Insights (Page No. - 32)
    4.1 Cryogenic Equipment Market, By Product Type
    4.2 Cryogenic Equipment Market: Product Type vs Cryogen Type
    4.3 Asia-Pacific: the Largest Market During the Forecast Period
    4.4 Cryogenic Equipment Market Size, By Cryogen Type, 2021
    4.5 Cryogenic Equipment Market, By End-User, 2021
    4.6 Life Cycle Analysis, By Region

5 Market Overview (Page No. - 37)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Product Type
           5.2.2 By Cryogen Type
           5.2.3 By End-User
           5.2.4 By Region
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing LNG Demand
                    5.3.1.2 Improving Healthcare Services in the Developing Economies
           5.3.2 Restraints
                    5.3.2.1 Decrease in Global Steel Production
           5.3.3 Opportunities
                    5.3.3.1 Space Applications for Cryogenic Technologies
                    5.3.3.2 Cryogenic Energy Storage Systems
                    5.3.3.3 Increasing Infrastructure Spending
           5.3.4 Challenges
                    5.3.4.1 Cryogen Leakage
    5.4 Supply Chain Analysis
    5.5 Porter’s Five Forces Analysis
           5.5.1 Threat of New Entrants
           5.5.2 Threat of Substitutes
           5.5.3 Bargaining Power of Suppliers
           5.5.4 Bargaining Power of Buyers
           5.5.5 Intensity of Competitive Rivalry

6 Cryogenic Equipment Market, By Product Type (Page No. - 48)
    6.1 Introduction
    6.2 Tank
    6.3 Valve
    6.4 Vaporizer
    6.5 Pump
    6.6 Other Equipment
           6.6.1 Pipe
           6.6.2 Regulator
           6.6.3 Tunnel Freezer
           6.6.4 Dewar
           6.6.5 Strainer
           6.6.6 Sampler

7 Cryogenic Equipment Market, By Cryogen Type (Page No. - 56)
    7.1 Introduction
    7.2 Nitrogen
    7.3 Oxygen
    7.4 Liquefied Natural Gas
    7.5 Argon
    7.6 Other Cryogens

8 Cryogenic Equipment Market, By End-User (Page No. - 62)
    8.1 Introduction
    8.2 Energy & Power
    8.3 Chemicals
    8.4 Metallurgical
    8.5 Electronics
    8.6 Shipping
    8.7 Other Industries

9 Cryogenic Equipment Market, By Region (Page No. - 69)
    9.1 Introduction
    9.2 Asia-Pacific
           9.2.1 By Product Type
           9.2.2 By Cryogen Type
           9.2.3 By End-User
           9.2.4 By Country
                    9.2.4.1 China
                    9.2.4.2 India
                    9.2.4.3 Australia
                    9.2.4.4 Japan
                    9.2.4.5 Malaysia
                    9.2.4.6 Rest of Asia-Pacific
    9.3 Europe
           9.3.1 By Product Type
           9.3.2 By Cryogen Type
           9.3.3 By End-User
           9.3.4 By Country
                    9.3.4.1 U.K.
                    9.3.4.2 Russia
                    9.3.4.3 Germany
                    9.3.4.4 France
                    9.3.4.5 Rest of Europe
    9.4 North America
           9.4.1 By Product Type
           9.4.2 By Cryogen Type
           9.4.3 By End-User
           9.4.4 By Country
                    9.4.4.1 U.S.
                    9.4.4.2 Canada
                    9.4.4.3 Mexico
    9.5 The Middle East
           9.5.1 By Product Type
           9.5.2 By Cryogen Type
           9.5.3 By End-User
           9.5.4 By Country
                    9.5.4.1 Saudi Arabia
                    9.5.4.2 Qatar
                    9.5.4.3 Uae
                    9.5.4.4 Rest of the Middle East
    9.6 South America
           9.6.1 By Product Type
           9.6.2 By Cryogen Type
           9.6.3 By End-User
           9.6.4 By Country
                    9.6.4.1 Brazil
                    9.6.4.2 Argentina
                    9.6.4.3 Venezuela
                    9.6.4.4 Rest of South America
    9.7 Africa
           9.7.1 By Product Type
           9.7.2 By Cryogen Type
           9.7.3 By End-User
           9.7.4 By Country
                    9.7.4.1 South Africa

10 Competitive Landscape (Page No. - 108)
     10.1 Overview
     10.2 Competitive Situation & Trends
     10.3 Contracts & Agreements
     10.4 Expansions
     10.5 Mergers & Acquisitions
     10.6 New Product Launches

11 Company Profiles (Page No. - 115)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     11.1 Introduction
     11.2 Air Liquide
     11.3 Beijing Tianhai Industry Co., Ltd.
     11.4 Chart Industries Inc.
     11.5 Cryofab Inc.
     11.6 Cryoquip LLC.
     11.7 Emerson
     11.8 Flowserve Corporation
     11.9 Graham Partners
     11.10 Parker Hannifin
     11.11 Herose GmbH
     11.12 INOX India Ltd.
     11.13 Linde Group AG
     11.14 Taylor-Wharton International LLC.
     11.15 VRV S.P.A
     11.16 Wessington Cryogenics Ltd.

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 151)
     12.1 Insights of Industry Experts
     12.2 Developments
     12.3 Discussion Guide
     12.4 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.5 Introducing RT: Real-Time Market Intelligence
     12.6 Available Customizations
     12.7 Related Reports


List of Tables (75 Tables)

Table 1 Cryogenic Equipment Market Size, By Product Type, 2014–2021 (USD Million)
Table 2 Tank: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 3 Valve: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 4 Vaporizer: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 5 Pump: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 6 Other Equipment: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 7 Cryogenic Equipment Market Size, By Cryogen Type, 2014–2021 (USD Million)
Table 8 Nitrogen: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 9 Oxygen: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 10 Liquefied Natural Gas: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 11 Argon: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 12 Other Cryogens: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 13 Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 14 Energy & Power: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 15 Chemicals: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 16 Metallurgical: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 17 Electronics: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 18 Shipping: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 19 Other Industries: Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 20 Cryogenic Equipment Market Size, By Region, 2014–2021 (USD Million)
Table 21 Asia-Pacific: Cryogenic Equipment Market Size, By Product Type, 2014–2021 (USD Million)
Table 22 Asia-Pacific: Cryogenic Equipment Market Size, By Cryogen Type, 2014–2021 (USD Million)
Table 23 Asia-Pacific: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 24 Asia-Pacific: Cryogenic Equipment Market Size, By Country, 2014–2021 (USD Million)
Table 25 China: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 26 India: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 27 Australia: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 28 Japan: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 29 Malaysia: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 30 Rest of Asia-Pacific: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 31 Europe: Cryogenic Equipment Market Size, By Product Type, 2014–2021 (USD Million)
Table 32 Europe: Cryogenic Equipment Market Size, By Cryogen Type, 2014–2021 (USD Million)
Table 33 Europe: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 34 Europe: Cryogenic Equipment Market Size, By Country, 2014–2021 (USD Million)
Table 35 U.K.: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 36 Russia: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 37 Germany: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 38 France: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 39 Rest of Europe: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 40 North America: Cryogenic Equipment Market Size, By Product Type, 2014–2021 (USD Million)
Table 41 North America: Cryogenic Equipment Market Size, By Cryogen Type, 2014–2021 (USD Million)
Table 42 North America: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 43 North America: Cryogenic Equipment Market Size, By Country, 2014–2021 (USD Million)
Table 44 U.S.: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 45 Canada: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 46 Mexico: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 47 Middle East: Cryogenic Equipment Market Size, By Product Type, 2014–2021 (USD Million)
Table 48 Middle East: Cryogenic Equipment Market Size, By Cryogen Type, 2014–2021 (USD Million)
Table 49 Middle East: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 50 Middle East: Cryogenic Equipment Market Size, By Country, 2014–2021 (USD Million)
Table 51 Saudi Arabia: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 52 Qatar: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 53 Uae: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 54 Rest of the Middle East: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 55 South America: Cryogenic Equipment Market Size, By Product Type, 2014–2021 (USD Million)
Table 56 South America: Cryogenic Equipment Market Size, By Cryogen Type, 2014–2021 (USD Million)
Table 57 South America: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 58 South America: Cryogenic Equipment Market Size, By Country, 2014–2021 (USD Million)
Table 59 Brazil: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 60 Argentina: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 61 Venezuela: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 62 Rest of the South America: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 63 Africa: Cryogenic Equipment Market Size, By Product Type, 2014–2021 (USD Million)
Table 64 Africa: Cryogenic Equipment Market Size, By Cryogen Type, 2014–2021 (USD Million)
Table 65 Africa: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 66 Africa: Cryogenic Equipment Market Size, By Country, 2014–2021 (USD Million)
Table 67 South Africa: Cryogenic Equipment Market Size, By End-User, 2014–2021 (USD Million)
Table 68 Contracts & Agreements, 2012–2015
Table 69 Expansions, 2012–2015
Table 70 Mergers & Acquisitions, 2015–2016
Table 71 New Product Launches, 2013–2016
Table 72 New Product Launches, 2011–2014
Table 73 Contracts & Agreements, 2011–2015
Table 74 Expansions, 2011–2012
Table 75 Mergers & Acquisitions, 2012–2015


List of Figures (54 Figures)

Figure 1 Cryogenic Equipment Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Evolution of Cryogenic Equipment Market
Figure 7 Asia-Pacific Region Dominated the Cryogenic Equipment Market in 2015
Figure 8 Asia-Pacific is A Potential Market for Cryogenic Equipment During the Forecast Period
Figure 9 Tanks is the Largest Segment, By Product Type, From 2016 to 2021
Figure 10 Nitrogen Market Size, By Cryogen Type, 2016–2021 (USD Million)
Figure 11 The Energy & Power is Likely to Dominate the Cryogenic Equipment Market During the Forecast Period
Figure 12 Attractive Market Opportunities in the Cryogenic Equipment Market
Figure 13 Cryogenic Equipment Market Share (Value), By Product Type, 2016–2021
Figure 14 Nitrogen Cryogen Type Held the Largest Market Share in 2016
Figure 15 Cryogenic Equipment Market Share (Value), By Country, 2016
Figure 16 Nitrogen is Expected to Continue Dominating the Cryogenic Equipment Market By 2021
Figure 17 Energy & Power Segment is Expected to Dominate the Cryogenic Equipment Market
Figure 18 Middle East is Expected to Grow at the Fastest Rate During the Forecast Period
Figure 19 Cryogenic Equipment Market: Market Segmentation
Figure 20 By Product Type
Figure 21 By Cryogen Type
Figure 22 By End-User
Figure 23 By Region
Figure 24 Increasing Demand for LNG is the Major Factor Driving the Cryogenic Equipment Market
Figure 25 Natural Gas Consumption, 1965–2015
Figure 26 Supply Chain Analysis: Cryogenic Equipment Market
Figure 27 Porter’s Five Forces Analysis: Cryogenic Equipment Market
Figure 28 The Tank Segment is Projected to Be the Largest Market By 2021
Figure 29 Market for Cryogenic Equipment for LNG Expected to Witness the Highest Growth During the Forecast Period
Figure 30 The Electronics Segment is Expected to Witness the Highest Growth During the Forecast Period
Figure 31 Cryogenic Equipment Market, By Region, 2015
Figure 32 Regional Snapshot: Growth Rate of Cryogenic Equipment Market in Important Countries, From 2016 to 2021
Figure 33 Regional Snapshot: Asia-Pacific Offered Attractive Market Opportunities in 2015
Figure 34 Regional Snapshot: Europe Was the Second-Largest Market in 2015
Figure 35 Companies Adopted Contracts & Agreements as the Key Growth Strategy From 2012 to 2016
Figure 36 Battle for Market Share: Contracts & Agreements Was the Key Strategy Adopted By the Top Players, 2011–2016
Figure 37 Market Leaders Based on Recent Developments, 2011–2016
Figure 38 Market Evolution Framework: Contracts & Agreements Supplemented the Market Growth, 2013–2016
Figure 39 Region-Wise Mix of the Prominent Market Players
Figure 40 Air Liquide : Company Snapshot
Figure 41 Air Liquide: SWOT Analysis
Figure 42 Beijing Tianhai Industry Co., Ltd.: Company Snapshot
Figure 43 Chart Industries Inc.: Company Snapshot
Figure 44 Chart Industries Inc.: SWOT Analysis
Figure 45 Cryofab Inc.: SWOT Analysis
Figure 46 Emerson: Company Snapshot
Figure 47 Flowserve Corporation: Company Snapshot
Figure 48 Parker Hannifin: Company Snapshot
Figure 49 INOX India Ltd.: Company Snapshot
Figure 50 Linde Group AG: Company Snapshot
Figure 51 Linde Group AG: SWOT Analysis
Figure 52 VRV S.P.A : Company Snapshot
Figure 53 VRV S.P.A: SWOT Analysis
Figure 54 Wessington Cryogenics Ltd.: Company Snapshot

The cryogenic equipment market is projected to grow at a CAGR of 6.74% from 2016 to 2021 to reach USD 22.42 Billion by 2021. Increasing demand for LNG and improving healthcare services, especially in the developing economies are the major factors driving the market.

The report segments the cryogenic equipment market on the basis of cryogen type into nitrogen, oxygen, argon, LNG, and other cryogens. Although the oil & gas sector is witnessing a downturn, the LNG segment is expected to grow at the fastest pace. LNG demand is increasing across the globe and this demand is attributed to increase in gas-based power plants and shifting of locomotives and marine transport toward LNG for fuel.

Based on end-user, the energy & power sector is the largest end-user for cryogenic equipment among all the industries. Transportation and storage of LNG is the major application of cryogenic equipment in the energy and power sector. The natural gas segment in the energy & power sector has transformed due to technological advancements and made extraction of natural gas economically viable. Moreover, countries such as the U.S. and China are focusing on reducing carbon emissions, which is expected to increase gas-based generation. With this positive outlook, the demand for cryogenic equipment in this sector is likely to grow during the forecast period.

In this report, the cryogenic equipment market has been analyzed with respect to the following regions, namely, North America, South America, Europe, Africa, the Middle East, and Asia-Pacific. Asia-Pacific is currently the largest market for cryogenic equipment, and the market in the Middle East is projected to grow at the highest CAGR during the forecast period. China accounted for the majority share in Asia-Pacific in 2015. In Asia-Pacific, the growth of the cryogenic equipment market can be attributed to factors such as increasing investments in the energy sector and substantial growth in other end-user industries such as food & beverage, healthcare, and electronics among others in this region. The figure given below shows the regional scenario of the cryogenic equipment market from 2016 to 2021.

Cryogenic Equipment Market

The demand for cryogenic equipment can be directly linked to the LNG demand. The demand for cryogenic equipment is also driven by improving healthcare services, especially in the developing economies. However, decrease in global steel production could restrain the market growth, and problems associated with cryogen leakage are a significant challenge for the market. On the other hand, the increase in infrastructure spending, space applications for cryogenic technologies, and cryogenic energy storage systems represent promising growth opportunities for the market.

Some of the leading players in the cryogenic equipment market include Linde Group AG (Germany), Flowserve Corporation (U.S.), Air Liquide (France), VRV S.p.A. (Italy), and Chart Industries, Inc. (U.S.), among others. Contracts & agreements was the most common strategy adopted by the top players in the market, constituting more than one-third of the total development share. It was followed by new product launches, mergers & acquisitions, and expansions, respectively.

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