Cryogenic Equipment Market

Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application & Region - Forecast to 2028

Report Code: EP 3337 Oct, 2023, by marketsandmarkets.com

Cryogenic Equipment Market Size, Global Industry Share Forecast

[307 Pages Report] The global Cryogenic Equipment Market size was valued at $11.9 billion in 2023 to reach $16.6 billion by 2028; it is expected to record a CAGR of 6.9% from 2023 to 2028. The rising adoption of liquefied natural gas (LNG) as a clean and efficient energy source, along with the increasing use of industrial gases in metallurgy, oil & gas, and energy & power sectors, is fueling the expansion of the cryogenic equipment market.

Cryogenic Equipment Market

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Cryogenic Equipment Market

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Cryogenic Equipment Market Dynamics

Driver: Increasing utilization of industrial gases in metallurgy, oil & gas, and energy & power industries

In the metallurgy industry, processes such as metal forming/smelting, fabrication, welding, and combustion require industrial gases such as oxygen, nitrogen, argon, and hydrogen, wherein oxygen and nitrogen are the most used industrial gases. These gases are required in their cryogenic liquid forms to provide precise temperature control and enhanced process efficiency. Different types of cryogenic equipment, such as storage tanks and distribution systems, are indispensable in handling and supplying these gases in their liquid state. The superior performance and cost-effectiveness of cryogenic systems make them the preferred choice in metallurgical applications. Further, steel is expected to witness a significant rise in demand across the world, especially in the developing economies. According to the World Steel Association (WSA), ~73% of global steel production is produced using the oxygen process (Basic Oxygen Process). In steel production and processing, oxygen gas is often used in conjunction with cryogenic equipment to enhance the efficiency and quality of operations. In the steelmaking process, oxygen is injected into the molten iron in blast furnaces to promote combustion and accelerate the removal of impurities, resulting in improved steel quality. Cryogenic equipment is employed to store and supply liquid oxygen, ensuring precise control over the injection process. In addition to the aforementioned factors, researches and innovations associated with the development of high-strength and high-conductivity alloys for non-rare-earth induction motors that can be deployed in EVs, metals with high rigidity and stiffness for use in industrial applications, new composites such as highly conducting carbon nanotubes to enhance the efficiency of electrical energy transport and new corrosion protection systems for marine and offshore applications are also likely to drive the demand for cryogenic equipment from the metallurgy industry. The growth of industry fuels the demand for industrial gases, which consequently drives the demand for cryogenic equipment necessary for handling, storing, and transporting  industrial gases.

Restraint: Volatile raw material and metal prices and significant competition from gray market players

Cryogenic equipment is constructed using a variety of materials, including stainless steel, bronze, carbon steel, and specialized alloys. In recent years, there has been a substantial increase in the prices of raw materials like iron ore and other ores, leading to a consistent upward trend in global prices for metals, particularly stainless steel. China, being the largest steel producer and exporter, has experienced fluctuations in processed metal prices, impacting various industries. The production of cryogenic equipment demands top-quality raw materials, and the rising cost of these materials has created intense competition among leading cryogenic equipment manufacturers. The surge in cryogenic equipment prices has also prompted a preference for smaller-scale manufacturers in the informal market, especially in countries like China and India. Consequently, the fluctuating prices of metals have become a significant obstacle for the market. In addition to major raw material suppliers, the presence of numerous local and regional providers who can offer materials meeting international standards at competitive prices provides manufacturers with procurement options. This, in turn, gives rise to the existence of unregulated gray market players, which further impedes the market's growth.

Opportunities: Evolving applications of cryogenic electronics

Cryogenic gases play a pivotal role in semiconductor manufacturing and testing processes. Liquid nitrogen is a widely employed coolant for dissipating heat generated during the manufacturing phase. The use of extremely low temperatures, often approaching absolute zero, can facilitate the creation of electronics with heightened performance, reduced noise, and enhanced efficiency. Furthermore, subjecting electronics to cryogenic treatment can minimize gaps within the metallic components of their structure. This, in turn, enhances the reliability of electronics by improving both thermal and electrical conductivity and reducing operating power requirements. The applications of cryogenic electronics are on the rise. Cryogenic electronics find applications in the development of quantum computers. Quantum bits (qubits) are incredibly sensitive and require temperatures close to absolute zero to minimize environmental interference. Cryogenic electronic systems are used to control and readout qubits, enabling the advancement of quantum computing technology. Similarly, cryogenic electronics are crucial for LNAs in radio astronomy and astrophysics, as well as in medical imaging equipment like magnetic resonance imaging (MRI). Extremely low temperatures reduce electronic noise, improving the sensitivity of these devices and enhancing the quality of data acquisitiont. Power-conversion circuits can be applied at superconducting power generation, management, and distribution applications. Moreover, as investments in the renewable energy sector continue to grow, there will be an increasing demand for cryogenic signal-processing systems and sensors used in instrumentation for wind tunnels. Additionally, the expanding use of cryogenic electronics in various research endeavors, superconducting magnet systems, low-temperature detector systems, and infrared array systems is expected to create opportunities for providers of cryogenic equipment.

Challenges: Supply chain disruptions due to Russia–Ukraine war

The Russia–Ukraine war has had a significant impact on the global LNG market, leading to soaring prices and disrupting supply chains. Europe, in particular, has been hit hard, as it has traditionally relied heavily on Russian pipeline gas. In response to the war, European countries have scrambled to diversify their gas supplies, with LNG playing a key role. Prior to the war, Europe imported around 40% of its natural gas from Russia. However, in the wake of the invasion, European countries have moved to reduce their reliance on Russian gas, and LNG imports have surged. In 2022, European LNG imports increased by 60% than the previous year. The increase in European LNG demand has had a knock-on effect on global LNG prices, which have soared to record highs. In March 2022, the benchmark European LNG price reached over USD 80 per million British thermal units (MMBtu), more than four times higher than the level at the start of the year. The war also had an impact on Asian LNG demand. As European countries have competed for LNG supplies, Asian buyers have faced higher prices and reduced availability. This has led to some demand destruction in Asia, as buyers have switched to other fuels, such as coal and oil. However, Asian LNG demand is expected to rebound in the coming months, as the region's economies recover from the COVID-19 pandemic. In addition, the war in Ukraine is likely to accelerate the transition to cleaner energy sources in Asia, and LNG is expected to play a key role in meeting this growing demand. The war has also disrupted LNG supply chains. The closure of the Black Sea has made it more difficult and expensive to transport LNG from the region. In addition, there have been concerns about the security of LNG supplies from Russia and other countries in the region. It is likely to have a significant impact on the global LNG market in the medium and long term. The war has accelerated the transition to cleaner energy sources in Europe and other parts of the world, and LNG is expected to play a key role in meeting this growing demand. In addition, the war has highlighted the importance of diversifying energy supplies. European countries are now looking to secure LNG supplies from a wider range of sources, and LNG producers are looking to expand their markets..

Cryogenic Equipment Market Ecosystem

In this market, prominent companies stand out as well-established and financially stable providers of cryogenic equipment products and services. With years of experience, these companies boast a diverse product portfolio, cutting-edge technologies, and robust global sales and marketing networks. Their proven track record in the industry positions them as reliable and trusted partners for customers seeking cryogenic equipment solutions. These companies have demonstrated their ability to adapt to market dynamics and consistently deliver high-quality products and services, making them leaders in meeting the demands of the oil and gas sector. Prominent companies in this market include as 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).

Cryogenic Equipment Market

The elctronics segment, by end-user industry, is expected to be the fastest growing market during the forecast period.

This report segments the cryogenic equipment market based on end-user industry into different types: metallurgy, energy & power, chemical, electronics, transportation, and other end-user industries. The electronics segment is expected to grow at the highest CAGR during the forecast period. The use of cryogenic equipment is critical in testing and characterization of electronic components such as fiber optics, flat-panel displays, integrated circuits, LED devices, photovoltaics, printed circuit boards (PCBs), and semiconductors. The market for the electronics industry is expected to grow due to increasing development of superconducting electronics.

By system type, handling system is expected to be second-largest market during the forecast period.

This report segments the cryogenic equipment market based on system type into four segments: storage system, handling system, supply system, and others. The handling system segment is expected to be the second-largest market during the forecast period. Handling systems are used for transferring cryogenic fluids to the desired location. Handling systems facilitate the movement and transfer of cryogenic fluids for specific applications. These systems primarily comprises valves, regulators, and gauges and are used in tandem with other cryogenic systems. Cryogenic handling systems are integral to certain advanced manufacturing processes, such as cryomachining and cryogenic cooling. These processes improve machining precision and extend tool life, resulting in higher-quality products and cost savings.

“Asia Pacific: The largest in the cryogenic equipment market.”

Asia Pacific is expected to be the largest region in the cryogenic equipment market between 2023–2028, followed by Europe and North America. Asia Pacific has been leading the cryogenic equipment market. The cryogenic equipment market is experiencing growth due to the presence of leading solution providers like Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US);  Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India). Notably, in 2020, INOX India Limited partnered with Shell Energy for developing the market for LNG supply through roadways from Shell’s LNG terminal in Gujarat, catering to expanding market.

Cryogenic Equipment Market Size, and Share

Key Market Players

The cryogenic equipment market is dominated by a few major players that have a wide regional presence. The major players in the cryogenic equipment market include as Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); and Parker Hannifin Corp. (US). Between 2018 and 2023, Strategies such as contracts, agreements, acquisitions, and expansions are followed by these companies to capture a larger share of the cryogenic equipment market.

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Scope of the Report

Report Metric

Details

Market size available for years

2018–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD Million/Billion)

Segments Covered

Cryogenic Equipment Market by Equipment, Cryogen, End-user Industry, System Type, Application, and Region.

Geographies covered

Asia Pacific, North America, Europe, South America,  Middle East and Africa.

Companies covered

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); INOX India Limited (India); SHI Cryogenics Group (Japan); Emerson Electric Co. (US); Sulzer Ltd (Switzerland); Taylor-Wharton (US); Wessington Cryogenics (UK); PHPK Technologies (US); Acme Cryo (US); Five SAS (France); HEROSE GMBH (Germany); Shell-N-Tube (India); CRYOFAB (US); Cryostar (France)

This research report categorizes the cryogenic equipment market based on type, mechanism, application, well type, and region.

On the basis of equipment:
  • Tanks
  • Valves
  • Vaporizers
  • Pumps
  • Other Equipments
On the basis of cryogen:
  • Nitrogen
  • Oxygen
  • Argon
  • LNG
  • Hydrogen
  • Other Cryogens
On the basis of end-user industry:
  • Metallurgy
  • Energy & power
  • Chemical
  • Electronics
  • Transportation
  • Other End-user Industries
On the basis of application:
  • CASU
  • Non-CASU
On the basis of system type:
  • Storage System
  • Handling System
  • Supply System
  • Others
On the basis of region:
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East
  • Africa

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.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 39)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS AND EXCLUSIONS 
    1.4 MARKET SCOPE 
           1.4.1 CRYOGENIC EQUIPMENT MARKET SEGMENTATION
           1.4.2 REGIONAL SCOPE
           1.4.3 YEARS CONSIDERED
    1.5 CURRENCY CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES 
           1.8.1 IMPACT OF RECESSION
 
2 RESEARCH METHODOLOGY (Page No. - 45)
    2.1 RESEARCH DATA 
           FIGURE 1 CRYOGENIC EQUIPMENT MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
                               FIGURE 3 BREAKDOWN OF PRIMARIES: BY COMPANY TYPE, DESIGNATION, AND REGION
    2.3 MARKET SIZE ESTIMATION 
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 4 CRYOGENIC EQUIPMENT MARKET: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET: TOP-DOWN APPROACH
           2.3.3 DEMAND-SIDE ANALYSIS
                    2.3.3.1 Demand-side metrics
                               FIGURE 6 METRICS CONSIDERED FOR ANALYZING AND ASSESSING DEMAND FOR CRYOGENIC EQUIPMENT
                    2.3.3.2 Assumptions for demand-side analysis
           2.3.4 SUPPLY-SIDE ANALYSIS
                    FIGURE 7 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF CRYOGENIC EQUIPMENT
                    FIGURE 8 MARKET: SUPPLY-SIDE ANALYSIS
                    2.3.4.1 Calculations for supply side
                    2.3.4.2 Assumptions for supply-side analysis
           2.3.5 FORECAST
                    2.3.5.1 Recession impact
 
3 EXECUTIVE SUMMARY (Page No. - 57)
    TABLE 1 CRYOGENIC EQUIPMENT MARKET SNAPSHOT 
    FIGURE 9 TANKS TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD 
    FIGURE 10 NITROGEN TO ACCOUNT FOR LARGEST SHARE OF MARKET IN 2028 
    FIGURE 11 ELECTRONICS INDUSTRY TO HOLD MAJORITY OF MARKET SHARE IN 2028 
    FIGURE 12 CASU APPLICATIONS TO HOLD LARGER SHARE OF MARKET IN 2028 
    FIGURE 13 STORAGE SYSTEMS TO LEAD MARKET THROUGHOUT FORECAST PERIOD 
    FIGURE 14 ASIA PACIFIC DOMINATED MARKET IN 2022 
 
4 PREMIUM INSIGHTS (Page No. - 63)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN CRYOGENIC EQUIPMENT MARKET 
           FIGURE 15 UTILIZATION OF INDUSTRIAL GASES IN METALLURGY AND ENERGY & POWER INDUSTRIES TO DRIVE MARKET
    4.2 MARKET, BY REGION 
           FIGURE 16 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
    4.3 MARKET IN ASIA PACIFIC, BY CRYOGEN AND COUNTRY 
           FIGURE 17 NITROGEN AND CHINA HELD LARGEST SHARE OF ASIA PACIFIC MARKET, BY CRYOGEN AND COUNTRY, RESPECTIVELY, IN 2022
    4.4 MARKET, BY EQUIPMENT 
           FIGURE 18 TANKS HELD LARGEST SHARE OF GLOBAL MARKET IN 2022
    4.5 MARKET, BY CRYOGEN 
           FIGURE 19 NITROGEN SEGMENT CAPTURED MAJORITY OF MARKET SHARE IN 2022
    4.6 MARKET, BY END-USER INDUSTRY 
           FIGURE 20 METALLURGY INDUSTRY ACCOUNTED FOR LARGEST SHARE OF MARKET IN 2022
    4.7 MARKET, BY APPLICATION 
           FIGURE 21 CASU APPLICATIONS DOMINATED MARKET IN 2022
    4.8 MARKET, BY SYSTEM TYPE 
           FIGURE 22 STORAGE SYSTEMS DOMINATED MARKET IN 2022
 
5 MARKET OVERVIEW (Page No. - 68)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 23 CRYOGENIC EQUIPMENT MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Increasing utilization of industrial gases in metallurgy, oil & gas, and energy & power industries
                               FIGURE 24 GLOBAL OIL DEMAND, 2019–2028
                               TABLE 2 GLOBAL OIL DEMAND (OECD VS. NON-OECD), 2021–2028
                    5.2.1.2 Growing popularity of liquefied natural gas as source of clean and efficient energy
                    5.2.1.3 Rapid transition toward clean energy
                               FIGURE 25 GLOBAL CLEAN ENERGY INVESTMENTS, 2015–2023
           5.2.2 RESTRAINTS
                    5.2.2.1 High CAPEX and OPEX costs associated with cryogenic plants
                    5.2.2.2 Volatile raw material and metal prices and significant competition from gray market players
                               FIGURE 26 IRON ORE PRICING TREND, 2016–2023
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Launch of new space and satellite missions
                    5.2.3.2 Evolving applications of cryogenic electronics
                    5.2.3.3 Development of hydrogen economy
           5.2.4 CHALLENGES
                    5.2.4.1 Hazards and greenhouse gas emissions resulting from leakage of cryogenic fluids
                    5.2.4.2 Supply chain disruptions due to Russia–Ukraine war
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 27 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
    5.4 PRICING ANALYSIS 
           5.4.1 INDICATIVE PRICING ANALYSIS, BY EQUIPMENT
                    TABLE 3 CRYOGENIC EQUIPMENT: INDICATIVE PRICING ANALYSIS, 2022
           5.4.2 AVERAGE SELLING PRICE TREND, BY REGION
                    TABLE 4 CRYOGENIC EQUIPMENT: AVERAGE SELLING PRICE TREND, 2022
    5.5 SUPPLY CHAIN ANALYSIS 
           FIGURE 28 CRYOGENIC EQUIPMENT MARKET: SUPPLY CHAIN ANALYSIS
           5.5.1 CRYOGENIC EQUIPMENT RAW MATERIAL SUPPLIERS
           5.5.2 CRYOGENIC EQUIPMENT MANUFACTURERS
           5.5.3 INDUSTRIAL GAS MANUFACTURERS
           5.5.4 END USERS
    5.6 ECOSYSTEM/MARKET MAP 
           TABLE 5 ROLE OF PLAYERS IN ECOSYSTEM
    5.7 TECHNOLOGY ANALYSIS 
    5.8 PATENT ANALYSIS 
           FIGURE 29 INNOVATIONS AND PATENT REGISTRATIONS PERTAINING TO CRYOGENIC EQUIPMENT, 2018–2022
           5.8.1 LIST OF MAJOR PATENTS
    5.9 TRADE ANALYSIS 
           5.9.1 HS CODE 280430
                    5.9.1.1 Nitrogen export scenario
                               TABLE 6 EXPORT DATA FOR HS CODE 280430, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 30 NITROGEN EXPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
                    5.9.1.2 Nitrogen import scenario
                               TABLE 7 IMPORT SCENARIO FOR HS CODE 280430, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 31 NITROGEN IMPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
           5.9.2 HS CODE 280421
                    5.9.2.1 Argon export scenario
                               TABLE 8 EXPORT DATA FOR HS CODE 280421, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 32 ARGON EXPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
                    5.9.2.2 Argon import scenario
                               TABLE 9 IMPORT SCENARIO FOR HS CODE 280421, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 33 ARGON IMPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
           5.9.3 HS CODE 280440
                    5.9.3.1 Oxygen export scenario
                               TABLE 10 EXPORT DATA FOR HS CODE 280440, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 34 OXYGEN EXPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
                    5.9.3.2 Oxygen import scenario
                               TABLE 11 IMPORT SCENARIO FOR HS CODE 280440, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 35 OXYGEN IMPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
           5.9.4 HS CODE 271111
                    5.9.4.1 LNG export scenario
                               TABLE 12 EXPORT DATA FOR HS CODE 271111, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 36 LNG EXPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
                    5.9.4.2 LNG import scenario
                               TABLE 13 IMPORT SCENARIO FOR HS CODE 271111, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 37 LNG IMPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
           5.9.5 HS CODE 280410
                    5.9.5.1 Hydrogen export scenario
                               TABLE 14 EXPORT DATA FOR HS CODE 280410, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 38 HYDROGEN EXPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
                    5.9.5.2 Hydrogen import scenario
                               TABLE 15 IMPORT SCENARIO FOR HS CODE 280410, BY COUNTRY, 2020–2022 (USD THOUSAND)
                               FIGURE 39 HYDROGEN IMPORT DATA FOR TOP 5 COUNTRIES, 2020–2022 (USD THOUSAND)
    5.10 KEY CONFERENCES AND EVENTS, 2023–2024 
           TABLE 16 MARKET: LIST OF CONFERENCES AND EVENTS
    5.11 TARIFFS AND REGULATORY LANDSCAPE 
           5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 17 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 18 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 19 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.11.2 MARKET: REGULATORY FRAMEWORK
    5.12 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 40 MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 20 MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.12.1 THREAT OF NEW ENTRANTS
           5.12.2 BARGAINING POWER OF SUPPLIERS
           5.12.3 BARGAINING POWER OF BUYERS
           5.12.4 THREAT OF SUBSTITUTES
           5.12.5 INTENSITY OF COMPETITIVE RIVALRY
    5.13 CASE STUDY ANALYSIS 
           5.13.1 PHARMACEUTICAL INGREDIENT MANUFACTURER ADOPTED AFCRYO’S CRYOCUBE PRODUCT TO RECEIVE SECURE SUPPLY OF PHARMACOPOEIA-COMPLIANT LIQUID AND GAS
    5.14 MAJOR PHARMACEUTICAL COMPANY INTRODUCED COMPREHENSIVE CRYOGENIC SOLUTION TO REVOLUTIONIZE COLD CHAIN MANAGEMENT 
           5.14.1 RESEARCH INSTITUTE DEVELOPED CRYOGENIC SOLUTION FOR SPECIMEN PRESERVATION
    5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 41 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 END-USER INDUSTRIES
                    TABLE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 END-USER INDUSTRIES (%)
           5.15.2 BUYING CRITERIA
                    FIGURE 42 KEY BUYING CRITERIA FOR TOP 3 END-USER INDUSTRIES
                    TABLE 22 KEY BUYING CRITERIA FOR TOP 3 END-USER INDUSTRIES
 
6 CRYOGENIC EQUIPMENT MARKET, BY EQUIPMENT (Page No. - 103)
    6.1 INTRODUCTION 
           FIGURE 43 MARKET SHARE, BY EQUIPMENT, 2022
           TABLE 23 MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
           TABLE 24 MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
           TABLE 25 MARKET, BY EQUIPMENT, 2018–2022 (THOUSAND UNITS)
           TABLE 26 MARKET, BY EQUIPMENT, 2023–2028 (THOUSAND UNITS)
    6.2 TANKS 
           6.2.1 INCREASING LNG PRODUCTION TO FUEL DEMAND FOR CRYOGENIC TANKS
                    TABLE 27 TANKS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 28 TANKS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.3 VALVES 
           6.3.1 HIGH DEMAND FOR INDUSTRIAL GASES FROM AEROSPACE AND ELECTRONICS COMPANIES TO DRIVE MARKET
                    TABLE 29 VALVES: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 30 VALVES: MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.4 VAPORIZERS 
           6.4.1 GROWING CONSUMPTION OF INDUSTRIAL GASES ACROSS END-USER INDUSTRIES TO BOOST DEMAND FOR CRYOGENIC VAPORIZERS
                    TABLE 31 VAPORIZERS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 32 VAPORIZERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.5 PUMPS 
           6.5.1 INCREASING USE OF LNG AS BUNKER FUEL TO CREATE REQUIREMENT FOR CRYOGENIC PUMPS
                    TABLE 33 PUMPS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 34 PUMPS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.6 OTHER EQUIPMENT 
           TABLE 35 OTHER EQUIPMENT: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 36 OTHER EQUIPMENT: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
7 CRYOGENIC EQUIPMENT MARKET, BY CRYOGEN (Page No. - 113)
    7.1 INTRODUCTION 
           FIGURE 44 MARKET SHARE, BY CRYOGEN, 2022
           TABLE 37 MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
           TABLE 38 MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
    7.2 NITROGEN 
           7.2.1 HIGH ADOPTION OF NITROGEN IN ENERGY & POWER SECTOR TO BOOST DEMAND FOR CRYOGENIC EQUIPMENT
                    TABLE 39 NITROGEN: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 40 NITROGEN: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.3 ARGON 
           7.3.1 RISING DEMAND FOR ELECTRONICS TO LEAD TO HIGH REQUIREMENT FOR ARGON-HANDLING CRYOGENIC EQUIPMENT
                    TABLE 41 ARGON: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 42 ARGON: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.4 OXYGEN 
           7.4.1 INCREASING STEEL AND IRON PRODUCTION TO CREATE HIGH DEMAND FOR OXYGEN-RELATED CRYOGENIC EQUIPMENT
                    TABLE 43 OXYGEN: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 44 OXYGEN: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.5 LNG 
           7.5.1 RISING USE OF LNG AS CLEANER ENERGY SOURCE TO ACCELERATE DEMAND FOR CRYOGENIC EQUIPMENT
                    TABLE 45 LNG: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 46 LNG: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.6 HYDROGEN 
           7.6.1 GROWING IMPLEMENTATION OF HYDROGEN FUEL CELLS IN TRANSPORTATION AND ENERGY APPLICATIONS TO FUEL MARKET GROWTH
                    TABLE 47 HYDROGEN: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 48 HYDROGEN: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.7 OTHER CRYOGENS 
           TABLE 49 OTHER CRYOGENS: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 50 OTHER CRYOGENS: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
8 CRYOGENIC EQUIPMENT MARKET, BY END-USER INDUSTRY (Page No. - 122)
    8.1 INTRODUCTION 
           FIGURE 45 MARKET SHARE, BY END-USER INDUSTRY, 2022
           TABLE 51 MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
           TABLE 52 MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
    8.2 METALLURGY 
           8.2.1 ADOPTION OF CRYOGENIC EQUIPMENT IN WELDING, FABRICATION, AND COOLING PROCESSES TO BOOST SEGMENTAL GROWTH
                    TABLE 53 METALLURGY: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 54 METALLURGY: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 55 METALLURGY: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                    TABLE 56 METALLURGY: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
    8.3 ENERGY & POWER 
           8.3.1 NEED TO IMPROVE EFFICIENCY AND CAPACITY OF POWER TRANSMISSION AND DISTRIBUTION SYSTEMS TO ACCELERATE DEMAND FOR CRYOGENIC EQUIPMENT
                    TABLE 57 ENERGY & POWER: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 58 ENERGY & POWER: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 59 ENERGY & POWER: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                    TABLE 60 ENERGY & POWER: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
    8.4 CHEMICAL 
           8.4.1 REQUIREMENT TO STORE VOLATILE AND REACTIVE CHEMICALS FOR EXTENDED PERIOD TO BOOST DEMAND FOR CRYOGENIC EQUIPMENT
                    TABLE 61 CHEMICAL: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 62 CHEMICAL: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 63 CHEMICAL: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                    TABLE 64 CHEMICAL: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
    8.5 ELECTRONICS 
           8.5.1 DEVELOPMENT OF SUPERCONDUCTING ELECTRONICS TO DRIVE MARKET
                    TABLE 65 ELECTRONICS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 66 ELECTRONICS: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 67 ELECTRONICS: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                    TABLE 68 ELECTRONICS: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
    8.6 TRANSPORTATION 
           8.6.1 DEVELOPMENT OF FUEL CELL-POWERED ELECTRIC VEHICLES TO CREATE LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS
                    TABLE 69 TRANSPORTATION: MARKET, BY TRANSPORT TYPE, 2018–2022 (USD MILLION)
                    TABLE 70 TRANSPORTATION: MARKET, BY TRANSPORT TYPE, 2023–2028 (USD MILLION)
                    TABLE 71 TRANSPORTATION: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 72 TRANSPORTATION: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 73 TRANSPORTATION: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                    TABLE 74 TRANSPORTATION: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
    8.7 OTHER END-USER INDUSTRIES 
           TABLE 75 OTHER END-USER INDUSTRIES: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 76 OTHER END-USER INDUSTRIES: MARKET, BY REGION, 2023–2028 (USD MILLION)
           TABLE 77 OTHER END-USER INDUSTRIES: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
           TABLE 78 OTHER END-USER INDUSTRIES: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
 
9 CRYOGENIC EQUIPMENT MARKET, BY SYSTEM TYPE (Page No. - 139)
    9.1 INTRODUCTION 
           FIGURE 46 MARKET SHARE, BY SYSTEM TYPE, 2022
           TABLE 79 MARKET, BY SYSTEM TYPE, 2018–2022 (USD MILLION)
           TABLE 80 MARKET, BY SYSTEM TYPE, 2023–2028 (USD MILLION)
    9.2 STORAGE SYSTEM 
           9.2.1 GROWING ADOPTION OF CRYOGENIC ENERGY STORAGE SYSTEMS BY AEROSPACE COMPANIES TO PROVIDE LUCRATIVE OPPORTUNITIES
                    TABLE 81 STORAGE SYSTEM: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 82 STORAGE SYSTEM: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.3 HANDLING SYSTEM 
           9.3.1 INCREASING FOCUS OF MANUFACTURING FIRMS ON EXTENDING LIFESPAN OF TOOLS AND ACHIEVE COST SAVING TO DRIVE SEGMENTAL GROWTH
                    TABLE 83 HANDLING SYSTEM: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 84 HANDLING SYSTEM: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.4 SUPPLY SYSTEM 
           9.4.1 RISING USE OF SUPPLY SYSTEMS IN HEALTHCARE, AEROSPACE, AND INDUSTRIAL APPLICATIONS TO SUPPORT MARKET GROWTH
                    TABLE 85 SUPPLY SYSTEM: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 86 SUPPLY SYSTEM: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.5 OTHERS 
           TABLE 87 OTHERS: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 88 OTHERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
10 CRYOGENIC EQUIPMENT MARKET, BY APPLICATION (Page No. - 147)
     10.1 INTRODUCTION 
               FIGURE 47 MARKET SHARE, BY APPLICATION, 2022
               TABLE 89 MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
               TABLE 90 MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
               TABLE 91 NON-CASU: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
               TABLE 92 NON-CASU: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
     10.2 CASU (CRYOGENIC AIR SEPARATION UNIT) 
             10.2.1 INSTALLATION OF CASU TO SEPARATE AND PRODUCE HIGH-PURITY GASES AT EXTREMELY LOW TEMPERATURES TO DRIVE MARKET
     10.3 NON-CASU (NON-CRYOGENIC AIR SEPARATION UNIT) 
             10.3.1 UTILIZATION OF NON-CASU IN INDUSTRIAL APPLICATIONS THAT DO NOT REQUIRE HIGH-PURITY GASES TO FUEL MARKET GROWTH
             10.3.2 RAIL AND ROAD TRANSPORT INDUSTRY
             10.3.3 LNG BULK CARRIER SHIPS
             10.3.4 LNG REGASIFICATION AND LIQUEFACTION TERMINALS
             10.3.5 OTHER MINOR APPLICATIONS
 
11 CRYOGENIC EQUIPMENT MARKET, BY REGION (Page No. - 152)
     11.1 INTRODUCTION 
               FIGURE 48 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
               FIGURE 49 MARKET SHARE, IN TERMS OF VALUE, BY REGION, 2022
               TABLE 93 MARKET, BY REGION, 2018–2022 (USD MILLION)
               TABLE 94 MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.2 ASIA PACIFIC 
             11.2.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC
                       FIGURE 50 SNAPSHOT: MARKET IN ASIA PACIFIC
             11.2.2 BY EQUIPMENT
                       TABLE 95 ASIA PACIFIC: MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
                       TABLE 96 ASIA PACIFIC: MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
             11.2.3 BY CRYOGEN
                       TABLE 97 ASIA PACIFIC: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                       TABLE 98 ASIA PACIFIC: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
             11.2.4 BY END-USER INDUSTRY
                       TABLE 99 ASIA PACIFIC: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                       TABLE 100 ASIA PACIFIC: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
             11.2.5 BY SYSTEM TYPE
                       TABLE 101 ASIA PACIFIC: MARKET, BY SYSTEM TYPE, 2018–2022 (USD MILLION)
                       TABLE 102 ASIA PACIFIC: MARKET, BY SYSTEM TYPE, 2023–2028 (USD MILLION)
             11.2.6 BY COUNTRY
                       TABLE 103 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 104 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.2.6.1 China
                                   11.2.6.1.1 Growing focus on improving LNG infrastructure to create growth opportunities for providers of cryogenic equipment
                                   11.2.6.1.2 By end-user industry
                                                 TABLE 105 CHINA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 106 CHINA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.2.6.2 India
                                   11.2.6.2.1 Increasing investments in space missions to drive market
                                   11.2.6.2.2 By equipment
                                                 TABLE 107 INDIA: MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
                                                 TABLE 108 INDIA: MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
                                   11.2.6.2.3 By cryogen
                                                 TABLE 109 INDIA: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                                                 TABLE 110 INDIA: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
                                   11.2.6.2.4 By end-user industry
                                                 TABLE 111 INDIA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 112 INDIA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                                   11.2.6.2.5 By application
                                                 TABLE 113 INDIA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                                 TABLE 114 INDIA: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                                                 TABLE 115 INDIA: MARKET, BY NON-CASU APPLICATION, 2018–2022 (USD MILLION)
                                                 TABLE 116 INDIA: MARKET, BY NON-CASU APPLICATION, 2023–2028 (USD MILLION)
                       11.2.6.3 Australia
                                   11.2.6.3.1 Increasing government investments in energy & power and metallurgy industries to drive market
                                   11.2.6.3.2 By end-user industry
                                                 TABLE 117 AUSTRALIA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 118 AUSTRALIA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.2.6.4 Japan
                                   11.2.6.4.1 Increasing investments in LNG projects to fuel market growth
                                   11.2.6.4.2 By end-user industry
                                                 TABLE 119 JAPAN: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 120 JAPAN: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.2.6.5 Malaysia
                                   11.2.6.5.1 Government focus on energy capacity addition to contribute to market growth
                                   11.2.6.5.2 By end-user industry
                                                 TABLE 121 MALAYSIA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 122 MALAYSIA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.2.6.6 Rest of Asia Pacific
                                   11.2.6.6.1 By end-user industry
                                                 TABLE 123 REST OF ASIA PACIFIC: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 124 REST OF ASIA PACIFIC: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
     11.3 EUROPE 
             11.3.1 RECESSION IMPACT ON MARKET IN EUROPE
                       FIGURE 51 SNAPSHOT: MARKET IN EUROPE
             11.3.2 BY EQUIPMENT
                       TABLE 125 EUROPE: MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
                       TABLE 126 EUROPE: MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
             11.3.3 BY CRYOGEN
                       TABLE 127 EUROPE: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                       TABLE 128 EUROPE: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
             11.3.4 BY END-USER INDUSTRY
                       TABLE 129 EUROPE: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                       TABLE 130 EUROPE: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
             11.3.5 BY SYSTEM TYPE
                       TABLE 131 EUROPE: MARKET, BY SYSTEM TYPE, 2018–2022 (USD MILLION)
                       TABLE 132 EUROPE: MARKET, BY SYSTEM TYPE, 2023–2028 (USD MILLION)
             11.3.6 BY COUNTRY
                       TABLE 133 EUROPE: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 134 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.3.6.1 Russia
                                   11.3.6.1.1 Investments in LNG projects to fuel market growth
                                   11.3.6.1.2 By end-user industry
                                                 TABLE 135 RUSSIA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 136 RUSSIA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.3.6.2 UK
                                   11.3.6.2.1 Government’s commitment to net zero carbon emissions to foster demand for cryogenic equipment
                                   11.3.6.2.2 By end-user industry
                                                 TABLE 137 UK: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 138 UK: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.3.6.3 Germany
                                   11.3.6.3.1 Booming energy & power and chemical industries to contribute to market growth
                                   11.3.6.3.2 By end-user industry
                                                 TABLE 139 GERMANY: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 140 GERMANY: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.3.6.4 France
                                   11.3.6.4.1 Industrial decarbonization goals to boost demand for cryogenic equipment
                                   11.3.6.4.2 By end-user industry
                                                 TABLE 141 FRANCE: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 142 FRANCE: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.3.6.5 Rest of Europe
                                   11.3.6.5.1 By end-user industry
                                                 TABLE 143 REST OF EUROPE: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 144 REST OF EUROPE: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
     11.4 NORTH AMERICA 
             11.4.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA
             11.4.2 BY EQUIPMENT
                       TABLE 145 NORTH AMERICA: MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
                       TABLE 146 NORTH AMERICA: MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
             11.4.3 BY CRYOGEN
                       TABLE 147 NORTH AMERICA: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                       TABLE 148 NORTH AMERICA: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
             11.4.4 BY END-USER INDUSTRY
                       TABLE 149 NORTH AMERICA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                       TABLE 150 NORTH AMERICA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
             11.4.5 BY SYSTEM TYPE
                       TABLE 151 NORTH AMERICA: MARKET, BY SYSTEM TYPE, 2018–2022 (USD MILLION)
                       TABLE 152 NORTH AMERICA: MARKET, BY SYSTEM TYPE, 2023–2028 (USD MILLION)
             11.4.6 BY COUNTRY
                       TABLE 153 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 154 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.4.6.1 US
                                   11.4.6.1.1 Strong focus on natural gas generation and exports to support market growth
                                   11.4.6.1.2 By end-user industry
                                                 TABLE 155 US: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 156 US: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.4.6.2 Canada
                                   11.4.6.2.1 Construction of LNG export facilities to generate significant demand for cryogenic equipment
                                   11.4.6.2.2 By end-user industry
                                                 TABLE 157 CANADA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 158 CANADA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.4.6.3 Mexico
                                   11.4.6.3.1 Development of shale reservoirs to create opportunities for market players
                                   11.4.6.3.2 By end-user industry
                                                 TABLE 159 MEXICO: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 160 MEXICO: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
     11.5 MIDDLE EAST 
             11.5.1 RECESSION IMPACT ON MARKET IN MIDDLE EAST
             11.5.2 BY EQUIPMENT
                       TABLE 161 MIDDLE EAST: MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
                       TABLE 162 MIDDLE EAST: MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
             11.5.3 BY CRYOGEN
                       TABLE 163 MIDDLE EAST: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                       TABLE 164 MIDDLE EAST: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
             11.5.4 BY END-USER INDUSTRY
                       TABLE 165 MIDDLE EAST: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                       TABLE 166 MIDDLE EAST: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
             11.5.5 BY SYSTEM TYPE
                       TABLE 167 MIDDLE EAST: MARKET, BY SYSTEM TYPE, 2018–2022 (USD MILLION)
                       TABLE 168 MIDDLE EAST: MARKET, BY SYSTEM TYPE, 2023–2028 (USD MILLION)
             11.5.6 BY COUNTRY
                       TABLE 169 MIDDLE EAST: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 170 MIDDLE EAST: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.5.6.1 Saudi Arabia
                                   11.5.6.1.1 Initiation of LNG projects to accelerate market growth
                                   11.5.6.1.2 By end-user industry
                                                 TABLE 171 SAUDI ARABIA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 172 SAUDI ARABIA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.5.6.2 UAE
                                   11.5.6.2.1 Booming energy & power sector to contribute to market growth
                                   11.5.6.2.2 By end-user industry
                                                 TABLE 173 UAE: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 174 UAE: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.5.6.3 QATAR
                                   11.5.6.3.1 Increasing construction activities to boost demand for cryogenic equipment
                                   11.5.6.3.2 By end-user industry
                                                 TABLE 175 QATAR: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 176 QATAR: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.5.6.4 Rest of Middle East
                                   11.5.6.4.1 By end-user industry
                                                 TABLE 177 REST OF MIDDLE EAST: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 178 REST OF MIDDLE EAST: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
     11.6 AFRICA 
             11.6.1 RECESSION IMPACT ON MARKET IN AFRICA
             11.6.2 BY EQUIPMENT
                       TABLE 179 AFRICA: MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
                       TABLE 180 AFRICA: MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
             11.6.3 BY CRYOGEN
                       TABLE 181 AFRICA: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                       TABLE 182 AFRICA: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
             11.6.4 BY END-USER INDUSTRY
                       TABLE 183 AFRICA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                       TABLE 184 AFRICA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
             11.6.5 BY SYSTEM TYPE
                       TABLE 185 AFRICA: MARKET, BY SYSTEM TYPE, 2018–2022 (USD MILLION)
                       TABLE 186 AFRICA: MARKET, BY SYSTEM TYPE, 2023–2028 (USD MILLION)
             11.6.6 BY COUNTRY
                       TABLE 187 AFRICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 188 AFRICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.6.6.1 South Africa
                                   11.6.6.1.1 Shipbuilding, electronics, and chemical industries to contribute to market growth
                                   11.6.6.1.2 By end-user industry
                                                 TABLE 189 SOUTH AFRICA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 190 SOUTH AFRICA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.6.6.2 Nigeria
                                   11.6.6.2.1 Increasing demand for LNG and nitrogen from oil & gas and shipping industries to fuel market growth
                                   11.6.6.2.2 By end-user industry
                                                 TABLE 191 NIGERIA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 192 NIGERIA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.6.6.3 Algeria
                                   11.6.6.3.1 Upcoming offshore projects to drive demand for cryogenic equipment
                                   11.6.6.3.2 By end-user industry
                                                 TABLE 193 ALGERIA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 194 ALGERIA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.6.6.4 Rest of Africa
                                   11.6.6.4.1 By end-user industry
                                                 TABLE 195 REST OF AFRICA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 196 REST OF AFRICA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
     11.7 SOUTH AMERICA 
             11.7.1 RECESSION IMPACT ON MARKET IN SOUTH AMERICA
             11.7.2 BY EQUIPMENT
                       TABLE 197 SOUTH AMERICA: MARKET, BY EQUIPMENT, 2018–2022 (USD MILLION)
                       TABLE 198 SOUTH AMERICA: MARKET, BY EQUIPMENT, 2023–2028 (USD MILLION)
             11.7.3 BY CRYOGEN
                       TABLE 199 SOUTH AMERICA: MARKET, BY CRYOGEN, 2018–2022 (USD MILLION)
                       TABLE 200 SOUTH AMERICA: MARKET, BY CRYOGEN, 2023–2028 (USD MILLION)
             11.7.4 BY END-USER INDUSTRY
                       TABLE 201 SOUTH AMERICA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                       TABLE 202 SOUTH AMERICA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
             11.7.5 BY SYSTEM TYPE
                       TABLE 203 SOUTH AMERICA: MARKET, BY SYSTEM TYPE, 2018–2022 (USD MILLION)
                       TABLE 204 SOUTH AMERICA: MARKET, BY SYSTEM TYPE, 2023–2028 (USD MILLION)
             11.7.6 BY COUNTRY
                       TABLE 205 SOUTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 206 SOUTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                       11.7.6.1 Brazil
                                   11.7.6.1.1 Energy transition and oil production from offshore sources to drive market
                                   11.7.6.1.2 By end-user industry
                                                 TABLE 207 BRAZIL: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 208 BRAZIL: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.7.6.2 Argentina
                                   11.7.6.2.1 Reviving oil & gas sector to bring opportunities for cryogenic equipment providers
                                   11.7.6.2.2 By end-user industry
                                                 TABLE 209 ARGENTINA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 210 ARGENTINA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.7.6.3 Venezuela
                                   11.7.6.3.1 Stabilization in oil prices and development of offshore reserves to drive market
                                   11.7.6.3.2 By end-user industry
                                                 TABLE 211 VENEZUELA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 212 VENEZUELA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
                       11.7.6.4 Rest of South America
                                   11.7.6.4.1 By end-user industry
                                                 TABLE 213 REST OF SOUTH AMERICA: MARKET, BY END-USER INDUSTRY, 2018–2022 (USD MILLION)
                                                 TABLE 214 REST OF SOUTH AMERICA: MARKET, BY END-USER INDUSTRY, 2023–2028 (USD MILLION)
 
12 COMPETITIVE LANDSCAPE (Page No. - 221)
     12.1 OVERVIEW 
               TABLE 215 STRATEGIES ADOPTED BY KEY PLAYERS
     12.2 MARKET SHARE ANALYSIS, 2022 
               TABLE 216 CRYOGENIC EQUIPMENT MARKET: DEGREE OF COMPETITION
               FIGURE 52 MARKET SHARE ANALYSIS, 2022
     12.3 MARKET EVALUATION FRAMEWORK, 2018–2023 
               TABLE 217 MARKET EVALUATION FRAMEWORK, 2018–2022
     12.4 SEGMENTAL REVENUE ANALYSIS, 2018–2022 
               FIGURE 53 SEGMENTAL REVENUE ANALYSIS, 2018–2022
     12.5 COMPETITIVE SCENARIOS AND TRENDS 
             12.5.1 DEALS
                       TABLE 218 MARKET: DEALS, 2018–2023
             12.5.2 OTHERS
                       TABLE 219 MARKET: OTHERS, 2018–2023
     12.6 COMPANY EVALUATION MATRIX (KEY PLAYERS), 2022 
             12.6.1 STARS
             12.6.2 EMERGING LEADERS
             12.6.3 PERVASIVE PLAYERS
             12.6.4 PARTICIPANTS
                       FIGURE 54 MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2022
             12.6.5 COMPANY FOOTPRINT (KEY PLAYERS)
                       TABLE 220 EQUIPMENT: COMPANY FOOTPRINT (KEY PLAYERS)
                       TABLE 221 CRYOGEN: COMPANY FOOTPRINT (KEY PLAYERS)
                       TABLE 222 END-USER INDUSTRY: COMPANY FOOTPRINT (KEY PLAYERS)
                       TABLE 223 SYSTEM TYPE: COMPANY FOOTPRINT (KEY PLAYERS)
                       TABLE 224 REGION: COMPANY FOOTPRINT (KEY PLAYERS)
     12.7 COMPANY EVALUATION MATRIX (OTHER PLAYERS), 2022 
             12.7.1 STARS
             12.7.2 EMERGING LEADERS
             12.7.3 PERVASIVE PLAYERS
             12.7.4 PARTICIPANTS
                       FIGURE 55 CRYOGENIC EQUIPMENT MARKET: COMPANY EVALUATION MATRIX (OTHER PLAYERS), 2022
             12.7.5 COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 225 EQUIPMENT: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 226 CRYOGEN: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 227 END-USER INDUSTRY: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 228 SYSTEM TYPE: COMPANY FOOTPRINT (OTHER PLAYERS)
                       TABLE 229 REGION: COMPANY FOOTPRINT (OTHER PLAYERS)
 
13 COMPANY PROFILES (Page No. - 240)
(Business Overview, Products Offered, Recent Developments, MnM View Right to win, Strategic choices made, Weaknesses and competitive threats) *
     13.1 KEY PLAYERS 
             13.1.1 LINDE PLC
                       TABLE 230 LINDE PLC: COMPANY OVERVIEW
                       FIGURE 56 LINDE PLC: COMPANY SNAPSHOT
                       TABLE 231 LINDE PLC: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 232 LINDE PLC: DEALS
                       TABLE 233 LINDE PLC: OTHERS
             13.1.2 AIR LIQUIDE
                       TABLE 234 AIR LIQUIDE: COMPANY OVERVIEW
                       FIGURE 57 AIR LIQUIDE: COMPANY SNAPSHOT
                       TABLE 235 AIR LIQUIDE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 236 AIR LIQUIDE: DEALS
                       TABLE 237 AIR LIQUIDE: OTHERS
             13.1.3 AIR PRODUCTS AND CHEMICALS, INC.
                       TABLE 238 AIR PRODUCTS AND CHEMICALS, INC.: COMPANY OVERVIEW
                       FIGURE 58 AIR PRODUCTS AND CHEMICALS, INC.: COMPANY SNAPSHOT
                       TABLE 239 AIR PRODUCTS AND CHEMICALS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 240 AIR PRODUCTS AND CHEMICALS, INC.: DEALS
                       TABLE 241 AIR PRODUCTS AND CHEMICALS, INC.: OTHERS
             13.1.4 CHART INDUSTRIES
                       TABLE 242 CHART INDUSTRIES: COMPANY OVERVIEW
                       FIGURE 59 CHART INDUSTRIES: COMPANY SNAPSHOT
                       TABLE 243 CHART INDUSTRIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 244 CHART INDUSTRIES: DEALS
                       TABLE 245 CHART INDUSTRIES: OTHERS
             13.1.5 PARKER HANNIFIN CORP
                       TABLE 246 PARKER HANNIFIN CORP.: COMPANY OVERVIEW
                       FIGURE 60 PARKER HANNIFIN CORP.: COMPANY SNAPSHOT
                       TABLE 247 PARKER HANNIFIN CORP.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.6 FLOWSERVE CORPORATION
                       TABLE 248 FLOWSERVE CORPORATION: COMPANY OVERVIEW
                       FIGURE 61 FLOWSERVE CORPORATION: COMPANY SNAPSHOT
                       TABLE 249 FLOWSERVE CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.7 NIKKISO CO., LTD.
                       TABLE 250 NIKKISO CO., LTD.: COMPANY OVERVIEW
                       FIGURE 62 NIKKISO CO., LTD.: COMPANY SNAPSHOT
                       TABLE 251 NIKKISO CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.8 INOX INDIA LIMITED
                       TABLE 252 INOX INDIA LIMITED: COMPANY OVERVIEW
                       TABLE 253 INOX INDIA LIMITED: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 254 INOX INDIA LIMITED: DEALS
                       TABLE 255 INOX INDIA LIMITED: OTHERS
             13.1.9 TAYLOR-WHARTON
                       TABLE 256 TAYLOR-WHARTON: COMPANY OVERVIEW
                       TABLE 257 TAYLOR-WHARTON: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 258 TAYLOR-WHARTON: DEALS
             13.1.10 EMERSON ELECTRIC CO.
                       TABLE 259 EMERSON ELECTRIC CO.: COMPANY OVERVIEW
                       FIGURE 63 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT
                       TABLE 260 EMERSON ELECTRIC CO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 261 EMERSON ELECTRIC CO.: DEALS
             13.1.11 WESSINGTON CRYOGENICS
                       TABLE 262 WESSINGTON CRYOGENICS: COMPANY OVERVIEW
                       TABLE 263 WESSINGTON CRYOGENICS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.12 SULZER LTD
                       TABLE 264 SULZER LTD: COMPANY OVERVIEW
                       FIGURE 64 SULZER LTD: COMPANY SNAPSHOT
                       TABLE 265 SULZER LTD: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.13 PHPK TECHNOLOGIES
                       TABLE 266 PHPK TECHNOLOGIES: COMPANY OVERVIEW
                       TABLE 267 PHPK TECHNOLOGIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED
             13.1.14 ACME CRYO.
                       TABLE 268 ACME CRYO.: COMPANY OVERVIEW
                       TABLE 269 ACME CRYO.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 270 ACME CRYO.: DEALS
             13.1.15 SHI CRYOGENICS GROUP
                       TABLE 271 SHI CRYOGENICS GROUP: COMPANY OVERVIEW
                       TABLE 272 SHI CRYOGENICS GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 273 SHI CRYOGENICS GROUP: DEALS
     13.2 OTHER PLAYERS 
             13.2.1 FIVES SAS
             13.2.2 CRYOFAB
             13.2.3 HEROSE GMBH
             13.2.4 CRYOSTAR
             13.2.5 SHELL-N-TUBE
*Details on Business Overview, Products Offered, Recent Developments, MnM View, Right to win, Strategic choices made, Weaknesses and competitive threats might not be captured in case of unlisted companies.
 
14 APPENDIX (Page No. - 298)
     14.1 INSIGHTS FROM INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE 
     14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.4 CUSTOMIZATION OPTIONS 
     14.5 RELATED REPORTS 
     14.6 AUTHOR DETAILS 

The study involved major activities in estimating the current size of the cryogenic equipment market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the cryogenic equipment market involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg, Factiva, IRENA, International Energy Agency, and Statista Industry Journal, to collect and identify information useful for a technical, market-oriented, and commercial study of the cryogenic equipment market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The cryogenic equipment market comprises several stakeholders, such as cryogenic equipment manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for types of cryogenic equipments such as rod lift systems, electric submersible pumps, progressive cavity pumps, and gas lift systems. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Cryogenic Equipment Market Size, and Share

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

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the cryogenic equipment market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Cryogenic Equipment Market Size: Top-Down Approach

Cryogenic Equipment Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Cryogenic Equipment Market Size: Bottom-Up Approach

Cryogenic Equipment Market Size, and Share

Data Triangulation

After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Market Definition

Cryogenic equipment comprises specialized machinery designed for use at extremely low temperatures, typically below -150 degrees Celsius. It enables the storage, transport, and handling of materials like gases and biological samples at these ultra-low temperatures. This technology finds application in various fields, from healthcare to aerospace, supporting scientific research and industrial processes.

The market for cryogenic equipment is the sum of revenues generated by global companies through the sales of cryogenic equipment.

Key Stakeholders

  • Cryogenic equipment manufacturers and providers
  • Industrial gas supplying companies
  • Manufacturing industries
  • R&D laboratories
  • Consulting companies from energy & power sector
  • Distributors of cryogenic equipment
  • Government and research organizations
  • State and national regulatory authorities

Objectives of the Study

  • To define, describe, segment, and forecast the cryogenic equipment market by equipment, cryogen, end-user industry, system type, application, and region, in terms of value
  • To describe and forecast the market for six key regions: North America, Europe, Asia Pacific, South America, the Middle East, and Africa, along with their country-level market sizes, in terms of value
  • To provide detailed information regarding key drivers, restraints, opportunities, and challenges influencing market growth
  • To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market size
  • To provide supply chain analysis, trends/disruptions impacting customer business, ecosystem/market map, pricing analysis, Porter’s five forces analysis, case study analysis, and regulatory standards pertaining to cryogenic equipment
  • To analyze opportunities for stakeholders in the cryogenic equipment and draw a competitive landscape of the market
  • To strategically analyze the ecosystem, tariffs and regulations, patents, and trading scenarios  pertaining to cryogenic equipment
  • To compare key market players based on product specifications and applications
  • To strategically profile key players and comprehensively analyze their market rankings and core competencies
  • To analyze competitive developments, such as contracts and agreements, investments and expansions, mergers and acquisitions, partnerships, joint ventures and collaborations, in the cryogenic equipment.

Available Customizations:

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Product Analysis

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players
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Report Code
EP 3337
Published ON
Oct, 2023
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