Cryogenic Equipment Market

Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-User (Energy, Chemicals, Metallurgy, Transportation), System Type (Storage, Handling, Supply) & Region - Global forecast to 2027

Report Code: EP 3337 Apr, 2022, by marketsandmarkets.com

[247 Pages Report] The global cryogenic equipment market is projected to reach USD 17.4 billion by 2027 from an estimated market size of USD 12.5 billion in 2022, at a CAGR of 6.8% during the forecast period. The factors driving the growth for cryogenic equipment market are high demand for industrial gases from metallurgy, and energy & power industries and growing demand for cryogenic equipment across entire LNG value chain.

Cryogenic Equipment Market

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COVID-19 Impact on the Cryogenic equipment Market

The outbreak of the COVID-19 pandemic has had an adverse effect on the global economy as the governments were forced to implement lockdown measures to prevent the spread of the virus. The effects of the COVID-19 pandemic, including actions taken by businesses and governments to contain the spread of the virus, have resulted in a significant and swift reduction in operations across various industries such as manufacturing, energy & power, automotive and IT, among others. As of March 10, 2022, 220 countries had been impacted by the pandemic, and the governments of individual countries had ordered nationwide lockdowns and curfews to contain the spread of the virus, during the initial phase of the pandemic. This resulted in a considerable decline in transportation and related activities, which further had a negative impact on the oil & gas industry, and consequently on the demand for cryogenic equipment. However, these lockdowns have been lifted owing to the recent decline in the number of cases and the development of respective vaccines. These events together had caused major disruptions across the entire value chain of various industries, consequently hindering the demand for cryogenic equipment. On the contrary, cryogenic equipment played a crucial role in the healthcare industry during the pandemic and showcased a high demand. Oxygen, primarily used as a gas in the healthcare industry, is typically stored as a liquid. Liquid oxygen therapy became a vital procedure to treat the infected patients during the pandemic. Owing to this absolute requirement, the demand for cryogenic containers and tanks witnessed a spike, to a point where there was not enough supply of these equipment to accommodate the demand. On the other hand, the manufacturers of these equipment were forced to stop or reduce the production due to the imposed complete or partial lockdowns. Thus, the supply shortage of cryogenic equipment had caused major disruptions in the healthcare industry, especially in developing economies such as India.

Cryogenic Equipment Market Dynamics

Driver: Growing demand for cryogenic equipment across the entire LNG value chain

2020 was an unprecedented year for the LNG market. Even before the COVID-19 pandemic, the LNG market was set for oversupply in 2020 and 2021 as new projects continued to grow capacity well beyond steady demand growth. Reduced gas demand because of the pandemic has added to excess supply, creating market volatility. However, LNG is set for stronger growth, as domestic supply in key gas markets will not keep up with demand growth. As per McKinsey's global gas outlook to 2050, the demand for LNG is expected to grow 3.4% per annum to 2035, with ~100 million metric tons of additional capacity required to meet both demand growth and decline from existing projects.

According to International Gas Union (IGU), in 2020, the global LNG trade had increased to 356.1 MT, a small increase of 1.4 MT from 2019, despite the ongoing pandemic and this has further increase by 6% in 2021 from 2020, a sharp acceleration compared to the growth from 2019 to 2020 of just 1%. Further, 35 new vessels were added to the LNG shipping fleet, making it a total of 572 vessels at the end of 2020. In addition, the total of 7.2 MTPA global operational liquefaction capacity, as of January 2021 has increased to 8.7 MTPA by the end of 2021, signifying the growth in the LNG market. Also, according to Gas Exporting Countries Forum’s survey, by 2030, the LNG bunker fuel share is expected to reach 13% of the overall bunker fuel market, which is currently around 3–5%. These developments across the value chain of the LNG market demand the use of cryogenic systems for storage, handling and transport of LNG, thus driving the demand for cryogenic equipment.

Restraint: Involvement of high CAPEX and OPEX costs with cryogenic plants

Due to the usage of high specialty materials for the construction of cryogenic equipment and the high energy costs associated with the maintenance of temperatures, the overall cost of the cryogenic plant becomes very high. According to the US Department of the Interior (DOI), the initial CAPEX associated with cryogenic plant infrastructure setup is estimated to be around USD 300 million.

Cryogenic air separation is a mature technology and is ideal for high volumetric flow rates. Pressure Swing Adsorption (PSA) is a cheaper technological substitute and is suitable for small scale industrial gas usage. Cryogenic plants are restricted for the applications requiring the gases in high quantities of above several hundred tons of the separated gases per day. Cryogenic air separation technology is widely used for oxygen and nitrogen production in large quantities of around 5,000 tons per day. The second method is PSA, which is appropriate for smaller quantities of nitrogen and oxygen of below 500 tons per day. Also, the operational cost of nitrogen cryogen plants is 40% higher than that of the PSA plants. The agriculture and fertilizer industries require liquid nitrogen at both small and large scales. In such conditions, the cost of storing and transporting liquefied industrial gases is high. Thus, the high CAPEX & OPEX associated with cryogenic plants affect the growth of the cryogenic equipment market.

Opportunities: Growing space and satellite missions bring opportunities for cryogenic storage equipment

Cryogenic equipment are used for storing and handling of space specimen. Due to the inert nature of cryogenic industrial gases, the characteristics of asteroids specimen remain intact. Cryogenic fluid is an essential usable for space missions. The space cryogenics applications fall into two broad categories, which include supporting space science missions and supporting the space transportation infrastructure. Cryogenic gases are also useful for satellite operations. These can serve as a coolant to keep spacecraft equipment operational. Also, these gases are able to extend the lifespan of satellite instruments, if used to refill a satellite.

As economies strive for enhancing their space reach, there is an increasing number of space missions for Mars, moon, and satellite launching. According to the American Institute of Physics, NASA is expected to raise its funding for space operations in 2020. In February 2020, NASA awarded a contract to SpaceX for the launch of a mission to a large metallic asteroid, on the company’s Falcon Heavy rocket. The contract was valued at USD 117 million, which includes the launch and other mission-related costs.

Satellites is another major investment-lucrative sector. As the demand for real-time data and information increases, satellite operators intend to increase the number of satellites to provide low-cost internet to remote locations. In 2019, Amazon announced Project Kuiper for accomplishing the company’s plans to launch a group of 3,236 satellites into low Earth orbit in order to provide internet to isolated communities. SpaceX plans to launch 12,000 satellites for providing low-cost internet. Such projects will create demand opportunities for cryogenic equipment.

Challenges: Cryogen leakage from equipment leading to hazards and greenhouse emissions

A major challenge faced by equipment manufacturers is cryogen leakage and losses. As the number of modular cryogenic processing plants rise, the threat of greenhouse emissions and cryogen leakages also increases. Even after proper and periodic checks, the equipment may fail to prevent the leakage or discharge cryogen into the atmosphere. These cryogens are not environment friendly, and if released in a closed area, they can lead to oxygen deficiency in the region. Prolonged exposure to cryogen can cause frostbite and damage to the lungs. 62% of leakage accidents are during the normal course of work, while the rest are observed to take place during maintenance. According to the US EPA, major emissions from cryogenic equipment are due to leakages and compressor venting. The manufacturers must use better leak detection equipment for sensing any leakage or emission during operations, so that appropriate actions could be taken on time.

The tank segment is expected to be the largest segment of the cryogenic equipment market, by equipment, during the forecast period

The cryogenic equipment market, by equipment, is segmented into tanks, valves, vaporizers, pumps and others. Other equipment include pipes, regulators, freezers, dewar, strainers, samplers, heat exchangers, leak detection equipment, dispensers, and accessories (manifolds, fittings, vacuum jacketed/insulated piping, hoses, connections). The tanks is estimated to have the largest market share. Increasing LNG production and high demand for industrial gases is expected to drive the equipment segment, which consequently increases the demand for cryogenic equipment.

The LNG segment is expected to be the largest segment of the cryogenic equipment market, by cryogen, during the forecast period

The cryogenic equipment market, by cryogen, is segmented into nitrogen, argon, oxygen, LNG, hydrogen, and others. Other cryogenic gases include helium, nitrous oxide, ethylene, and carbon dioxide. LNG segment holds the largest share in the cryogenic equipment market, followed by Nitrogen. Rising demand for hydrogen fuel cells and cleaner energy is expected to drive the cryogen segment of the cryogenic equipment market during the forecast period.

The storage system is expected to be the largest contributor to the cryogenic equipment market, by system type, during the forecast period

The cryogenic equipment market, by system type, is segmented, into storage system, handling system, supply system, and others. The storage system segment is expected to hold the largest share of the market and is also expected to grow with the highest CAGR of 7.5% during the forecast period. Government investments in gas generation and growing applications in aerospace industry is expected to drive the demand for cryogenic equipment.

The metallurgy is expected to be the largest contributor to the cryogenic equipment market, by well type, during the forecast period

The cryogenic equipment market, by end-user, is segmented into metallurgy, energy & power, chemical, electronics, transportation, and others. Other end-users include healthcare, aerospace, and food & beverages (F&B) industries. Metallurgy is expected to hold the largest market share in 2021 and have highest growth rate in the forecast period. The growing energy & oil demands and technological advancements is expected to drive the segment in the forecast period.

Asia Pacific is expected to dominate the global cryogenic equipment market

The Asia Pacific region is estimated to be the largest market for the cryogenic equipment market, followed by north America. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American cryogenic equipment market is expected to be driven by increasing E&P activities concerned with clean energy revolution.

Cryogenic Equipment Market by Region

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Key Market Players

The major players in the cryogenic equipment market are Linde plc (Ireland), Air Liquide (France), Air Products Inc (US), Chart Industries (Georgia) and PARKER HANNIFIN CORP (US). Between 2018 and 2021, the companies adopted growth strategies such as contracts & agreements, investments & expansions, partnerships, collaborations, alliances & joint ventures 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

2020–2027

Base year considered

2021

Forecast period

2022–2027

Forecast units

USD 17,364 million

Segments covered

Equipment, Cryogen, System Type, End-User And Region

Geographies covered

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

Companies covered

Linde plc (Ireland), Air Liquide (France), Air Products Inc (US), Chart Industries (Georgia) and PARKER HANNIFIN CORP (US), Flowserve Corporation (US), SHI Cryogenics Group (Japan), Emerson Electric Co. (US), Sulzer Ltd (Switzerland), Nikkiso Co. (Japan), Taylor-Wharton. (Japan), Wessington Cryogenics (Tyne & Wear), PHPK Technologies (US), INOX India Pvt Ltd (India), Acme Cryo (US), Fives SAS (France), Cryofab (US), Shell-n-Tube (India), Beijing Tianhai Cryogenic Equipment Co., Ltd. (China), Herose GmbH (Germany)

This research report categorizes the cryogenic equipments market by equipment, cryogen, system type, end-user and region.

On the basis of by equipment, the market has been segmented as follows:

  • Tanks
  • Valves
  • Vaporizers
  • Pumps
  • Other Equipment

On the basis of by cryogen, the market has been segmented as follows:

  • Nitrogen
  • Oxygen
  • Argon
  • LNG
  • Hydrogen
  • Other Cryogen

On the basis of by system type, the market has been segmented as follows:

  • Storage System
  • Handling System
  • Supply Systems
  • Others

On the basis of by end-user, the market has been segmented as follows:

  • Energy & Power
  • Chemical
  • Metallurgy
  • Electronics
  • Transportation
  • Other End-Use Industries

On the basis of region, the market has been segmented as follows:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Recent Developments

  • In February 2022, Linde plc signed an agreement with BASF. Under this contract, Linde plc will supply steam and hydrogen to BASF.
  • In January 2022, Linde plc signed an agreement with Yara to construct and deliver a 24 MW green hydrogen plant.
  • In February 2022, Air Liquide partnered with Airbus, Korean Air and Incheon to develop the first hydrogen usage roadmap at and around Incheon airport and support the development of hydrogen ecosystem.
  • In December 2021, Chart Industries collaborated with Howden to deliver advanced hydrogen solution and also incorporate gas compression system of Howden into offerings of chart Industries.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 23)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION AND SCOPE
           1.2.1 CRYOGENIC EQUIPMENT MARKET: INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 REGIONAL SCOPE
           1.3.3 YEARS CONSIDERED
    1.4 CURRENCY
    1.5 LIMITATION
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 28)
    2.1 RESEARCH DATA
           FIGURE 1 CRYOGENIC EQUIPMENT MARKET: RESEARCH DESIGN
           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 Breakdown of primaries
                               FIGURE 2 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 3 DATA TRIANGULATION METHODOLOGY
    2.3 MARKET SIZE ESTIMATION
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
    2.4 IDEAL DEMAND-SIDE ANALYSIS
           2.4.1 DEMAND-SIDE METRICS
                    FIGURE 6 MAIN METRICS CONSIDERED FOR ANALYZING AND ASSESSING DEMAND FOR CRYOGENIC EQUIPMENT
           2.4.2 ASSUMPTIONS FOR DEMAND-SIDE ANALYSIS
    2.5 SUPPLY-SIDE ANALYSIS
           FIGURE 7 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF MARKET
           FIGURE 8 CRYOGENIC EQUIPMENT MARKET: SUPPLY-SIDE ANALYSIS
           2.5.1 CALCULATIONS FOR SUPPLY SIDE
           2.5.2 ASSUMPTIONS FOR SUPPLY SIDE
                    FIGURE 9 MARKET SHARE ANALYSIS, 2021
    2.6 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 40)
    TABLE 1 CRYOGENIC EQUIPMENT MARKET SNAPSHOT
    FIGURE 10 TANKS SEGMENT IS EXPECTED TO DOMINATE MARKET, BY EQUIPMENT, DURING FORECAST PERIOD
    FIGURE 11 LNG SEGMENT IS EXPECTED TO WITNESS THE HIGHT GROWTH, DURING FORECAST PERIOD
    FIGURE 12 METALLURGY SEGMENT IS EXPECTED TO HOLD LARGEST SIZE OF MARKET, BY END USER, DURING FORECAST PERIOD
    FIGURE 13 STORAGE SYSTEM SEGMENT IS EXPECTED TO DOMINATE MARKET, BY SYSTEM TYPE, DURING FORECAST PERIOD
    FIGURE 14 ASIA PACIFIC DOMINATED MARKET IN 2021

4 PREMIUM INSIGHTS (Page No. - 45)
    4.1 ATTRACTIVE OPPORTUNITIES IN CRYOGENIC EQUIPMENT MARKET
           FIGURE 15 GROWTH IN DEMAND FOR CRYOGENIC EQUIPMENT ACROSS ENTIRE LNG VALUE CHAIN IS EXPECTED TO DRIVE MARKET DURING 2022–2027
    4.2 MARKET, BY REGION
           FIGURE 16 MARKET TO WITNESS HIGHEST GROWTH IN ASIA PACIFIC DURING FORECAST PERIOD
    4.3 CRYOGENIC EQUIPMENT MARKET, BY EQUIPMENT
           FIGURE 17 TANK SEGMENT DOMINATED MARKET, BY EQUIPMENT, IN 2021
    4.4 CRYOGENIC EQUIPMENT MARKET, BY CRYOGEN
           FIGURE 18 NITROGEN SEGMENT DOMINATED MARKET, BY CRYOGEN, IN 2021
    4.5 CRYOGENIC EQUIPMENT MARKET, BY END USER
           FIGURE 19 METALLURGY SEGMENT HELD LARGEST SHARE OF MARKET, BY END USER, IN 2021
    4.6 CRYOGENIC EQUIPMENT MARKET, BY SYSTEM TYPE
           FIGURE 20 STORAGE SYSTEM SEGMENT DOMINATED MARKET, BY SYSTEM TYPE, IN 2021
    4.7 CRYOGENIC EQUIPMENT MARKET IN ASIA PACIFIC, BY END USER & COUNTRY
           FIGURE 21 METALLURGY & CHINA SEGMENTS DOMINATED MARKET IN ASIA PACIFIC, BY END USER & COUNTRY, RESPECTIVELY, IN 2021

5 MARKET OVERVIEW (Page No. - 50)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 22 COVID-19 GLOBAL PROPAGATION
           FIGURE 23 COVID-19 PROPAGATION IN SELECT COUNTRIES
    5.3 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 24 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
    5.4 MARKET DYNAMICS
           FIGURE 25 CRYOGENIC EQUIPMENT MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.4.1 DRIVERS
                    5.4.1.1 High demand for industrial gases from metallurgy and energy & power industries
                               FIGURE 26 CRUDE STEEL PRODUCTION, 2019–2020
                               FIGURE 27 GLOBAL OIL DEMAND, 2019–2026
                               TABLE 2 GLOBAL OIL DEMAND (OECD VS NON-OECD), 2019–2026
                    5.4.1.2 Growing demand for cryogenic equipment across entire LNG value chain
           5.4.2 RESTRAINTS
                    5.4.2.1 High CAPEX and OPEX costs associated with cryogenic plants
                    5.4.2.2 Volatile raw material prices and competition from gray market players
                               FIGURE 28 IRON ORE PRICE, 2021–2022
           5.4.3 OPPORTUNITIES
                    5.4.3.1 Growing use of cryogenic equipment in space and satellite applications
                    5.4.3.2 Evolving cryogenic electronics applications
                    5.4.3.3 Transition toward renewable energy and increasing awareness of cryogenic energy storage systems
           5.4.4 CHALLENGES
                    5.4.4.1 Cryogen leakage from equipment leading to hazards and greenhouse emissions
    5.5 COVID-19 IMPACT
    5.6 INNOVATIONS & PATENT REGISTRATION
    5.7 TECHNOLOGY ANALYSIS
    5.8 CRYOGENIC EQUIPMENT MARKET: REGULATIONS
    5.9 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
           5.9.1 REVENUE SHIFT AND NEW REVENUE POCKETS IN MARKET
                    FIGURE 29 REVENUE SHIFT OF CRYOGENIC EQUIPMENT PROVIDERS
    5.10 SUPPLY CHAIN ANALYSIS
           FIGURE 30 CRYOGENIC EQUIPMENT MARKET: SUPPLY CHAIN ANALYSIS
           5.10.1 CRYOGENIC EQUIPMENT RAW MATERIAL SUPPLIERS
           5.10.2 CRYOGENIC EQUIPMENT MANUFACTURERS
           5.10.3 INDUSTRIAL GAS MANUFACTURERS
           5.10.4 END USERS
    5.11 ECOSYSTEM/MARKET MAP
                    TABLE 3 CRYOGENIC EQUIPMENT MARKET: ECOSYSTEM
    5.12 AVERAGE PRICING ANALYSIS
                    TABLE 4 CRYOGENIC EQUIPMENT: AVERAGE PRICING ANALYSIS
    5.13 KEY CONFERENCES & EVENTS TO BE HELD DURING 2022–2023
                    TABLE 5 CRYOGENIC EQUIPMENT MARKET: LIST OF CONFERENCES & EVENTS
    5.14 CRYOGENIC EQUIPMENT MARKET: REGULATIONS
           5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 6 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 7 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 8 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.15 PORTER’S FIVE FORCES ANALYSIS
                    FIGURE 31 CRYOGENIC EQUIPMENT MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 9 CRYOGENIC EQUIPMENT MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.15.1 THREAT OF NEW ENTRANTS
           5.15.2 BARGAINING POWER OF SUPPLIERS
           5.15.3 BARGAINING POWER OF BUYERS
           5.15.4 THREAT OF SUBSTITUTES
           5.15.5 DEGREE OF COMPETITION
    5.16 CASE STUDY ANALYSIS
           5.16.1 AFCRYO’S IMPACTFUL SOLUTION TO HELP PHARMA CLIENT ACHIEVE OPERATIONAL EFFICIENCY
    5.17 KEY STAKEHOLDERS & BUYING CRITERIA
           5.17.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 32 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR 3 END-USER INDUSTRIES
                    TABLE 10 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR 3 END-USER INDUSTRIES (%)
           5.17.2 BUYING CRITERIA
                    FIGURE 33 KEY BUYING CRITERIA FOR 3 END-USER INDUSTRIES
                    TABLE 11 KEY BUYING CRITERIA FOR 3 END-USER INDUSTRIES

6 CRYOGENIC EQUIPMENT MARKET, BY EQUIPMENT (Page No. - 74)
    6.1 INTRODUCTION
           FIGURE 34 CRYOGENIC EQUIPMENT MARKET SHARE, BY EQUIPMENT, 2021
           TABLE 12 MARKET, BY EQUIPMENT, 2016–2019 (USD MILLION)
           TABLE 13 MARKET, BY EQUIPMENT, 2020–2027 (USD MILLION)
           TABLE 14 MARKET, BY EQUIPMENT, 2016–2019 (THOUSAND UNITS)
           TABLE 15 MARKET, BY EQUIPMENT, 2020–2027 (THOUSAND UNITS)
    6.2 TANKS
           6.2.1 INCREASING LNG PRODUCTION IS FUELING DEMAND FOR TANKS
                    TABLE 16 MARKET FOR TANKS, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 17 MARKET FOR TANKS, BY REGION, 2020–2027 (USD MILLION)
    6.3 VALVES
           6.3.1 HIGH DEMAND FOR INDUSTRIAL GASES FROM AEROSPACE AND ELECTRONICS SECTORS IS LIKELY TO BOOST MARKET
                    TABLE 18 MARKET FOR VALVES, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 19 MARKET FOR VALVES, BY REGION, 2020–2027 (USD MILLION)
    6.4 VAPORIZERS
           6.4.1 DEMAND FOR VAPORIZERS INCREASES WITH INDUSTRIAL GASES CONSUMPTION ACROSS END-USE INDUSTRIES
                    TABLE 20 MARKET FOR VAPORIZERS, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 21 MARKET FOR VAPORIZERS, BY REGION, 2020–2027 (USD MILLION)
    6.5 PUMPS
           6.5.1 INCREASING DEMAND FOR LNG INFRASTRUCTURE IS EXPECTED TO DRIVE DEMAND FOR CRYOGENIC PUMPS
                    TABLE 22 MARKET FOR PUMPS, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 23 MARKET FOR PUMPS, BY REGION, 2020–2027 (USD MILLION)
    6.6 OTHER EQUIPMENT
           TABLE 24 MARKET FOR OTHER EQUIPMENT, BY REGION, 2016–2019 (USD MILLION)
           TABLE 25 MARKET FOR OTHER EQUIPMENT, BY REGION, 2020–2027 (USD MILLION)

7 CRYOGENIC EQUIPMENT MARKET, BY CRYOGEN (Page No. - 83)
    7.1 INTRODUCTION
           FIGURE 35 MARKET SHARE, BY CRYOGEN, 2021
           TABLE 26 MARKET, BY CRYOGEN, 2016–2019 (USD MILLION)
           TABLE 27 MARKET, BY CRYOGEN, 2020–2027 (USD MILLION)
    7.2 NITROGEN
           7.2.1 INCREASING UTILIZATION OF NITROGEN IN ENERGY AND POWER INDUSTRY HAS INCREASED DEMAND FOR NITROGEN-RELATED CRYOGENIC EQUIPMENT
                    TABLE 28 MARKET FOR NITROGEN, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 29 MARKET FOR NITROGEN, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 30 MARKET FOR NITROGEN, BY END USER, 2016–2019 (USD MILLION)
                    TABLE 31 MARKET FOR NITROGEN, BY END USER, 2020–2027 (USD MILLION)
    7.3 ARGON
           7.3.1 DEMAND FOR ARGON-HANDLING CRYOGENIC EQUIPMENT INCREASES WITH DEMAND FOR ELECTRONICS
                    TABLE 32 MARKET FOR ARGON, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 33 MARKET FOR ARGON, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 34 MARKET FOR ARGON, BY END USER, 2016–2019 (USD MILLION)
                    TABLE 35 MARKET FOR ARGON, BY END USER, 2020–2027 (USD MILLION)
    7.4 OXYGEN
           7.4.1 INCREASING STEEL AND IRON PRODUCTION CREATES HIGH DEMAND FOR OXYGEN-RELATED CRYOGENIC EQUIPMENT
                    TABLE 36 MARKET FOR OXYGEN, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 37 MARKET FOR OXYGEN, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 38 MARKET FOR OXYGEN, BY END USER, 2016–2019 (USD MILLION)
                    TABLE 39 MARKET FOR OXYGEN, BY END USER, 2020–2027 (USD MILLION)
    7.5 LNG
           7.5.1 RISING DEMAND FOR CLEANER ENERGY FOSTERS LNG INFRASTRUCTURE DEVELOPMENT
                    TABLE 40 MARKET FOR LNG, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 41 MARKET FOR LNG, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 42 MARKET FOR LNG, BY END USER, 2016–2019 (USD MILLION)
                    TABLE 43 MARKET FOR LNG, BY END USER, 2020–2027 (USD MILLION)
    7.6 HYDROGEN
           7.6.1 RISING DEMAND FOR HYDROGEN FUEL CELLS FOR TRANSPORTATION AND ENERGY APPLICATIONS IS EXPECTED TO FUEL MARKET GROWTH
                    TABLE 44 MARKET FOR HYDROGEN, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 45 MARKET FOR HYDROGEN, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 46 MARKET FOR HYDROGEN, BY END USER, 2016–2019 (USD MILLION)
                    TABLE 47 MARKET FOR HYDROGEN, BY END USER, 2020–2027 (USD MILLION)
    7.7 OTHER CRYOGEN
           TABLE 48 MARKET FOR OTHER CRYOGEN, BY REGION, 2016–2019 (USD MILLION)
           TABLE 49 MARKET FOR OTHER CRYOGEN, BY REGION, 2020–2027 (USD MILLION)
           TABLE 50 MARKET FOR OTHER CRYOGEN, BY END USER, 2016–2019 (USD MILLION)
           TABLE 51 MARKET FOR OTHER CRYOGEN, BY END USER, 2020–2027 (USD MILLION)

8 CRYOGENIC EQUIPMENT MARKET, BY END USER (Page No. - 98)
    8.1 INTRODUCTION
           FIGURE 36 CRYOGENIC EQUIPMENT MARKET, BY END USER, 2021
           TABLE 52 MARKET, BY END USER, 2016–2019 (USD MILLION)
           TABLE 53 MARKET, BY END USER, 2020–2027 (USD MILLION)
    8.2 METALLURGY
           8.2.1 GROWTH OF MANUFACTURING AND INDUSTRIAL SECTORS IS DRIVING MARKET GROWTH
                    TABLE 54 MARKET FOR METALLURGY, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 55 MARKET FOR METALLURGY, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 56 MARKET FOR METALLURGY, BY CRYOGEN, 2016–2019 (USD MILLION)
                    TABLE 57 MARKET FOR METALLURGY, BY CRYOGEN, 2020–2027 (USD MILLION)
    8.3 ENERGY & POWER
           8.3.1 EXPANDING LNG MARKET TO AUGMENT DEMAND FOR CRYOGENIC EQUIPMENT
                    TABLE 58 MARKET FOR ENERGY & POWER, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 59 MARKET FOR ENERGY & POWER, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 60 MARKET FOR ENERGY & POWER, BY CRYOGEN, 2016–2019 (USD MILLION)
                    TABLE 61 MARKET FOR ENERGY & POWER, BY CRYOGEN, 2020–2027 (USD MILLION)
    8.4 CHEMICAL
           8.4.1 CHEMICAL INDUSTRY’S TRANSITION TOWARDS SUSTAINABILITY AND DECARBONIZATION GOALS TO FUEL MARKET GROWTH
                    TABLE 62 MARKET FOR CHEMICAL, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 63 MARKET FOR CHEMICAL, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 64 MARKET FOR CHEMICAL, BY CRYOGEN, 2016–2019 (USD MILLION)
                    TABLE 65 MARKET FOR CHEMICAL, BY CRYOGEN, 2020–2027 (USD MILLION)
    8.5 ELECTRONICS
           8.5.1 GROWTH IN SEMICONDUCTORS AND CONSUMER ELECTRONICS SECTORS TO DRIVE MARKET
                    TABLE 66 MARKET FOR ELECTRONICS, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 67 MARKET FOR ELECTRONICS, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 68 MARKET FOR ELECTRONICS, BY CRYOGEN, 2016–2019 (USD MILLION)
                    TABLE 69 MARKET FOR ELECTRONICS, BY CRYOGEN, 2020–2027 (USD MILLION)
    8.6 TRANSPORTATION
           8.6.1 DEVELOPMENTS PERTAINING TO FUEL CELL ELECTRIC VEHICLES TO PROVIDE LUCRATIVE MARKET GROWTH OPPORTUNITIES
                    TABLE 70 MARKET FOR TRANSPORTATION, BY TYPE, 2016–2019 (USD MILLION)
                    TABLE 71 MARKET FOR TRANSPORTATION, BY TYPE, 2020–2027 (USD MILLION)
                    TABLE 72 MARKET FOR TRANSPORTATION, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 73 MARKET FOR TRANSPORTATION, BY REGION, 2020–2027 (USD MILLION)
                    TABLE 74 MARKET FOR TRANSPORTATION, BY CRYOGEN, 2016–2019 (USD MILLION)
                    TABLE 75 MARKET FOR TRANSPORTATION, BY CRYOGEN, 2020–2027 (USD MILLION)
    8.7 OTHER END USE INDUSTRIES
           8.7.1 TECHNOLOGICAL ADVANCEMENTS COMPLEMENTED BY RESEARCH IN HEALTHCARE, AEROSPACE, AND F&B INDUSTRIES TO DRIVE MARKET
                    TABLE 76 MARKET FOR OTHER END USE INDUSTRIES, BY REGION, 2016–2019 (USD MILLION)
                    TABLE 77 MARKET FOR OTHER END USE INDUSTRIES , BY REGION, 2020–2027 (USD MILLION)
                    TABLE 78 MARKET FOR OTHER END-USE INDUSTRIES, BY CRYOGEN, 2016–2019 (USD MILLION)
                    TABLE 79 MARKET FOR OTHER END USE INDUSTRIES, BY CRYOGEN, 2020–2027 (USD MILLION)

9 CRYOGENIC EQUIPMENT MARKET, BY SYSTEM TYPE (Page No. - 114)
    9.1 INTRODUCTION
                    FIGURE 37 MARKET, BY SYSTEM TYPE, 2021
                    TABLE 80 MARKET, BY SYSTEM TYPE, 2020–2027 (USD MILLION)
    9.2 STORAGE SYSTEM
           9.2.1 DEVELOPMENT IN CRYOGENIC ENERGY STORAGE (CES) SYSTEMS TO PROVIDE LUCRATIVE GROWTH OPPORTUNITIES FOR MARKET
                    TABLE 81 MARKET FOR STORAGE SYSTEM, BY REGION, 2020–2027 (USD MILLION)
    9.3 HANDLING SYSTEM
           9.3.1 DEVELOPMENT OF INTEGRATED SMART CRYOGENIC VALVES BY MARKET PLAYERS EXPECTED TO PROPEL MARKET GROWTH
                    TABLE 82 MARKET FOR HANDLING SYSTEM, BY REGION, 2020–2027 (USD MILLION)
    9.4 SUPPLY SYSTEM
           9.4.1 GOVERNMENT INVESTMENTS IN GAS GENERATION AND ASSOCIATED LNG INFRASTRUCTURE TO DRIVE MARKET
                    TABLE 83 MARKET FOR SUPPLY SYSTEM, BY REGION, 2020–2027 (USD MILLION)
    9.5 OTHERS
           TABLE 84 MARKET FOR OTHERS, BY REGION, 2020–2027 (USD MILLION)

10 GEOGRAPHIC ANALYSIS (Page No. - 120)
     10.1 INTRODUCTION
               FIGURE 38 REGIONAL SNAPSHOT: MARKET IN ASIA PACIFIC IS EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
               FIGURE 39 MARKET SHARE (VALUE), BY REGION, 2021
               TABLE 85 MARKET, BY REGION, 2016–2019 (USD MILLION)
               TABLE 86 MARKET, BY REGION, 2020–2027 (USD MILLION)
     10.2 ASIA PACIFIC
               FIGURE 40 SNAPSHOT: MARKET IN ASIA PACIFIC
             10.2.1 BY EQUIPMENT
                       TABLE 87 MARKET IN ASIA PACIFIC, BY EQUIPMENT, 2016–2019 (USD MILLION)
                       TABLE 88 MARKET IN ASIA PACIFIC, BY EQUIPMENT, 2020–2027 (USD MILLION)
             10.2.2 BY CRYOGEN
                       TABLE 89 MARKET IN ASIA PACIFIC, BY CRYOGEN, 2016–2019 (USD MILLION)
                       TABLE 90 MARKET IN ASIA PACIFIC, BY CRYOGEN, 2020–2027 (USD MILLION)
             10.2.3 BY END USER
                       TABLE 91 MARKET IN ASIA PACIFIC, BY END USER, 2016–2019 (USD MILLION)
                       TABLE 92 MARKET IN ASIA PACIFIC, BY END USER, 2020–2027 (USD MILLION)
             10.2.4 BY SYSTEM TYPE
                       TABLE 93 MARKET IN ASIA PACIFIC, BY SYSTEM TYPE, 2020–2027 (USD MILLION)
             10.2.5 BY COUNTRY
                       TABLE 94 MARKET IN ASIA PACIFIC, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 95 MARKET IN ASIA PACIFIC, BY COUNTRY, 2020–2027 (USD MILLION)
                       10.2.5.1 China
                                   10.2.5.1.1 LNG infrastructure projects to offer lucrative growth opportunities for cryogenic equipment market in China
                                   TABLE 96 MARKET IN CHINA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 97 MARKET IN CHINA, BY END USER, 2020–2027 (USD MILLION)
                       10.2.5.2 India
                                   10.2.5.2.1 Investments in space missions are likely to support cryogenic equipment market growth in India
                                   TABLE 98 MARKET IN INDIA, BY EQUIPMENT, 2016–2019 (USD MILLION)
                                   TABLE 99 MARKET IN INDIA, BY EQUIPMENT, 2020–2027 (USD MILLION)
                                   TABLE 100 MARKET IN INDIA, BY CRYOGEN, 2016–2019 (USD MILLION)
                                   TABLE 101 MARKET IN INDIA, BY CRYOGEN, 2020–2027 (USD MILLION)
                                   TABLE 102 MARKET IN INDIA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 103 MARKET IN INDIA, BY END USER, 2020–2027 (USD MILLION)
                       10.2.5.3 Australia
                                   10.2.5.3.1 Increasing government investments in energy & power and metallurgy industries to drive demand for cryogenic equipment in Australia
                                   TABLE 104 MARKET IN AUSTRALIA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 105 MARKET IN AUSTRALIA, BY END USER, 2020–2027 (USD MILLION)
                       10.2.5.4 Japan
                                   10.2.5.4.1 Import and utilization of LNG to drive market for cryogenic equipment in Japan
                                   TABLE 106 MARKET IN JAPAN, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 107 MARKET IN JAPAN, BY END USER, 2020–2027 (USD MILLION)
                       10.2.5.5 Malaysia
                                   10.2.5.5.1 Upstream natural gas production activities is expected to drive market growth in Malaysia
                                   TABLE 108 MARKET IN MALAYSIA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 109 MARKET IN MALAYSIA, BY END USER, 2020–2027 (USD MILLION)
                       10.2.5.6 Rest of Asia Pacific
                                   TABLE 110 MARKET IN REST OF ASIA PACIFIC, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 111 MARKET IN REST OF ASIA PACIFIC, BY END USER, 2020–2027 (USD MILLION)
     10.3 EUROPE
               FIGURE 41 SNAPSHOT: MARKET IN EUROPE
             10.3.1 BY EQUIPMENT
                       TABLE 112 MARKET IN EUROPE, BY EQUIPMENT, 2016–2019 (USD MILLION)
                       TABLE 113 MARKET IN EUROPE, BY EQUIPMENT, 2020–2027 (USD MILLION)
             10.3.2 BY CRYOGEN
                       TABLE 114 MARKET IN EUROPE, BY CRYOGEN, 2016–2019 (USD MILLION)
                       TABLE 115 MARKET IN EUROPE, BY CRYOGEN, 2020–2027 (USD MILLION)
             10.3.3 BY END USER
                       TABLE 116 MARKET IN EUROPE, BY END USER, 2016–2019 (USD MILLION)
                       TABLE 117 MARKET IN EUROPE, BY END USER, 2020–2027 (USD MILLION)
             10.3.4 BY SYSTEM TYPE
                       TABLE 118 MARKET IN EUROPE, BY SYSTEM TYPE, 2020–2027 (USD MILLION)
             10.3.5 BY COUNTRY
                       TABLE 119 MARKET IN EUROPE, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 120 MARKET IN EUROPE, BY COUNTRY, 2020–2027 (USD MILLION)
                       10.3.5.1 Russia
                                   10.3.5.1.1 LNG and gas production infrastructure projects to fuel growth of cryogenic equipment market in Russia
                                   TABLE 121 MARKET IN RUSSIA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 122 MARKET IN RUSSIA, BY END USER, 2020–2027 (USD MILLION)
                       10.3.5.2 UK
                                   10.3.5.2.1 Investments in hydrogen-based technologies to fuel demand for cryogenic equipment in UK
                                   TABLE 123 MARKET IN UK, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 124 MARKET IN UK, BY END USER, 2020–2027 (USD MILLION)
                       10.3.5.3 Germany
                                   10.3.5.3.1 Increasing government investments in energy & power and chemical industries to foster cryogenic equipment market growth in Germany
                                   TABLE 125 MARKET IN GERMANY, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 126 MARKET IN GERMANY, BY END USER, 2020–2027 (USD MILLION)
                       10.3.5.4 France
                                   10.3.5.4.1 France’s commitment towards net zero emission to boost market growth
                                   TABLE 127 MARKET IN FRANCE, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 128 MARKET IN FRANCE, BY END USER, 2020–2027 (USD MILLION)
                       10.3.5.5 Rest of Europe
                                   TABLE 129 MARKET IN REST OF EUROPE, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 130 MARKET IN REST OF EUROPE, BY END USER, 2020–2027 (USD MILLION)
     10.4 NORTH AMERICA
             10.4.1 BY EQUIPMENT
                       TABLE 131 MARKET IN NORTH AMERICA, BY EQUIPMENT, 2016–2019 (USD MILLION)
                       TABLE 132 MARKET IN NORTH AMERICA, BY EQUIPMENT, 2020–2027 (USD MILLION)
             10.4.2 BY CRYOGEN
                       TABLE 133 MARKET IN NORTH AMERICA, BY CRYOGEN, 2016–2019 (USD MILLION)
                       TABLE 134 MARKET IN NORTH AMERICA, BY CRYOGEN, 2020–2027 (USD MILLION)
             10.4.3 BY END USER
                       TABLE 135 MARKET IN NORTH AMERICA, BY END USER, 2016–2019 (USD MILLION)
                       TABLE 136 MARKET IN NORTH AMERICA, BY END USER, 2020–2027 (USD MILLION)
             10.4.4 BY SYSTEM TYPE
                       TABLE 137 MARKET IN NORTH AMERICA, BY SYSTEM TYPE, 2020–2027 (USD MILLION)
             10.4.5 BY COUNTRY
                       TABLE 138 MARKET IN NORTH AMERICA, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 139 MARKET IN NORTH AMERICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       10.4.5.1 US
                                   10.4.5.1.1 Increase in natural gas generation and exports to fuel market growth in US
                                   TABLE 140 MARKET IN US, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 141 MARKET IN US, BY END USER, 2020–2027 (USD MILLION)
                       10.4.5.2 Canada
                                   10.4.5.2.1 Export of LNG to fuel cryogenic equipment market growth in Canada
                                   TABLE 142 MARKET IN CANADA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 143 MARKET IN CANADA, BY END USER, 2020–2027 (USD MILLION)
                       10.4.5.3 Mexico
                                   10.4.5.3.1 Shale reservoirs development creates opportunities for cryogenic equipment market in Mexico
                                   TABLE 144 MARKET IN MEXICO, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 145 MARKET IN MEXICO, BY END USER, 2020–2027 (USD MILLION)
     10.5 MIDDLE EAST
             10.5.1 BY EQUIPMENT
                       TABLE 146 MARKET IN MIDDLE EAST, BY EQUIPMENT, 2016–2019 (USD MILLION)
                       TABLE 147 MARKET IN MIDDLE EAST, BY EQUIPMENT, 2020–2027 (USD MILLION)
             10.5.2 BY CRYOGEN
                       TABLE 148 MARKET IN MIDDLE EAST, BY CRYOGEN, 2016–2019 (USD MILLION)
                       TABLE 149 MARKET IN MIDDLE EAST, BY CRYOGEN, 2020–2027 (USD MILLION)
             10.5.3 BY END USER
                       TABLE 150 MARKET IN MIDDLE EAST, BY END USER, 2016–2019 (USD MILLION)
                       TABLE 151 MARKET IN MIDDLE EAST, BY END USER, 2020–2027 (USD MILLION)
             10.5.4 BY SYSTEM TYPE
                       TABLE 152 MARKET IN MIDDLE EAST, BY SYSTEM TYPE, 2020–2027 (USD MILLION)
             10.5.5 BY COUNTRY
                       TABLE 153 MARKET IN MIDDLE EAST, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 154 MARKET IN MIDDLE EAST, BY COUNTRY, 2020–2027 (USD MILLION)
                       10.5.5.1 Saudi Arabia
                                   10.5.5.1.1 Initiation of LNG projects to favor cryogenic equipment market growth in Saudi Arabia
                                   TABLE 155 MARKET IN SAUDI ARABIA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 156 MARKET IN SAUDI ARABIA, BY END USER, 2020–2027 (USD MILLION)
                       10.5.5.2 UAE
                                   10.5.5.2.1 Growing energy & power sector in UAE to underpin cryogenic equipment market growth
                                   TABLE 157 MARKET IN UAE, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 158 MARKET IN UAE, BY END USER, 2020–2027 (USD MILLION)
                       10.5.5.3 QATAR
                                   10.5.5.3.1 Increasing construction activities to propel cryogenic equipment market in Qatar
                                   TABLE 159 MARKET IN QATAR, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 160 MARKET IN QATAR, BY END USER, 2020–2027 (USD MILLION)
                       10.5.5.4 Rest of Middle East
                                   TABLE 161 MARKET IN REST OF MIDDLE EAST, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 162 MARKET IN REST OF MIDDLE EAST, BY END USER, 2020–2027 (USD MILLION)
     10.6 AFRICA
             10.6.1 BY EQUIPMENT
                       TABLE 163 MARKET IN AFRICA, BY EQUIPMENT, 2016–2019 (USD MILLION)
                       TABLE 164 MARKET IN AFRICA, BY EQUIPMENT, 2020–2027 (USD MILLION)
             10.6.2 BY CRYOGEN
                       TABLE 165 MARKET IN AFRICA, BY CRYOGEN, 2016–2019 (USD MILLION)
                       TABLE 166 MARKET IN AFRICA, BY CRYOGEN, 2020–2027 (USD MILLION)
             10.6.3 BY END USER
                       TABLE 167 MARKET IN AFRICA, BY END USER, 2016–2019 (USD MILLION)
                       TABLE 168 MARKET IN AFRICA, BY END USER, 2020–2027 (USD MILLION)
             10.6.4 BY SYSTEM TYPE
                       TABLE 169 MARKET IN AFRICA, BY SYSTEM TYPE, 2020–2027 (USD MILLION)
             10.6.5 BY COUNTRY
                       TABLE 170 MARKET IN AFRICA, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 171 MARKET IN AFRICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       10.6.5.1 South Africa
                                   10.6.5.1.1 Industrial growth in South Africa is expected to drive cryogenic equipment market
                                   TABLE 172 MARKET IN SOUTH AFRICA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 173 MARKET IN SOUTH AFRICA, BY END USER, 2020–2027 (USD MILLION)
                       10.6.5.2 Nigeria
                                   10.6.5.2.1 Increasing demand for LNG and nitrogen in oil & gas and shipping industries in Nigeria is favoring market
                                   TABLE 174 MARKET IN NIGERIA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 175 MARKET IN NIGERIA, BY END USER, 2020–2027 (USD MILLION)
                       10.6.5.3 Algeria
                                   10.6.5.3.1 Upcoming offshore projects are likely to drive demand for cryogenic equipment in Algeria
                                   TABLE 176 MARKET IN ALGERIA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 177 MARKET IN ALGERIA, BY END USER, 2020–2027 (USD MILLION)
                       10.6.5.4 Rest of Africa
                                   TABLE 178 MARKET IN REST OF AFRICA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 179 MARKET IN REST OF AFRICA, BY END USER, 2020–2027 (USD MILLION)
     10.7 SOUTH AMERICA
             10.7.1 BY EQUIPMENT
                       TABLE 180 MARKET IN SOUTH AMERICA, BY EQUIPMENT, 2016–2019 (USD MILLION)
                       TABLE 181 MARKET IN SOUTH AMERICA, BY EQUIPMENT, 2020–2027 (USD MILLION)
             10.7.2 BY CRYOGEN
                       TABLE 182 MARKET IN SOUTH AMERICA, BY CRYOGEN, 2016–2019 (USD MILLION)
                       TABLE 183 MARKET IN SOUTH AMERICA, BY CRYOGEN, 2020–2027 (USD MILLION)
             10.7.3 BY END USER
                       TABLE 184 MARKET IN SOUTH AMERICA, BY END USER, 2016–2019 (USD MILLION)
                       TABLE 185 MARKET IN SOUTH AMERICA, BY END USER, 2020–2027 (USD MILLION)
             10.7.4 BY SYSTEM TYPE
                       TABLE 186 MARKET IN SOUTH AMERICA, BY SYSTEM TYPE, 2020–2027 (USD MILLION)
             10.7.5 BY COUNTRY
                       TABLE 187 MARKET IN SOUTH AMERICA, BY COUNTRY, 2016–2019 (USD MILLION)
                       TABLE 188 MARKET IN SOUTH AMERICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       10.7.5.1 Brazil
                                   10.7.5.1.1 Oil & gas industry in Brazil is expected to drive cryogenic equipment market
                                   TABLE 189 MARKET IN BRAZIL, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 190 MARKET IN BRAZIL, BY END USER, 2020–2027 (USD MILLION)
                       10.7.5.2 Argentina
                                   10.7.5.2.1 Reviving oil & gas sector in Argentina is likely to bring opportunities for cryogenic equipment market
                                   TABLE 191 MARKET IN ARGENTINA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 192 MARKET IN ARGENTINA, BY END USER, 2020–2027 (USD MILLION)
                       10.7.5.3 Venezuela
                                   10.7.5.3.1 Low industrial growth and recession in Venezuela are affecting cryogenic equipment market
                                   TABLE 193 MARKET IN VENEZUELA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 194 MARKET IN VENEZUELA, BY END USER, 2020–2027 (USD MILLION)
                       10.7.5.4 Rest of South America
                                   TABLE 195 MARKET IN REST OF SOUTH AMERICA, BY END USER, 2016–2019 (USD MILLION)
                                   TABLE 196 MARKET IN REST OF SOUTH AMERICA, BY END USER, 2020–2027 (USD MILLION)

11 COMPETITIVE LANDSCAPE (Page No. - 180)
     11.1 OVERVIEW
               FIGURE 42 KEY DEVELOPMENTS IN MARKET, 2018–2022
     11.2 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2021
               TABLE 197 MARKET: DEGREE OF COMPETITION
               FIGURE 43 SHARE ANALYSIS OF TOP PLAYERS IN MARKET, 2021
     11.3 MARKET EVALUATION FRAMEWORK
               TABLE 198 MARKET EVALUATION FRAMEWORK, 2018–2021
     11.4 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS
               FIGURE 44 SEGMENTAL REVENUE ANALYSIS, 2018–2021
     11.5 RECENT DEVELOPMENTS
             11.5.1 DEALS
                       TABLE 199 MARKET: DEALS, 2018–2022
             11.5.2 OTHERS
                       TABLE 200 MARKET: OTHERS, 2018–2022
     11.6 COMPETITIVE LEADERSHIP MAPPING
             11.6.1 STAR
             11.6.2 EMERGING LEADER
             11.6.3 PERVASIVE
             11.6.4 PARTICIPANT
                       FIGURE 45 MARKET: COMPETITIVE LEADERSHIP MAPPING, 2021
                       TABLE 201 COMPANY EQUIPMENT FOOTPRINT
                       TABLE 202 COMPANY END USER FOOTPRINT
                       TABLE 203 COMPANY REGION FOOTPRINT

12 COMPANY PROFILES (Page No. - 190)
     12.1 KEY COMPANIES
(Business Overview, Products offered, Recent Developments, MnM View)*
             12.1.1 LINDE PLC
                       TABLE 204 LINDE PLC: BUSINESS OVERVIEW
                       FIGURE 46 LINDE PLC: COMPANY SNAPSHOT
                       TABLE 205 LINDE PLC: DEALS
                       TABLE 206 LINDE PLC: OTHERS
             12.1.2 CHART INDUSTRIES
                       TABLE 207 CHART INDUSTRIES: BUSINESS OVERVIEW
                       FIGURE 47 CHART INDUSTRIES: COMPANY SNAPSHOT
                       TABLE 208 CHART INDUSTRIES: PRODUCTS OFFERED
                       TABLE 209 CHART INDUSTRIES: DEALS
             12.1.3 PARKER HANNIFIN CORP
                       TABLE 210 PARKER HANNIFIN CORP: BUSINESS OVERVIEW
                       FIGURE 48 PARKER HANNIFIN CORP: COMPANY SNAPSHOT
             12.1.4 AIR PRODUCTS INC.
                       TABLE 211 AIR PRODUCTS INC.: BUSINESS OVERVIEW
                       FIGURE 49 AIR PRODUCTS INC.: COMPANY SNAPSHOT
                       TABLE 212 AIR PRODUCTS INC: DEALS
             12.1.5 AIR LIQUIDE
                       TABLE 213 AIR LIQUIDE: BUSINESS OVERVIEW
                       FIGURE 50 AIR LIQUIDE: COMPANY SNAPSHOT
                       TABLE 214 AIR LIQUIDE: DEALS
                       TABLE 215 AIR LIQUIDE: OTHERS
             12.1.6 TAYLOR-WHARTON
                       TABLE 216 TAYLOR-WHARTON: BUSINESS OVERVIEW
             12.1.7 WESSINGTON CRYOGENICS
                       TABLE 217 WESSINGTON CRYOGENICS: BUSINESS OVERVIEW
             12.1.8 EMERSON ELECTRIC CO.
                       TABLE 218 EMERSON ELECTRIC CO.: BUSINESS OVERVIEW
                       FIGURE 51 EMERSON ELECTRIC CO.: COMPANY SNAPSHOT
                       TABLE 219 EMERSON ELECTRIC CO.: DEALS
             12.1.9 SULZER LTD
                       TABLE 220 SULZER LTD: BUSINESS OVERVIEW
                       FIGURE 52 SULZER LTD: COMPANY SNAPSHOT
                       TABLE 221 SULZER LTD: PRODUCTS OFFERED
             12.1.10 FLOWSERVE CORPORATION
                       TABLE 222 FLOWSERVE CORPORATION: BUSINESS OVERVIEW
                       FIGURE 53 FLOWSERVE CORPORATION: COMPANY SNAPSHOT
             12.1.11 PHPK TECHNOLOGIES
                       TABLE 223 PHPK TECHNOLOGIES: BUSINESS OVERVIEW
             12.1.12 INOX INDIA PVT LTD
                       TABLE 224 INOX INDIA PVT LTD: BUSINESS OVERVIEW
                       TABLE 225 INOX INDIA PVT LTD: DEALS
                       TABLE 226 INOX INDIA PVT LTD: OTHERS
             12.1.13 ACME CRYO
                       TABLE 227 ACME CRYO: BUSINESS OVERVIEW
                       TABLE 228 ACME CRYO: DEALS
             12.1.14 SHI CRYOGENICS GROUP
                       TABLE 229 SHI CRYOGENICS GROUP: BUSINESS OVERVIEW
                       TABLE 230 SHI CRYOGENICS GROUP: DEALS
             12.1.15 NIKKISO
                       TABLE 231 NIKKISO: BUSINESS OVERVIEW
                       FIGURE 54 NIKKISO: COMPANY SNAPSHOT
     12.2 OTHER PLAYERS
             12.2.1 FIVES SAS
             12.2.2 CRYOFAB
             12.2.3 HEROSE GMBH
             12.2.4 CRYOSTAR
             12.2.5 SHELL-N-TUBE

*Details on Business Overview, Products offered, Recent Developments, might not be captured in case of unlisted companies.

13 APPENDIX (Page No. - 239)
     13.1 INSIGHTS OF INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.4 AVAILABLE CUSTOMIZATIONS
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS

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

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as water and wastewater management data, industry publications, several newspaper articles, Statista Industry Journal, Factiva, and water & environment journal to identify and collect information useful for a technical, market-oriented, and commercial study of the cryogenic equipments 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 equipments market comprises several stakeholders such as companies related to the industry, component manufacturing companies for cryogenic equipment, government & research organizations, organizations, forums, alliances & associations, cryogenic equipments providers, state & national energy authorities, dealers & suppliers, and vendors. The demand side of the market is characterized by increased investment in the residential, commercial, and industrial sector. The supply side is characterized by investments & expansion and partnerships & collaborations among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The breakdown of primary respondents is given below:

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 have been used to estimate and validate the size of the global cryogenic equipments market and its dependent submarkets. These methods were also extensively used 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 shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Cryogenic equipments Market Size: Bottom-Up Approach

Cryogenic Equipment Market Size, and Share

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the cryogenic equipments market.

Objectives of the Study

  • To define and describe the cryogenic equipment market, based on equipment, cryogen, system type, end-user and region
  • To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze each segment/subsegment of the market with respect to individual growth trends, future expansions, and their contributions to the overall market
  • To analyze market opportunities for stakeholders and the competitive landscape for market leaders
  • To forecast the growth of the market with respect to six main regions: North America, Europe, Asia Pacific, Middle East, Africa and South America.
  • To strategically profile key players and comprehensively analyze their respective market share and core competencies*
  • To analyze competitive developments such as investments & expansions, mergers & acquisitions, new product launches, contracts & agreements, and joint ventures & collaborations in the cryogenic equipment market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to your specific needs. The following customization options are available for the report:

Company Information

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

Company Information

  • Detailed analysis and profiling of additional market players
Report Code
EP 3337
Published ON
Apr, 2022
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