Air Products and Chemicals, Inc. (US), Chart Industries (US) and Parker Hannifin Corp. (US) are leading players in Cryogenic Equipment Market
The global cryogenic equipment market is projected to reach USD 16.6 billion by 2028 from an estimated USD 11.9 billion in 2023, at a CAGR of 6.9% during the forecast period. The growth of the cryogenic equipment market is propelled by the substantial demand for industrial gases in the metallurgy, energy, and power sectors. Additionally, there is an increasing need for cryogenic equipment throughout the entire LNG value chain.
Due to their strong supply network, a few global and regional players hold a strong foothold in the cryogenic equipment market. Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India) are the market leaders in the global cryogenic equipment market. These companies have adopted strategies such as partnerships, contracts, agreements, acquisitions, and expansions to increase their market share.
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Air Products and Chemicals, Inc. is a global industrial gases company primarily involved in the development, engineering, building, owning, and operating industrial gas projects. The company offers products, services, and solutions for atmospheric gases, as well as process and specialty gases, equipment, and services. The company operates through five business segments: Industrial Gases-Americas, Industrial Gases-Europe, Industrial Gases-Asia, Industrial Gases-Middle East and India and Industrial Gases-Corporate and Other. Under its Industrial Gases segment, the company designs and manufactures storage and transportation cryogenic equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, liquid helium, and liquid hydrogen.
The cryogenic equipment product portfolio of the company includes tanks, vaporizers, and pressure regulators. Air Products has manufacturing facilities for industrial gases equipment in the US. The company has a presence in 52 countries. Major competitors of Air Products in the cryogenic equipment market are Linde plc, Inox India Limited, and Chart Industries.
Chart Industries is a manufacturer of cryogenic equipment used across the liquid gas supply chain. The company operates its business through four business segments: Cryo Tank Solutions; Heat Transfer System; Specialty Products; and Repair, Services & Leasing. The Cryo Tank Solutions business segment supplies bulk, microbulk, and mobile equipment used in the storage, distribution, vaporization, and application of industrial gases and certain hydrocarbons. In October 2020, the company divested its D&S segment, through which the company used to sell cryobiological products. As of now, the company only has four working segments mentioned above.
Chart Industries offers a wide range of cryogenic equipment, including heat exchangers, vacuum-insulated containment vessels, liquefaction process units, other cryogenic components, gas processing equipment, cold boxes, and ambient temperature fans. The company has offices in more than 10 countries in Asia Pacific, Europe, and North America. Chart’s engineering and manufacturing facilities are located in China, the Czech Republic, Italy, Germany, and France.
Parker Hannifin Corp. is a manufacturer of motion and control technologies and systems. The company operates its business through two segments: Diversified Industrial and Aerospace Systems. Its Diversified Industrial segment offers products under four subsegments: Engineered Materials Group, Filtration Group, Instrumentation Group, and Motion Systems Group. The company offers a wide range of cryogenic valves under its Instrumentation Group. Other products offered under the segment include accumulators, electronic valves, filter driers, high-purity gas delivery fittings and regulators, and pressure regulating valves. The company’s Aerospace Systems business segment offers products used in commercial and military airframe and engine programs.
The company offers cryogenic equipment, including valves, strainers, pressure regulators, and other accessories such as manifold assemblies, under its Bestobell brand. Parker has about 290 manufacturing plants. The company has a presence in 50 countries in North America and other parts of the world. In the US alone, the country has manufacturing, service, sales, distribution, and administrative facilities in 37 states. End-user industries served by Parker are aerospace, electronics & semiconductors, healthcare & life sciences, HVAC & refrigeration, industrial & chemical processing, industrial manufacturing equipment, off-road machinery, oil & gas, power generation & renewable energy, and transportation.
Related Reports:
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
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