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.
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.
The cryogenic equipment market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global cryogenic equipment market include Linde plc (Ireland), Air Liquide (France), Air Products Inc (US), Chart Industries (Georgia) and PARKER HANNIFIN CORP (US).
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Linde plc is a global industrial gas and engineering company. The principal business activities of the company include production of industrial gases, along with designing, engineering, and manufacturing of the equipment used in the production of industrial gases. The industrial gases produced by Linde include atmospheric gases, such as oxygen, nitrogen, argon, and other rare gases, and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company operates its business through reportable segments, namely, Healthcare, Manufacturing, Chemicals & Refining, Metals, Electronics, Food & Beverage and Others. The company produces and distributes industrial gases through cryogenic plants. There are 3 basic distribution methods for industrial gases: onsite, merchant, and packaged gases. The onsite and merchant method are associated with the distribution of liquefied industrial gases through cryogenic equipment. The Linde Engineering Division is involved in the designing and manufacturing of equipment for air separation and other industrial gas applications. The cryogenic equipment manufactured by Linde Engineering include plant components such as cryogenic tanks, cryogenic portable tanks, vaporizers, pipes, and heat exchangers. The company has its cryogenic equipment manufacturing facilities in China and Germany. Linde plc operates in more than 100 countries. Its gas facilities in Europe, the Middle East, and Africa include about 230 plants, out of which 150 are cryogenic air separation plants. The company has 260 cryogenic air separation plants in North America and approximately 70 cryogenic air separation plants and carbon dioxide plants in Asia. In South America, it has more than 60 cryogenic air separation plants and carbon dioxide plants.
Air Liquide is a world leader in offering services, technologies, and gases for Healthcare and Industrial End-Users. The company operates through 3 segments, namely, Gas & Services; Engineering & Construction; and Global Markets & Technologies. The company provides cryogenic equipment through the Gas & Services segment, which accounted for about 95.4% of its total revenue in 2021. The Gas & Services segment includes 4 business lines to meet the needs of various end markets. This business lines are Healthcare, Industrial Merchant, Large Industries, and Electronics. Air Liquide operates in approximately 78 countries and serves more than 3.8 million patients and customers.
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
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