The Cryogenic technology demand is expected to grow at a CAGR of around 10% during the forecast period 2021-2031. The market growth can be attributed to factors such as high demand for industrial gases from end-use industries and infrastructure developments for catering high LNG demand. Also, the increasing number of space missions and innovations in cryo-electronics is expected to offer lucrative growth opportunities for the market players in the next 10 years.
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What is Driving Demand for Cryogenic Technology?
Increase in attempts from government and private bodies to boost the adoption of cleaner fuels, such as natural gas, for domestic and industrial applications is a key factor driving the global demand for cryogenic technology. Moreover, the rapid rise in industrialization and urbanization and the increased demand for cryogenic technology across the healthcare industry are also boosting the demand for cryogenic equipment, globally.
Globally, several stringent regulations pertaining to future pollution control goals are expected to drive the usage of cryogenic technology in the natural gas processing industry in the near future. High initial investment acts as a major hindrance to the market. However, decline in price in the near future is expected to overcome the restraint. Low prices are likely to offer new opportunities to the market.
Cryogenic Tank is Expected to Contribute Largest Market Share
The cryogenic tank segment is estimated to hold the largest market share owing to its wide application in chemical & petrochemical and oil & gas industry for transportation and storage of nitrogen, oxygen, argon, LNG, and hydrogen based cryogens.
The valve segment is estimated to contribute for the second largest share owing to wide applications in freezing such as transportation, storage, and production of liquefied gases. It is mostly used in gas production plants, LNG liquefaction plants, cargo system, and receiving terminals.
The pump segment is growing at a faster pace owing to the high and ultra-high vacuum applications from metallurgy, chemical, and oil & gas industry. Furthermore, rising usage of vaporizers for vaporization of LNG in peak shaving and base-load in regasification facilities across vertical of end-use industries are set to fuel the growth of cryogenic pump over the forecast period. Hence, the growing application of cryogenic technology across vertical would propel the demand during the forecast period.
US Cryogenic Technology Industry Analysis
The U.S. cryogenic market holds a majority of the market share owing to high demand for cryogenic processes and techniques in various industries such as the medical sector, the gas industry, and food preservation. Moreover, consumers’ preferences for processed foods are shifting. The food industry is one of the largest manufacturing sectors in the United States, accounting for more than 10% of all shipments, according to the Council of American States in Europe.
Because of sustained economic growth and rising consumer demand, the processed food industry has seen steady growth. The demand for cryogenic equipment is also expected to grow due to the oil and gas industries. According to data, in 2019, the natural gas consumption of USA amounted to over 845 billion cubic meters, which was the highest in the world, and is expected to grow during the forecast period. Natural gas is transported with the help of Cryogenic Energy Storage (CES) tanks, which is in turn expected to augment the sales of cryogenic technology in the U.S.
East Asia Demand Outlook for Cryogenic Technology
East Asia market for cryogenic technology is projected to emerge as a major growing region over the next ten years. Development in countries such as Japan, South Korea, and China has led to increased investment in LNG transportation as energy and fuel source, thereby driving the demand. Due to the constant increase in the energy demand and several developments in the fields, such as space research, healthcare, and chemicals, the East Asia region is likely to be the fastest-growing and largest market for the cryogenic technology.
Who are the Key Cryogenic Technology Providers?
Some of the leading providers of cryogenic technology include
- Oxford Instruments Plc.
- Chart Industries Inc.
- FIBA Technologies Inc.
- INOX India Pvt. Ltd.
- Linde AG
- Asia Technical Gas
- Herose GmbH
- Beijing Tianhai Cryogenic Equipments
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Cryogenic Technology Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Key Segments
By Type:
- Cryogenic Vaporizer
- Cryogenic Valve
- Cryogenic Tank
- Cryogenic Pump
- Others
By Application:
- Medical science
- Mechanical application
- Food preservation
- Gas industry
- Space
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East & Africa
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