Newly released Cryogenic Systems Market analysis report by Future Market Insights shows that global sales of Cryogenic Systems Market in 2021 were held at USD 12.9 Billion.
With 6.5%, the projected market growth during 2022 to 2032 is expected to be significantly higher than the historical growth. Nitrogen is expected to be the highest revenue-generating cryogen, projected to grow at a CAGR of over 7.8% during 2022 to 2032.
| Attributes | Details |
|---|---|
| Cryogenic Systems Market CAGR (2022 to 2032) | 6.5% |
| Cryogenic Systems Market Size (2022) | USD 13.6 Billion |
| Cryogenic Systems Market Size (2032) | USD 25.5 Billion |
As per the Cryogenic Systems Market research by Future Market Insights - market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Cryogenic Systems Market increased at around 5.8% CAGR.
Cryogenic tanks are used to store and transport liquefied industrial gases such as oxygen, hydrogen, nitrogen, helium, and argon. It is often designed to store liquid gases at temperatures less than -150°C. It is available in a number of forms and sizes, including horizontal, vertical, double-walled, and insulated options.
It may be mobile or portable, as well as static or permanent. It is employed across several industries, including medical technology, food processing, electronics, and metal processing. It is extensively used to store LNG in LNG liquefaction facilities and tanker ships.
Natural gas use is growing as a result of its abundance, environmental friendliness, applications in a variety of sectors, and an ever-increasing energy need. Natural gas is high in demand in the power generating business.
The carbon footprint of contemporary fossil-fuel power plants, such as coal plants, is causing concern among the general population. As part of their environmental protection and climate change commitments, governments throughout the world are adopting various policies and agreements to reduce their countries' carbon footprints.
As the need for power rises, so does the need for sustainable energy production techniques, and LNG is one of the potential winners in this race.
The spike in demand for Cryogenic Systems across a variety of sectors, including electronics, healthcare, and power generation, has led to a rapid growth rate in the Cryogenic Systems market. Furthermore, use of Cryogenic Systems is expected to surge in the coming years owing to rising LNG production and strong demand for gases in the healthcare sector.
The growing demand for cryogenic gases for medical applications will drive market expansion in the coming years. Oxygen gas, for example, is in high demand in the medical business owing to the diagnosis of respiratory illnesses.
Growing medical infrastructure and extensive application across a variety of sectors are projected to drive market growth in the next years.
Furthermore, industries such as aircraft, transportation, and railroads have a high demand for Cryogenic Systems, and this trend is expected to continue in the coming years. Improvements in Cryogenic Systems insulation methods are actively contributing to market growth.
Many governments throughout the world have planned to phase out coal-based electricity by 2020 in order to reduce greenhouse gas emissions. For the reasons stated above, several nations have begun to reduce their reliance on coal and increase their use on natural gas for energy and power generation.
Liquefied natural gas (LNG), which contains various segments of Cryogenic Systems such as tanks, is more pleasant to transport and is expected to boost the market throughout the projection period.
In 2021, revenue through energy and power accounted for more than 25% of the global market. The increased requirement to augment oil production through methods such as enhanced oil recovery and hydraulic fracturing will drive up demand for these commodities across the sector.
Furthermore, technological advancements in the finding of unconventional oil and gas resources such as tight gas, tight oil, shale gas, and coal bed methane will propel the industry ahead.
Asia Pacific will be a significant market by 2021, accounting for more than 30% of overall sales. In the absence of pipelines, LNG is stored in tanks and delivered as required.
Demand has increased as a consequence of an increased investment in LNG transportation as an energy and fuel source in Asian nations. Asian healthcare institutions store and maintain rare blood types that need temperatures as low as 165°C.
Europe is likely to take a considerable market share during the forecast period due to its broad application in the food and beverage, healthcare, and electronics industries to preserve materials at low temperatures.
LNG is preferred by the European government since it is a low-emission fuel that addresses environmental concerns. A massive volume of LNG is shipped to major European nations, generating demand for storage tanks for these gases.
The United States is expected to account for the largest Cryogenic Systems market accounting for USD 7.6 Billion by the end of 2032. The US market will increase rapidly due to the country's swelling capacity of natural gas liquefaction and huge expenditures on new exploration and production projects.
The five additional projects announced by the government are Cameron, Cove Point, Corpus Christi, Freeport, and Elba Island, which increased the total US liquefaction capacity from 1.4 Bcf/d in 2016 to 9.5 Bcf/d by 2019.
The Chinese market is estimated to hit USD 4 Billion by 2024. The rising manufacturing sector, helped by ongoing investments in expanding existing units, will promote corporate growth. In 2020, manufacturing value-added will contribute to around 29% of the country's GDP.
Furthermore, in 2021, China announced a long-awaited relaxation of foreign investment restrictions in a variety of sectors, including heavy industries, power grids, automotive, banking, and agricultural.
The demand for Cryogenic Systems in LNG segment is forecasted to grow at the highest CAGR of over 7.8% during 2022 to 2032. This increase is attributable to the increasing need for improved studies based on past patterns and datasets in order to create data-enriched insight that would assist enterprises in better understanding the present situation.
LNG demand is growing all around the globe. According to the International Gas Union, LNG trading climbed by 9.8% year on year in 2018. To meet increased LNG demand, governments are investing heavily in LNG storage and regasification infrastructure.
In 2018, two new regasification plants were launched in Bangladesh and Panama. Tanks, vaporizers, valves, and heat exchangers are among the tools required for such infrastructure projects. As a consequence of these reasons, Cryogenic Systems for LNG is predicted to grow at the highest CAGR of 7.8% throughout the forecast period.
The power & energy sector accounted for more than 20% of overall Cryogenic Systems sales in 2021. Increased investment in the energy business, especially in developing markets, provides the potential for growth.
The power and energy sector uses Cryogenic Systems for increased fuel efficiency, lowering operating costs. They enable the storage, distribution, and handling of LNG at sea as well as on land.
With the COVID-19, power costs in some locations, notably Europe reached all-time lows in the first half of 2020. Furthermore, due to the severity of the epidemic, businesses are focused primarily on key activities, leading industrial component installation to come to a halt.
Due to the global shutdown, makers of these components are experiencing a variety of difficulties with order fulfillment. Cryogenic Systems installation has been impacted by the slowing of operations in various sectors, including rail transportation, healthcare, food and beverage, shipping, electronics, chemicals, metallurgy, and energy and power.
In order to solve the issue, most manufacturing units in India, as well as other countries in the Asia Pacific, are trying to manufacture a range of healthcare goods, including personal protective equipment (PPE) kits for emergency services.
VRA Asia Pacific, for example, a company that develops and manufactures Cryogenic Systems, produces high-quality liquid cylinders and storage tanks for liquid oxygen storage.
The industry is characterized by high competition due to the presence of a few well-established rivals. The market considers performance, price, technical experience, and the ability to design and manufacture Cryogenic Systems.
Existing companies like as Charts Industries, Linde Group, and Herose GmbH have made significant investments in R&D to decrease the dangers associated with this type of equipment.
Furthermore, the growing demand for on-site gas supply in a wide range of sectors is compelling manufacturers to improve technology and apply aggressive management in all areas of production and distribution.
A key business strategy utilized by notable purveyors is the acquisition of enterprises that complement a purveyor's current goods and services.
Some of the recent developments of key Cryogenic Systems providers are as follows:
Similarly, recent developments related to companies’ Cryogenic Systems services have been tracked by the team at Future Market Insights, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK., France, Spain, Italy, Russia, China, Japan, South Korea, India, Australia, South Africa, Saudi Arabia, UAE and Israel. |
| Key Market Segments Covered | Cryogen , End Use, Region |
| Key Companies Profiled | Chart Industries; Cryo Pure; Cryodepot; Cryofab; Cryogenic Systems Equipment, Inc.; Cryoquip; FIBA; HEROSE GmbH; Packo Industry; Shell-N-Tube; The Linde Group; Wessington Cryogenics |
| Pricing | Available upon Request |
Table 1: Global Cryogenic Systems Market Value (US$ Mn) Forecast by Region, 2017-2032
Table 2: Global Cryogenic Systems Market Value (US$ Mn) Forecast by Cryogen, 2017-2032
Table 3: Global Cryogenic Systems Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 4: North America Cryogenic Systems Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 5: North America Cryogenic Systems Market Value (US$ Mn) Forecast by Cryogen, 2017-2032
Table 6: North America Cryogenic Systems Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 7: Latin America Cryogenic Systems Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 8: Latin America Cryogenic Systems Market Value (US$ Mn) Forecast by Cryogen, 2017-2032
Table 9: Latin America Cryogenic Systems Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 10: Europe Cryogenic Systems Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 11: Europe Cryogenic Systems Market Value (US$ Mn) Forecast by Cryogen, 2017-2032
Table 12: Europe Cryogenic Systems Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 13: Asia Pacific Cryogenic Systems Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 14: Asia Pacific Cryogenic Systems Market Value (US$ Mn) Forecast by Cryogen, 2017-2032
Table 15: Asia Pacific Cryogenic Systems Market Value (US$ Mn) Forecast by End Use, 2017-2032
Table 16: MEA Cryogenic Systems Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 17: MEA Cryogenic Systems Market Value (US$ Mn) Forecast by Cryogen, 2017-2032
Table 18: MEA Cryogenic Systems Market Value (US$ Mn) Forecast by End Use, 2017-2032
Figure 1: Global Cryogenic Systems Market Value (US$ Mn) by Cryogen, 2022-2032
Figure 2: Global Cryogenic Systems Market Value (US$ Mn) by End Use, 2022-2032
Figure 3: Global Cryogenic Systems Market Value (US$ Mn) by Region, 2022-2032
Figure 4: Global Cryogenic Systems Market Value (US$ Mn) Analysis by Region, 2017-2032
Figure 5: Global Cryogenic Systems Market Value Share (%) and BPS Analysis by Region, 2022-2032
Figure 6: Global Cryogenic Systems Market Y-o-Y Growth (%) Projections by Region, 2022-2032
Figure 7: Global Cryogenic Systems Market Value (US$ Mn) Analysis by Cryogen, 2017-2032
Figure 8: Global Cryogenic Systems Market Value Share (%) and BPS Analysis by Cryogen, 2022-2032
Figure 9: Global Cryogenic Systems Market Y-o-Y Growth (%) Projections by Cryogen, 2022-2032
Figure 10: Global Cryogenic Systems Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 11: Global Cryogenic Systems Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 12: Global Cryogenic Systems Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 13: Global Cryogenic Systems Market Attractiveness by Cryogen, 2022-2032
Figure 14: Global Cryogenic Systems Market Attractiveness by End Use, 2022-2032
Figure 15: Global Cryogenic Systems Market Attractiveness by Region, 2022-2032
Figure 16: North America Cryogenic Systems Market Value (US$ Mn) by Cryogen, 2022-2032
Figure 17: North America Cryogenic Systems Market Value (US$ Mn) by End Use, 2022-2032
Figure 18: North America Cryogenic Systems Market Value (US$ Mn) by Country, 2022-2032
Figure 19: North America Cryogenic Systems Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 20: North America Cryogenic Systems Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 21: North America Cryogenic Systems Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 22: North America Cryogenic Systems Market Value (US$ Mn) Analysis by Cryogen, 2017-2032
Figure 23: North America Cryogenic Systems Market Value Share (%) and BPS Analysis by Cryogen, 2022-2032
Figure 24: North America Cryogenic Systems Market Y-o-Y Growth (%) Projections by Cryogen, 2022-2032
Figure 25: North America Cryogenic Systems Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 26: North America Cryogenic Systems Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 27: North America Cryogenic Systems Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 28: North America Cryogenic Systems Market Attractiveness by Cryogen, 2022-2032
Figure 29: North America Cryogenic Systems Market Attractiveness by End Use, 2022-2032
Figure 30: North America Cryogenic Systems Market Attractiveness by Country, 2022-2032
Figure 31: Latin America Cryogenic Systems Market Value (US$ Mn) by Cryogen, 2022-2032
Figure 32: Latin America Cryogenic Systems Market Value (US$ Mn) by End Use, 2022-2032
Figure 33: Latin America Cryogenic Systems Market Value (US$ Mn) by Country, 2022-2032
Figure 34: Latin America Cryogenic Systems Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 35: Latin America Cryogenic Systems Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 36: Latin America Cryogenic Systems Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 37: Latin America Cryogenic Systems Market Value (US$ Mn) Analysis by Cryogen, 2017-2032
Figure 38: Latin America Cryogenic Systems Market Value Share (%) and BPS Analysis by Cryogen, 2022-2032
Figure 39: Latin America Cryogenic Systems Market Y-o-Y Growth (%) Projections by Cryogen, 2022-2032
Figure 40: Latin America Cryogenic Systems Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 41: Latin America Cryogenic Systems Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 42: Latin America Cryogenic Systems Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 43: Latin America Cryogenic Systems Market Attractiveness by Cryogen, 2022-2032
Figure 44: Latin America Cryogenic Systems Market Attractiveness by End Use, 2022-2032
Figure 45: Latin America Cryogenic Systems Market Attractiveness by Country, 2022-2032
Figure 46: Europe Cryogenic Systems Market Value (US$ Mn) by Cryogen, 2022-2032
Figure 47: Europe Cryogenic Systems Market Value (US$ Mn) by End Use, 2022-2032
Figure 48: Europe Cryogenic Systems Market Value (US$ Mn) by Country, 2022-2032
Figure 49: Europe Cryogenic Systems Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 50: Europe Cryogenic Systems Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 51: Europe Cryogenic Systems Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 52: Europe Cryogenic Systems Market Value (US$ Mn) Analysis by Cryogen, 2017-2032
Figure 53: Europe Cryogenic Systems Market Value Share (%) and BPS Analysis by Cryogen, 2022-2032
Figure 54: Europe Cryogenic Systems Market Y-o-Y Growth (%) Projections by Cryogen, 2022-2032
Figure 55: Europe Cryogenic Systems Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 56: Europe Cryogenic Systems Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 57: Europe Cryogenic Systems Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 58: Europe Cryogenic Systems Market Attractiveness by Cryogen, 2022-2032
Figure 59: Europe Cryogenic Systems Market Attractiveness by End Use, 2022-2032
Figure 60: Europe Cryogenic Systems Market Attractiveness by Country, 2022-2032
Figure 61: Asia Pacific Cryogenic Systems Market Value (US$ Mn) by Cryogen, 2022-2032
Figure 62: Asia Pacific Cryogenic Systems Market Value (US$ Mn) by End Use, 2022-2032
Figure 63: Asia Pacific Cryogenic Systems Market Value (US$ Mn) by Country, 2022-2032
Figure 64: Asia Pacific Cryogenic Systems Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 65: Asia Pacific Cryogenic Systems Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 66: Asia Pacific Cryogenic Systems Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 67: Asia Pacific Cryogenic Systems Market Value (US$ Mn) Analysis by Cryogen, 2017-2032
Figure 68: Asia Pacific Cryogenic Systems Market Value Share (%) and BPS Analysis by Cryogen, 2022-2032
Figure 69: Asia Pacific Cryogenic Systems Market Y-o-Y Growth (%) Projections by Cryogen, 2022-2032
Figure 70: Asia Pacific Cryogenic Systems Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 71: Asia Pacific Cryogenic Systems Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 72: Asia Pacific Cryogenic Systems Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 73: Asia Pacific Cryogenic Systems Market Attractiveness by Cryogen, 2022-2032
Figure 74: Asia Pacific Cryogenic Systems Market Attractiveness by End Use, 2022-2032
Figure 75: Asia Pacific Cryogenic Systems Market Attractiveness by Country, 2022-2032
Figure 76: MEA Cryogenic Systems Market Value (US$ Mn) by Cryogen, 2022-2032
Figure 77: MEA Cryogenic Systems Market Value (US$ Mn) by End Use, 2022-2032
Figure 78: MEA Cryogenic Systems Market Value (US$ Mn) by Country, 2022-2032
Figure 79: MEA Cryogenic Systems Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 80: MEA Cryogenic Systems Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 81: MEA Cryogenic Systems Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 82: MEA Cryogenic Systems Market Value (US$ Mn) Analysis by Cryogen, 2017-2032
Figure 83: MEA Cryogenic Systems Market Value Share (%) and BPS Analysis by Cryogen, 2022-2032
Figure 84: MEA Cryogenic Systems Market Y-o-Y Growth (%) Projections by Cryogen, 2022-2032
Figure 85: MEA Cryogenic Systems Market Value (US$ Mn) Analysis by End Use, 2017-2032
Figure 86: MEA Cryogenic Systems Market Value Share (%) and BPS Analysis by End Use, 2022-2032
Figure 87: MEA Cryogenic Systems Market Y-o-Y Growth (%) Projections by End Use, 2022-2032
Figure 88: MEA Cryogenic Systems Market Attractiveness by Cryogen, 2022-2032
Figure 89: MEA Cryogenic Systems Market Attractiveness by End Use, 2022-2032
Figure 90: MEA Cryogenic Systems Market Attractiveness by Country, 2022-2032
The global Cryogenic Systems Market is worth more than USD 12.9 Billion at present.
The value of the Cryogenic Systems Market is projected to increase at a CAGR of around 6.5% during 2022 to 2032.
The value of the Cryogenic Systems Market increased at a CAGR of around 5.1% during 2017 to 2021.
The growing need for efficient use of cryogenic energy, lowering operating costs, flexibility and fuel independence have been shaping the Cryogenic Systems demand.
The market for Cryogenic Systems Market in USA is projected to expand at a CAGR of around 6.6% during 2022 to 2032.
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