[250 Pages Report] Newly released Cryogenic Systems Market analysis report by Future Market Insights shows that global sales of Cryogenic Systems Market in 2021 were held at US$ 12.9 Bn. With 6.5%, the projected market growth during 2022 - 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 – 2032.
| Attributes | Details |
|---|---|
| Cryogenic Systems Market CAGR (2022-2032) | 6.5% |
| Cryogenic Systems Market Size (2022) | US$ 13.6 Billion |
| Cryogenic Systems Market Size (2032) | US$ 25.5 Billion |
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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.
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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.
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The United States is expected to account for the largest Cryogenic Systems market accounting for US$ 7.6 Bn 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 US$ 4 Bn 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 2022-2032. 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 | US$ 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 |
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| Pricing | Available upon Request |
The global Cryogenic Systems Market is worth more than US$ 12.9 Bn at present.
The value of the Cryogenic Systems Market is projected to increase at a CAGR of around 6.5% during 2022 – 2032.
The value of the Cryogenic Systems Market increased at a CAGR of around 5.1% during 2017 – 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 U.S. is projected to expand at a CAGR of around 6.6% during 2022 – 2032.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 4. Global Cryogenic Systems Market Analysis 2017-2021 and Forecast, 2022-2032 4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021 4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By Cryogen 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Mn) Analysis By Cryogen, 2017-2021 5.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By Cryogen, 2022-2032 5.3.1. Nitrogen 5.3.2. Oxygen 5.3.3. Argon 5.3.4. LNG 5.3.5. Other Cryogen 5.4. Y-o-Y Growth Trend Analysis By Cryogen, 2017-2021 5.5. Absolute $ Opportunity Analysis By Cryogen, 2022-2032 6. Global Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By End Use 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Mn) Analysis By End Use, 2017-2021 6.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By End Use, 2022-2032 6.3.1. Energy & Power 6.3.2. Chemicals 6.3.3. Metallurgy 6.3.4. Electronics 6.3.5. Shipping 6.3.6. Other End-Use 6.4. Y-o-Y Growth Trend Analysis By End Use, 2017-2021 6.5. Absolute $ Opportunity Analysis By End Use, 2022-2032 7. Global Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Mn) Analysis By Region, 2017-2021 7.3. Current Market Size Value (US$ Mn) Analysis and Forecast By Region, 2022-2032 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By Country 8.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 8.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032 8.2.1. By Country 8.2.1.1. U.S. 8.2.1.2. Canada 8.2.2. By Cryogen 8.2.3. By End Use 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Cryogen 8.3.3. By End Use 8.4. Key Takeaways 9. Latin America Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By Country 9.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 9.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Cryogen 9.2.3. By End Use 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Cryogen 9.3.3. By End Use 9.4. Key Takeaways 10. Europe Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By Country 10.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 10.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. Italy 10.2.1.3. France 10.2.1.4. U.K. 10.2.1.5. Spain 10.2.1.6. Russia 10.2.1.7. BENELUX 10.2.1.8. Rest of Europe 10.2.2. By Cryogen 10.2.3. By End Use 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Cryogen 10.3.3. By End Use 10.4. Key Takeaways 11. Asia Pacific Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By Country 11.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 11.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. India 11.2.1.5. Rest of Asia Pacific 11.2.2. By Cryogen 11.2.3. By End Use 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Cryogen 11.3.3. By End Use 11.4. Key Takeaways 12. MEA Cryogenic Systems Market Analysis 2017-2021 and Forecast 2022-2032, By Country 12.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021 12.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032 12.2.1. By Country 12.2.1.1. GCC 12.2.1.2. Rest of MEA 12.2.2. By Cryogen 12.2.3. By End Use 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Cryogen 12.3.3. By End Use 12.4. Key Takeaways 13. Key Countries Cryogenic Systems Market Analysis 13.1. U.S. 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2021 13.1.2.1. By Cryogen 13.1.2.2. By End Use 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2021 13.2.2.1. By Cryogen 13.2.2.2. By End Use 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2021 13.3.2.1. By Cryogen 13.3.2.2. By End Use 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2021 13.4.2.1. By Cryogen 13.4.2.2. By End Use 13.5. Argentina 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2021 13.5.2.1. By Cryogen 13.5.2.2. By End Use 13.6. Germany 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2021 13.6.2.1. By Cryogen 13.6.2.2. By End Use 13.7. Italy 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2021 13.7.2.1. By Cryogen 13.7.2.2. By End Use 13.8. France 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2021 13.8.2.1. By Cryogen 13.8.2.2. By End Use 13.9. U.K. 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2021 13.9.2.1. By Cryogen 13.9.2.2. By End Use 13.10. Spain 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2021 13.10.2.1. By Cryogen 13.10.2.2. By End Use 13.11. Russia 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2021 13.11.2.1. By Cryogen 13.11.2.2. By End Use 13.12. BENELUX 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2021 13.12.2.1. By Cryogen 13.12.2.2. By End Use 13.13. China 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2021 13.13.2.1. By Cryogen 13.13.2.2. By End Use 13.14. Japan 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2021 13.14.2.1. By Cryogen 13.14.2.2. By End Use 13.15. South Korea 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2021 13.15.2.1. By Cryogen 13.15.2.2. By End Use 13.16. India 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2021 13.16.2.1. By Cryogen 13.16.2.2. By End Use 13.17. GCC Countries 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2021 13.17.2.1. By Cryogen 13.17.2.2. By End Use 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Cryogen 14.3.3. By End Use 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Chart Industries 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segment 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.2. Cryo Pure 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segment 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.3. Cryodepot 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segment 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.4. Cryofab 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segment 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.5. Cryogenic Systems Equipment, Inc. 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segment 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.6. Cryoquip 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segment 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.7. FIBA 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segment 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.8. HEROSE GmbH 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segment 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.9. Packo Industry 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segment 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.10. Shell-N-Tube 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segment 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.11. The Linde Group 15.1.11.1. Overview 15.1.11.2. Product Portfolio 15.1.11.3. Profitability by Market Segment 15.1.11.4. Sales Footprint 15.1.11.5. Strategy Overview 15.1.11.5.1. Marketing Strategy 15.1.11.5.2. Product Strategy 15.1.12. Wessington Cryogenics 15.1.12.1. Overview 15.1.12.2. Product Portfolio 15.1.12.3. Profitability by Market Segment 15.1.12.4. Sales Footprint 15.1.12.5. Strategy Overview 15.1.12.5.1. Marketing Strategy 15.1.12.5.2. Product Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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Cryogenic Systems Market
