Global Cryogenic Equipment Market Report 2022: Market to Reach $16.9 Billion by 2026 - Growing Role of Cryogenics in Industrial Manufacturing Fosters Growth - ResearchAndMarkets.com

The "Cryogenic Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Cryogenic Equipment Market to Reach $16.9 Billion by 2026

Amid the COVID-19 crisis, the global market for Cryogenic Equipment estimated at US$11.9 Billion in the year 2020, is projected to reach a revised size of US$16.9 Billion by 2026, growing at a CAGR of 6.1% over the analysis period.

Nitrogen Cryogen, one of the segments analyzed in the report, is projected to record a 6.8% CAGR and reach US$5.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Oxygen Cryogen segment is readjusted to a revised 5.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $2.4 Billion in 2021, While China is Forecast to Reach $2.3 Billion by 2026

The Cryogenic Equipment market in the U.S. is estimated at US$2.4 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2026 trailing a CAGR of 7.8% over the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR. Increasing admissions of severe COVID-19 cases in healthcare facilities the world over is creating substantial demand for oxygen cylinders.

Countries such as Italy in the year 2020 reported a three-fold surge in oxygen cylinder demand due to overwhelming cases of patients requiring ventilator support. Exhausting supplies in UK, U.S and currently in India as the country faces the ravages of a lethal second wave have created a pressing requirement for these cylinders.

The scenario has provided cryogenic equipment vendors with significant opportunities to ramp up production to fulfil demand from the healthcare industry. Manufacturing facilities in regions like Asia-Pacific are pushing production of cryogenic cylinders.

Argon Cryogen Segment to Reach $3.2 Billion by 2026

In the global Argon Cryogen segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.7 Billion in the year 2020 will reach a projected size of US$2.4 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$552.1 Million by the year 2026, while Latin America will expand at a 6.3% CAGR through the analysis period.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• Impact of Covid-19 and a Looming Global Recession
• Escalating Oxygen Demand from Hospitals amid COVID-19 Provide Relief to Cryogenic Equipment Providers
• Cryogenic Containers to Aid Mammoth Mission of COVID-19 Vaccine Distribution
• Contact Protection for Medical Staff during COVID-19 Vaccine Administration Creates Need for Cryogenic PPE
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
• A Prelude to Cryogenic Equipment
• Global Market Prospects and Outlook
• Steadfast Demand for Liquid & Medical Gases to Drive the Cryogenic Equipment Market Post COVID-19 Pandemic
• Global Cryogenic Equipment Market: Prominent Drivers & Restraints
• Cryogenic Tanks Reign Supreme in Cryogenic Equipment Market
• Liquid Nitrogen Emerges as the Leading Segment
• LNG Segment to Witness the Fastest Growth
• Asia-Pacific Dominates the Cryogenic Equipment Market
• Energy and Power Sector to Dominate the Cryogenic Equipment Market
• An Insight into the Use of Cryogenic Equipment in Other Industries
• Metallurgy Industries
• Chemicals
• Automotive and Mechanical Engineering
• Food Industry
• Construction Industry
• Medicine and Pharmaceutics
• Defense Industries and Space Advancements
• Oil and Gas Industry
• Other Industries

2. FOCUS ON SELECT PLAYERS (Total 92 Featured)

• Acme Cryogenics
• Air Products
• Chart Industries
• Cryo Pur
• Cryofab Inc
• Cryogenic Systems Equipment, Inc.
• Cryoquip LLC
• Cryostar SAS
• Emerson Electric Co.
• Fives Cryo
• Flowserve Corporation
• Herose GmbH
• INOXCVA
• Linde plc
• Parker Hannifin Corporation
• PHPK Technologies
• SHI Cryogenics Group
• Sulzer Ltd
• Taylor Wharton
• Wessington Cryogenics

3. MARKET TRENDS & DRIVERS

• Myriad Applications of Cryogenics Presents Growth Opportunity for Cryogenic Equipment Market
• Growing Role of Cryogenics in Industrial Manufacturing Fosters Growth in Cryogenic Equipment Market
• Metal Processing Industry Emerges as a Major End-Use Market for Cryogenic Equipment
• Widespread Use of Cryogenic Technology for Food Processing and Preservation to Boost Market Prospects
• Cryogrinding
• Preserving Fresh Produce
• Freezing Food
• Rising Importance of Cryogenic Gases for Improving Quality of Foods
• Liquid Nitrogen Takes the Icing on Cakes and Bakes
• Enhancing Shelf Life of Products: A Key Advantage
• Cryogenic Food Freezing Taps Benefits of Liquid Nitrogen Vis-a-vis other Gases
• Helium based Cryogenic Auto-fill Equipment - A Growing Market Segment
• Cryogenic Tanks for Regulating Temperature in Cold Storage Chains
• Rising Demand for LNG Drives Demand for Cryogenic Tanks
• Shift Towards Renewable Energy Enhances Importance of Cryogenic Energy Storage System, Driving Market Growth
• Cryogenics and Superconductivity for Affordable Energy Storage and Generation
• Worldwide Steel Production Trends Impact Cryogenic Tanks Market
• With Cryogenics Finding Increased Adoption in Medical Applications, Cryogenic Tanks Market Poised for Growth
• Rising Importance of Cryogenic Tanks for Fast Biological Sample Preservation and Rapid Vaccine Freezing
• Storage and Shipping of COVID-19 Vaccines Drives Efforts to Develop Cryogenic Containers
• COVID-19 Vaccines in Pipeline by Technology and Clinical Stage
• Increasing Role of Cryogenic Equipment in Electronics Industry to Spur Growth
• Growing Demand for Liquid Oxygen to Fuel Growth in Cryogenic Tanks Market
• Surge in Demand for Medical Oxygen Amidst the COVID-19 Pandemic Fuels Market Prospects
• Market to Benefit from Rising Use of Liquid Oxygen in Water Treatment
• Growing Use of Cryogenic Tanks in Space Technology
• Cryogenic Applications for Mars Missions
• Introduction of Newer Technologies in Space Systems Bodes Well for Cryogenic Tanks Market
• Robotic Refueling Mission 3 (RRM3)
• Growing Need for Transportation Tanks for Cryogenic Liquids: A Major Growth Opportunity
• Technological Innovations and Advancements
• CryoHub Innovation Project
• Air Products Showcases Sophisticated Solutions for Cryogenic Food Processing
• HAL Delivers Large-sized Cryogenic Propellant Tank to ISRO
• Using Optimal Control to Cut Energy Consumption & Carbon Emission of Cryogenic Refrigerators
• Hermetic Shield Addresses Parasitic Heating Issues in Cryogen-free Dilution Refrigerators
• Researchers Eye on Cryogenic Energy Storage to Push Renewable Energy Generation and Balance Power Grid
• Cryogenics to Preserve Human Corpse for Probable Revival in Near Future
• Space Odyssey Dream with Exciting Developments in Cryogenic Fluid Management

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

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