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Global Cryogenic Equipment Market to Reach $16.9 Billion by 2026

Cryogenic machines are units that are utilized for generating temperatures below 120K or -153°C with oxygen, liquid nitrogen, helium and hydrogen used mainly as coolants. Industries such as oil & gas, storage and transportation, chemistry, medicine, food industry, biology, power industry, mechanical engineering, metallurgy, chemistry, space industry and agriculture efficaciously use cryogenic machines in day to day operations. Cryogenic machines are used in addressing critical issues such as liquefaction of distinct gases and their durability in liquefied state, gas mix division at lower degree temperatures. Liquefied gases serve as fertilizers in agriculture and also used for metal stripping in metallurgy industries. Additionally, cryogenic machines play a predominant role in advancement of science and technology by facilitating experiments and research. The market for cryogenic equipment is bolstered by increasing consumption of liquid and medical gases coupled with expansion of end-use industries like power & energy, chemicals, metallurgy and healthcare. Recent advances associated with the equipment have extended the application scope beyond cold storage to various processes within several industries such as the use of fluid cryogens as fuels in aviation or rocketry.

Amid the COVID-19 crisis, the global market for Cryogenic Equipment estimated at US$13.1 Billion in the year 2022, 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 $2.6 Billion in 2022, While China is Forecast to Reach $2.3 Billion by 2026

The Cryogenic Equipment market in the U.S. is estimated at US$2.6 Billion in the year 2022. 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 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.