Growing demand for clean energy sources along with Increasing LNG commerce & advancements in cryogenic energy storage systems has Propelled the Growth of the Cryogenic Equipment Market in the APAC Region!

• Himanshu Patni
• November 24, 2023
• ENERGY & POWER, NEWS
• Cryogenic Equipment Market, Cryogenic Equipment Market Share, Cryogenic Equipment Market Size, Cryogenic Equipment Market Trends
• 0 Comments

Liquefied natural gas (LNG) is becoming an increasingly popular clean energy source in the region, as it emits fewer greenhouse gases than traditional fossil fuels. To transport LNG, specialized cryogenic equipment is needed to chill the gas to its liquid state, which makes it easier to store and transport.

The need for reducing greenhouse gases and moving towards a more stable future is beginning to be understood by the world. This has led to an increased demand for clean energy sources such as solar, wind and hydro power. As countries in the Asia Pacific are looking for ways to reduce reliance on coal and shift towards a more sustainable energy mix, these sources of energy will be increasingly sought after.

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In addition, advancements in cryogenic energy storage systems, such as cryogenic batteries, are also driving the growth of the cryogenic equipment market in the APAC region. These systems use cryogenic liquids to store energy, which can be released quickly when needed, making them a promising solution for energy storage in renewable energy systems.

Further, the APAC Cryogenic Equipment Market is expected to grow at a CAGR of 6% during the forecast period (2023-2030). APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the usage of cryogenic equipment in multiple industries such as oil & gas, metallurgy, automotive, food & beverage, chemical, and many others. Where the use of cryogenic is used for storage and transportation of materials which require low temperature is driving the growth of the market. Moreover, the continuous investment in research and development to improve their cryogenic technologies is further expected to support the market growth.

 FIG. 1      APAC Cryogenic Equipment Market Revenue (2020-2030)- USD Mn

Based on product, the market is segmented into tanks, valves, pumps, and others. The tanks category is expected to grow with a significant CAGR during the forecast period. Tanks used for cryogenic purposes are generally called cryo tanks or cryogenic tanks. These tanks are usually made up of double or triple layers with a space in between filled by insulating material and vacuum. Additionally, owing to the wide use of tanks in the oil & gas and chemical & petrochemical industry for the storage and transportation of oxygen, nitrogen, hydrogen, argon, and LNG cryogens. Thus, such factors are increasing the growth of cryogenic tanks in the market.

Based on cryogen, the market is segmented into nitrogen, oxygen, liquefied natural gas, and others. The liquefied natural gas category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to its wide application areas such as storage, transportation, fueling, processing, and others. It is also used in power generation, metallurgy, manufacturing, locomotives, ships, and other industries. Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, in Mar 2021, Gujarat Co Inoxcva launched LNG dispensers. The company has also developed equipment for mobile LNG fueling stations to cater to the requirements of the mining industry and remote areas.

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Global Cryogenic Equipment Market Segmentation

Market Insight, by Product

·        Tanks

·        Valves

·        Pumps

·        Others

Market Insights, by Cryogen

·        Nitrogen

·        Oxygen

·        Liquefied Natural Gas

·        Others

Market Insights, by Application

·        Storage

·        Distribution

·        Processing

·        Transportation

·        Others

Market Insights, by End-User

·        Oil & Gas

·        Metallurgy

·        Automotive

·        Food & Beverage

·        Chemical

·        Others

Market Insight, by Region

·        North America

o   U.S.

o   Canada

o   Rest of North America

·        Europe

o  Germany

o  U.K.

o  France

o  Spain

o  Italy

o  Rest of Europe

·        APAC

o  China

o  India

o  Japan

o  Australia

o  Rest of APAC

·        Rest of the World

Top Company Profiles

·        Linde plc

·        Air Liquide

·        ULVAC, Inc

·        Lapesa Grupo Empresarial S.L.

·        INOX India Private Limited.

·        Cryolor

·        Chart Industries

·        Wessington Cryogenics

·        Air Products and Chemicals, Inc

·        Nikkiso