Market Overview:
The global cryogenic technology market is expected to grow at a CAGR of 6.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for liquid oxygen and liquid hydrogen in various applications such as mechanical application, medical science, gas industry, food preservation, and others. Additionally, the growing demand for cryogenic technology in Asia Pacific and Middle East & Africa is also contributing to the growth of this market. However, high initial investment cost may restrain the growth of this market during the forecast period.
Product Definition:
Cryogenic technology is the use of very low temperatures in order to preserve and store materials. The importance of cryogenic technology is that it can preserve materials for long periods of time, which can be important for research or medical purposes.
Liquid Oxygen:
Liquid oxygen is a colorless and highly flammable gas with a distinctive odor. It is produced by the reaction between oxygen and water at -190o Celsius. Liquid Oxygen (LOX) has been used as an oxidizing agent for more than 60 years in various applications such as fuel cells, cryogenic tanks, liquid hydrogenation reactions, etc.
Liquid Hydrogen:
Liquid hydrogen is a colorless and odorless gas with a boiling point of -81.11°C. It has been traditionally used as an insulator in the cryogenic technology market for low-temperature applications, such as superconductivity in magnetic resonance imaging (MRI) machines and high-temperature superconducting magnets used to produce radioisotopes for nuclear medicine.
Application Insights:
Cryogenic technology is widely used in the mechanical application and medical science. The mechanical application segment held the largest market share of over 70% in 2017. This can be attributed to growing demand for industrial machinery, automotive components, construction equipment and other types of machines from various industries such as oil & gas, food & beverage, healthcare etc. Cryogenic technology is also used for testing and inspection of aircraft parts which are made out of metal alloys that require low temperatures for their functioning properly. Liquid nitrogen is required to liquefy these alloys so they can be machined or molded into desired shapes which otherwise would have been impossible without this technology being available till date.
The medical science segment held a significant market share in 2017 owing to increasing applications across endoscopic procedures wherein cryo-electron microscopy (cryo-EM) plays an important role by providing high magnification images with subnanometer resolution at -70°C.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to increasing industrialization and rising demand for cryogenic equipment in various applications such as food preservation, medical science, and mechanical engineering. Cryogenic technology has witnessed a significant increase in demand from China owing to its large population coupled with rapid urbanization which has led to an increased requirement for HVAC systems & refrigeration equipment among others.
Europe was estimated as the second-largest market in 2017 due to high investments made by major players for developing new products at a domestic level along with collaborations undertaken by them with local Cryogenics companies that provide services across Europe. For instance, France based company LNGF International entered into a partnership agreement with UK based cryogenics company JSC Riber Ltd., so that they could offer their cryogenic services across Europe under one roof thereby reducing their operational costs considerably.
Growth Factors:
- Increasing demand for cryogenic technology in the medical sector for preservation of organs and tissues
- Rising application of cryogenic technology in food and beverage industry for preservation of food items
- Growing adoption of cryogenic technology in the biotechnology sector for storage and transportation of cells, tissues, and other biological samples
- Proliferation of research activities on use of cryogenic technology in various industrial applications
- Technological advancements that are making cryogenic systems more efficient, compact, and affordable
Scope Of The Report
Report Attributes
Report Details
Report Title
Cryogenic Technology Market Research Report
By Type
Liquid Oxygen, Liquid Hydrogen, Other
By Application
Mechanical application, Medical science, Gas industry, Food preservation, Other
By Companies
Acme Cryogenics, Air Liquid, Asia Technical Gas, Beijing Tianhai Cryogenic Equipment, Cryofab, Cryoquip, Linde CryoPlants, Herose, Emerson, Praxair, Taylor-Wharton, INOXCVA, Meca-Inox
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
181
Number of Tables & Figures
127
Customization Available
Yes, the report can be customized as per your need.
Global Cryogenic Technology Market Report Segments:
The global Cryogenic Technology market is segmented on the basis of:
Types
Liquid Oxygen, Liquid Hydrogen, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Mechanical application, Medical science, Gas industry, Food preservation, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Acme Cryogenics
- Air Liquid
- Asia Technical Gas
- Beijing Tianhai Cryogenic Equipment
- Cryofab
- Cryoquip
- Linde CryoPlants
- Herose
- Emerson
- Praxair
- Taylor-Wharton
- INOXCVA
- Meca-Inox
Highlights of The Cryogenic Technology Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Liquid Oxygen
- Liquid Hydrogen
- Other
- By Application:
- Mechanical application
- Medical science
- Gas industry
- Food preservation
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Cryogenic Technology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Cryogenic technology is a process that uses very low temperatures to preserve biological specimens.
Some of the major players in the cryogenic technology market are Acme Cryogenics, Air Liquid, Asia Technical Gas, Beijing Tianhai Cryogenic Equipment, Cryofab, Cryoquip, Linde CryoPlants, Herose, Emerson, Praxair, Taylor-Wharton, INOXCVA, Meca-Inox.
The cryogenic technology market is expected to grow at a compound annual growth rate of 6.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Cryogenic Technology Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Cryogenic Technology Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Cryogenic Technology Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Cryogenic Technology Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Cryogenic Technology Market Size & Forecast, 2020-2028
4.5.1 Cryogenic Technology Market Size and Y-o-Y Growth
4.5.2 Cryogenic Technology Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Liquid Oxygen
5.2.2 Liquid Hydrogen
5.2.3 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Mechanical application
6.2.2 Medical science
6.2.3 Gas industry
6.2.4 Food preservation
6.2.5 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Cryogenic Technology Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Cryogenic Technology Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Liquid Oxygen
9.6.2 Liquid Hydrogen
9.6.3 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Mechanical application
9.10.2 Medical science
9.10.3 Gas industry
9.10.4 Food preservation
9.10.5 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Liquid Oxygen
10.6.2 Liquid Hydrogen
10.6.3 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Mechanical application
10.10.2 Medical science
10.10.3 Gas industry
10.10.4 Food preservation
10.10.5 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Liquid Oxygen
11.6.2 Liquid Hydrogen
11.6.3 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Mechanical application
11.10.2 Medical science
11.10.3 Gas industry
11.10.4 Food preservation
11.10.5 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Liquid Oxygen
12.6.2 Liquid Hydrogen
12.6.3 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Mechanical application
12.10.2 Medical science
12.10.3 Gas industry
12.10.4 Food preservation
12.10.5 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Liquid Oxygen
13.6.2 Liquid Hydrogen
13.6.3 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Mechanical application
13.10.2 Medical science
13.10.3 Gas industry
13.10.4 Food preservation
13.10.5 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Cryogenic Technology Market: Competitive Dashboard
14.2 Global Cryogenic Technology Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Acme Cryogenics
14.3.2 Air Liquid
14.3.3 Asia Technical Gas
14.3.4 Beijing Tianhai Cryogenic Equipment
14.3.5 Cryofab
14.3.6 Cryoquip
14.3.7 Linde CryoPlants
14.3.8 Herose
14.3.9 Emerson
14.3.10 Praxair
14.3.11 Taylor-Wharton
14.3.12 INOXCVA
14.3.13 Meca-Inox
