Middle East & Africa Cryogenic Equipment Market Size & Outlook
Middle East & Africa cryogenic equipment market, 2018-2030 (US$M)
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MEA cryogenic equipment market highlights
- The MEA cryogenic equipment market generated a revenue of USD 1,521.8 million in 2023.
- The market is expected to grow at a CAGR of 6.7% from 2024 to 2030.
- In terms of segment, tanks was the largest revenue generating product in 2023.
- Pumps & Vaporizers is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, South Africa is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 1,521.8 million |
| Market revenue in 2030 | USD 2,395.1 million |
| Growth rate | 6.7% (CAGR from 2023 to 2030) |
| Largest segment | Tanks |
| Fastest growing segment | Pumps & Vaporizers |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Tanks, Valve, Pumps & Vaporizers, Vacuum Jacketed Piping (VJP), Other Products |
| Key market players worldwide | Chart Industries Inc, Linde PLC, Nikkiso Co Ltd, Standex International Corp, Air Liquide SA, Volkswagen AG, ULVAC Inc, Herose UK, Wessington Cryogenics, INOX India Pvt Ltd, Premier Cryogenics, Cryolor, Cryo Pur |
Other key industry trends
- In terms of revenue, MEA region accounted for 6.5% of the global cryogenic equipment market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 17,500.1 million by 2030.
Key Regions: U.S. , UK , Japan , Brazil , South Africa
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Cryogenic Equipment Market Scope
Cryogenic Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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Middle East & Africa cryogenic equipment market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to cryogenic equipment market will help companies and investors design strategic landscapes.
Tanks was the largest segment with a revenue share of 33.15% in 2023. Horizon Databook has segmented the Middle East & Africa cryogenic equipment market based on tanks, valve, pumps & vaporizers, vacuum jacketed piping (vjp), other products covering the revenue growth of each sub-segment from 2018 to 2030.
The cryogenic equipment market in the Middle East & Africa (MEA) is witnessing significant growth, driven by its increasing demand in various end-use applications such as oil & gas and chemicals. This growth is further underpinned by the substantial production of natural gas and natural gas liquids (NGL) in leading countries within the region, notably Saudi Arabia.
Saudi Arabia, with the world's second-largest proven oil reserves, plays a pivotal role in shaping the MEA cryogenic equipment market, primarily due to Saudi Aramco's extensive operations. As one of the world’s largest integrated energy and chemicals companies, Saudi Aramco's activities span the upstream, midstream, and downstream segments of the industry.
In 2022, Aramco reported an average hydrocarbon production of 13.6 million barrels per day (mmbpd), including 11.5 mmbpd of crude oil. This massive production capacity necessitates the extensive use of cryogenic equipment for the storage, transport, and processing of natural gas, including its liquefaction for export or further chemical processing
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Target buyers of Middle East & Africa cryogenic equipment market databook
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Our clientele includes a mix of cryogenic equipment market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa cryogenic equipment market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa cryogenic equipment market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA cryogenic equipment market size, by country, 2018-2030 (US$M)
Middle East & Africa Cryogenic Equipment Market Outlook Share, 2023 & 2030 (US$M)
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