North America Cryogenic Equipment Market Size & Outlook
North America cryogenic equipment market, 2018-2030 (US$M)
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North America cryogenic equipment market highlights
- The North America cryogenic equipment market generated a revenue of USD 4,589.0 million in 2023.
- The market is expected to grow at a CAGR of 6% 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, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 4,589.0 million |
| Market revenue in 2030 | USD 6,887.6 million |
| Growth rate | 6% (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, North America region accounted for 19.5% 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.
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Cryogenic Equipment Market Scope
Cryogenic Equipment Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America 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 32.57% in 2023. Horizon Databook has segmented the North America 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 demand for cryogenic equipment in North America has experienced a considerable surge in recent years, driven by its increasing application in sectors, such as energy & power, healthcare, metallurgy, and electronics, among others.
Notably, the rising demand for liquefied natural gas (LNG) as a cleaner energy source has significantly contributed to the growth of this market. This surge is attributed to the technological advancements in cryogenic equipment, including improved insulation materials and novel liquefaction processes, which have enhanced efficiency and reduced operational costs.
As a result, major LNG projects in countries, such as the U.S. and Canada, have incrementally adopted cutting-edge cryogenic technologies for gas processing and storage, underscoring the pivotal role of cryogenic equipment in North America’s energy transition journey.
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Our clientele includes a mix of cryogenic equipment market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America cryogenic equipment market , including forecasts for subscribers. This continent databook contains high-level insights into North America cryogenic equipment market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America cryogenic equipment market size, by country, 2018-2030 (US$M)
North America Cryogenic Equipment Market Outlook Share, 2023 & 2030 (US$M)
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