What is Global LNG Cryogenic Equipment Market?
The Global LNG Cryogenic Equipment Market is a vast and complex sector that deals with the production and distribution of cryogenic equipment used in the liquefied natural gas (LNG) industry. This equipment is specifically designed to handle the extreme temperatures required for the liquefaction and storage of natural gas. The market encompasses a wide range of equipment, including storage tanks, vaporizers, valves, pumps, and other related machinery. These tools play a crucial role in the LNG industry, facilitating the safe and efficient processing, storage, and transportation of natural gas. The market's value was estimated at US$ 4217 million in 2023, and it is projected to reach US$ 5998.1 million by 2030, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2024 to 2030.
Tanks, Vaporizers, Valves, Pumps, Others in the Global LNG Cryogenic Equipment Market:
The Global LNG Cryogenic Equipment Market is segmented based on the type of equipment, including tanks, vaporizers, valves, pumps, and others. Tanks are the most consumed product in this market, accounting for 35% of the total consumption value. These tanks are designed to store LNG at extremely low temperatures, typically around -162 degrees Celsius. Vaporizers are used to convert the stored LNG back into gas before it is transported through pipelines. Valves and pumps play a crucial role in controlling and facilitating the flow of LNG during various stages of the LNG process. Other equipment includes heat exchangers, separators, and compressors, which are also essential for the efficient operation of LNG plants.
LNG Receiving Station, LNG Plants, Others in the Global LNG Cryogenic Equipment Market:
The Global LNG Cryogenic Equipment Market finds its applications in various areas, including LNG receiving stations, LNG plants, and others. LNG plants are the largest consumers of this equipment, accounting for nearly 40% of the market share. These plants use cryogenic equipment for the liquefaction, storage, and regasification of natural gas. LNG receiving stations, which hold over 30% of the market share, use this equipment to store and regasify the imported LNG before it is transported to end-users. Other applications include LNG peak shaving plants and LNG fueling stations, which also require cryogenic equipment for their operations.
Global LNG Cryogenic Equipment Market Outlook:
The Global LNG Cryogenic Equipment Market is expected to witness significant growth in the coming years. In 2023, the market was valued at US$ 4217 million, and it is projected to reach US$ 5998.1 million by 2030, growing at a CAGR of 5.1% during the forecast period from 2024 to 2030. The top three manufacturers in this market hold a combined market share of about 25%. The Asia-Pacific region dominates the market, accounting for 49% of the total sales, followed by North America, which holds about 24% of the total market share.
| Report Metric | Details |
| Report Name | LNG Cryogenic Equipment Market |
| Accounted market size in 2023 | US$ 4217 million |
| Forecasted market size in 2030 | US$ 5998.1 million |
| CAGR | 5.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Linde, Air Liquide, MAN Energy Solutions, Furuise, Air Products & Chemicals, Wartsila, Mcdermott, IHI, Chart Industries, Toyo Kanetsu K.K., Emerson, Flowserve, Schlumberger(Cameron), Kitz, Herose, ISISAN, Parker Bestobell, Auguste Cryogenics, Cryeng Group |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
