The cryogenic technology market is expected to be valued at US$ 20.6 billion in 2023 and is expected to reach US$ 64 billion by 2033. Cryogenic technology sales are expected to grow at a CAGR of 12% during the forecast period. The cryogenic engineering field has evolved into a dynamic field with unprecedented applications in the past few years, making it the backbone of many industries. Among the most interesting developments in the world of space travel is the increased use of cryogenics, active refrigeration technology, and cold rooms in space travel, which has led to the development of space cryocoolers that have proven to be of very high performance and versatility to date.
A cryogenic rocket engine uses a type of propellant that generates an extra thrust per kilogram of propellant, which's why it's very common in aerospace programs around the world as a booster for engines. Cryogenic technology is being used by a growing number of transportation companies to power electric aircraft by utilizing superconductors, which are being used as cryogenic fuels. It has become apparent over the last few years that hydrogen fuel cells are becoming increasingly important. In the next few years, it is expected that the market for cryogenic products will grow significantly as cryogenic technology is increasingly being recognized by a wide range of industries, leading to a surge in demand for cryogenic products.
According to forecasts, the Indian market will see a boom in cryogenic technologies over the next few years. Due to the growing demand for critical advancements in space programs, cryogenic technology is in high demand in India. The ISRO has been using cryogenic engines for its development of the GSLV spacecraft since 2001. Future rocket engines are expected to be powered by cryogenic technology as a way of developing futuristic energy sources.
A number of new projects, such as the integration of PS2/GS2, the fabrication of semi-cryostructures, and the manufacture of cryo and semi-cryo engines are being undertaken at HAL, which is being supported by the completion of facilities & infrastructure. As India is expected to be a space power in the years to come, the government needs to adopt policies that support science and technology research.
In recent years, the Indian government has continuously supported private companies in addressing these gaps as part of its space reform initiatives. As India embarked on a private space tech odyssey between 2020 and 21 in the years preceding 2022, the year has proven to be the most successful. Space start-ups in India finally reached their maturity and proved they could develop products not just for their country, but the globe as well.
A cryogen pump manufactured by IceCure Medical has been granted patent approval by the US Patent and Trademark Office. An academic study conducted by researchers from the Massachusetts Institute of Technology, the University of California at Los Angeles (UCLA), and the California Institute of Technology, is studying lithium's reaction with electricity and its SEI. Electrically synthesizing ammonia using lithium-based pathways might have a potential advantage. Cryogenic transmission electron microscopy, one of the most advanced imaging methods that have been applied to the study and published in Nature Energy, was used to collect their observations.
Purdue University will conduct an experiment in West Lafayette, Indiana, in order to study the heat transfer in cryogenic propellant storage, in order to facilitate propellant transfer and management systems in the future. This will serve as a basis for designing and modeling future propellant transfer and management systems. In the near future, this technology will be implemented on the G-Force One aircraft developed by ZERO-G.
For Instance, HY4 fuel cell-powered aircraft from H2FLY are being fitted with a new system for storing liquid hydrogen for their flight plans. The cryogenic tank was integrated after partner company Air Liquide completed vibration and leakage tests in September. Ground testing will begin early in 2023, followed by the first flight a year later, after the process is completed in the coming months.
Liquid Propulsion Systems Centre (LPSC) at Valiyamala hosted a press conference at the "Engineers Conclave 2022." The Centre plans to use semi-cryogenic technology in this rocket to optimize its performance and make the cost less expensive. A reusable rocket may be possible with this new design. The space industry is advancing towards new opportunities with new technologies that include reusable launch vehicles, semi-cryogenic engines, and rocket launch vehicles with two stages to orbit.
Estimated Base Year Value (2022)
US$ 19 Billion
Expected Market Value (2023)
US$ 20.6 Billion
Anticipated Forecast Value (2033)
US$ 64 Billion
Projected Growth Rate (2023 to 2033)
The market growth can be attributed to factors such as high demand for industrial gases from end-use industries and infrastructure developments for catering high LNG demand. Also, increasing number of space missions and innovations in cryo-electronics is expected to offer lucrative growth opportunities for the market players in the next 10 years.
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Increase in attempts from government and private bodies to boost the adoption of cleaner fuels, such as natural gas, for domestic and industrial applications is a key factor driving the global demand for cryogenic technology. Moreover, the rapid rise in industrialization and urbanization and the increased demand for cryogenic technology across the healthcare industry are also boosting the demand for cryogenic equipment, globally.
Globally, several stringent regulations pertaining to future pollution control goals are expected to drive the usage of cryogenic technology in the natural gas processing industry in the near future. High initial investment acts as a major hindrance to the market. However, decline in price in the near future is expected to overcome the restraint. Low prices are likely to offer new opportunities to the market.
The cryogenic tank segment is estimated to hold the largest market share owing to its wide application in chemical & petrochemical and oil & gas industry for transportation and storage of nitrogen, oxygen, argon, LNG, and hydrogen based cryogens.
The valve segment is estimated to contribute for the second largest share owing to wide applications in freezing such as transportation, storage, and production of liquefied gases. It is mostly used in gas production plants, LNG liquefaction plants, cargo system, and receiving terminals.
The pump segment is growing at a faster pace owing to the high and ultra-high vacuum applications from metallurgy, chemical, and oil & gas industry. Furthermore, rising usage of vaporizers for vaporization of LNG in peak shaving and base-load in regasification facilities across vertical of end-use industries are set to fuel the growth of cryogenic pump over the forecast period. Hence, the growing application of cryogenic technology across vertical would propel the demand during the forecast period.
The USA cryogenic market holds a majority of the market share owing to high demand for cryogenic processes and techniques in various industries such as the medical sector, the gas industry, and food preservation. Moreover, consumers' preferences for processed foods are shifting. The food industry is one of the largest manufacturing sectors in the United States, accounting for more than 10% of all shipments, according to the Council of American States in Europe.
Because of sustained economic growth and rising consumer demand, the processed food industry has seen steady growth. The demand for cryogenic equipment is also expected to grow due to the oil and gas industries. According to data, in 2019, the natural gas consumption of USA amounted to over 845 billion cubic meters, which was the highest in the world, and is expected to grow during the forecast period. Natural gas is transported with the help of Cryogenic Energy Storage (CES) tanks, which is in turn expected to augment the sales of cryogenic technology in the USA
East Asia market for cryogenic technology is projected to emerge as a major growing region over the next ten years. Development in countries such as Japan, South Korea, and China has led to increased investment in LNG transportation as energy and fuel source, thereby driving the demand. Due to the constant increase in the energy demand and several developments in the fields, such as space research, healthcare, and chemicals, the East Asia region is likely to be the fastest-growing and largest market for the cryogenic technology.
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Some of the leading providers of cryogenic technology include
The market competes based on performance, price, technical knowledge, and the ability to design & manufacture the equipment. The market is embodied by severe competition owing to the presence of few well-established players.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.