Cryogenic Equipment Market 2023 Future Growth Explored in Latest Research Report by 2028

According to a research report "Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application & Region - Forecast to 2028", the global cryogenic equipment market is projected to reach USD 16.6 billion by 2028 from an estimated USD 11.9 billion in 2023, at a CAGR of 6.9% during the forecast period. A cryogenic equipment is any storage or transportation apparatus that helps handle cryogenic fluids (liquefied industrial gases at temperatures below -150ºC). Typical equipment in this category include tanks, pumps, vaporizers, heat exchangers, valves, pressure regulators, and pipes. They are used in various applications, such as the production, storage, and transportation of LNG; preservation of biological materials including human tissues, sperms, and embryos; long-term storage of biological samples such as stem cells, cord blood, and tissues; development of hydrogen fuel systems, particularly for the automotive and transportation industries; as well as cooling scientific instruments on space telescopes and maintaining extremely low temperatures for space probes and vehicles, satellite launch facilities, and air separation units. The cryogenic equipment market is heavily dependent on the consumption of industrial gases that are liquefied for high-volume storage purposes. oxygen, nitrogen, argon, and hydrogen, wherein oxygen and nitrogen are such major industrial gases used across end-user industries for numerous applications. The increasing use of these industrial gases in industries such as energy & power, metallurgy, electronics, chemicals, and transportation is likely to propel the demand for cryogenic equipment. Moreover, growing popularity of liquefied natural gas as source of clean and efficient energy, will boost the demand for cryogenic equipment for the transportation and storage at LNG liquefaction and regasification terminals.

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The Tanks, by equipment, is expected to grow at the highest CAGR during the forecast period.

Based on equipment, the cryogenic equipment market has been split into tanks, valves, vaporizers, pumps and other equipments such as pipes, regulators, freezers, dewars, strainers, samplers, heat exchangers, leak detection equipment, dispensers, and accessories (manifolds, fittings, vacuum-jacketed/-insulated piping, hoses, connections). Tanks are expected to grow at the highest CAGR during the forecasted period. The increasing global demand for LNG tanks and microbulk tanks will be the major reason for the leading position of the tanks segment in this market in the coming years.

The nitrogen segment, by cryogen, is expected to be the largest segment during the forecast period.

This report segments the cryogenic equipment market based on cryogen into six segments: nitrogen, argon, oxygen, liquified natural gas (LNG), hydrogen, and other cryogens (helium, nitrous oxide, ethylene, and carbon dioxide). The nitrogen segment is expected to be the largest segment during the forecast period owing to its high availability in the atmosphere and its inert nature. Nitrogen is widely used in industrial and medical applications, nitrogen is also used in the energy & power industry to enhance oil recovery. It is used in fertilizers and chemical industries as well.

Asia Pacific is expected to be the largest region in the cryogenic equipment market.

Asia Pacific is expected to be the largest cryogenic equipment market during the forecast period. The Asia Pacific region comprises major economies such as China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific primarily includes Thailand, the Philippines, Singapore, Indonesia, and Myanmar. . The high growth rate and market share of the Asia Pacific region can be attributed to constant LNG infrastructure developments in China, investments in the aerospace industry in India, and increasing investments in gas production and LNG imports in Australia and Japan, respectively. The significant demand for cryogenic equipment in the region is witnessed by  end-user industries such as healthcare, metallurgy, energy & power, and electronics.

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Key market players

Some of the major players in the cryogenic equipment market are including Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.

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Micro Combined Heat and Power Market Size to Grow $4.8 billion by 2029

 According to a research report "Micro Combined Heat and Power Market by Technology (IC Engine, PEMFC, Rankine Cycle Engine, Stirling Engine, SOFC), Type (Engine, Fuel Cell), Application (Residential, Commercial), Capacity (<5kW, 5–10kW, 10–50kW) and Region - Global Forecast to 2029" published by MarketsandMarkets, the Micro Combined heat and power market is projected to reach USD 4.8 billion by 2029 from an estimated USD 3.1 billion in 2024, at a CAGR of 9.4% during the forecast period.

The demand for Micro combined heat and power (MCHP) is growing due to its efficiency in generating electricity and capturing waste heat for heating or cooling purposes, reducing energy costs and emissions. It offers benefits like increased energy efficiency, lower operational costs, and enhanced grid resilience. MCHP systems are used in various sectors like commercial, and residential complexes to meet energy needs sustainably.

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Residential, by Application, is expected to grow by the largest segment during the forecast period.

Based on application, the micro combined heat and power market has been segmented into residential and commerical. The residential segment of Micro CHP market is expected to grow the largest due to rising environmental awareness among homeowners, promoting sustainable and energy-efficient solutions. Micro CHP systems, by generating heat and electricity simultaneously, enhance energy efficiency and reduce reliance on traditional power sources, appealing to environmentally conscious consumers. Technological advancements have made these systems more accessible and affordable, further driving their adoption. Moreover, government incentives and regulatory support aimed at clean energy adoption provide additional impetus for homeowners to invest in Micro CHP systems.

The < 5 kW segment by Capacity is expected to grow fastest during the forecast period.

This report segments the micro combined heat and power market based on capacity into <5Kw, 5-10kW, 10-50kW. The <5kW segment is expected to grow as the fastest in the micro combined heat and power market due to advancements in technology that have resulted in more efficient and cost-effective smaller-scale units. These systems are tailored to meet the energy demands of residential and small commercial buildings, catering to a growing trend towards decentralized energy generation. Government incentives and policies further support this growth by promoting small-scale renewable and efficient energy technologies. Additionally, the flexibility and on-site energy generation capabilities of <5kW Micro CHP systems make them highly appealing to users seeking to reduce transmission losses and improve overall energy efficiency, driving their accelerated adoption.

Europe is expected to be the second largest growing region in the micro combined heat and power market.

Europe is expected to be the second largest growing region in Micro combined heat and power market during the forecast period. The Europe region has been subdivided into five key countries: Germany, UK, Italy, Netherlands and Rest of Europe. Rest of Europe  includes Belgium, Denmark, and Spain.

The Micro combined heat and power market is flourishing in the Europe due to strong emphasis on sustainability and energy efficiency, promoting the adoption of Micro CHP systems. The region's well-established market infrastructure for renewable energy technologies, coupled with supportive government policies, incentives, and subsidies, further fuels market growth.

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Key Players

Some of the major players in the Micro Combined heat and power market are AISIN CORPORATION (Japan), 2G Energy (Germany), BOSCH INDUSTRIEKESSEL GMBH (Germany), KyungDong Navien (South Korea), and YANMAR HOLDINGS CO., LTD. (Japan). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.

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Combined Heat and Power Market by Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine), Capacity (Up to 10 MW, 10-150 MW, 151-300 MW, Above 300 MW), Fuel, End User and Region - Global Forecast to 2029

Distribution Transformer Market Size to Surpass $24.9 billion by 2029

According to a research report "Distribution Transformer Market by Mounting (Pad, Pole, Underground), Phase (Three and Single), Power Rating (Up to 0.5 MVA, 0.5-2.5 MVA, 2.5-10 MVA, Above 10 MVA), Insulation(Oil Immersed, Dry), End User and Region - Global Forecast to 2029" published by MarketsandMarkets, the market size for distribution transformers is projected to reach approximately USD 24.9 billion by the year 2029, as compared to the estimated value of USD 18.5 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 6.1% over the forecast period. The global distribution transformer market is fueled by a confluence of factors driving growth and shaping industry trends. The need for reliable and efficient power delivery necessitates investments in expanding power grids to reach new consumers and upgrading aging infrastructure. This translates to a demand for new distribution transformers across various regions. As the global population rises and economies develop, the overall demand for electricity is steadily increasing. This necessitates an expansion of distribution networks and transformers to cater to the growing power needs of residential, commercial, and industrial sectors.

Browse 243 market data Tables and 77 Figures spread through 265 Pages and in-depth TOC on "Distribution Transformer Market - Global Forecast to 2029"

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The trend towards urbanization, particularly in developing regions, leads to a surge in new residential and commercial buildings. Additionally, rising living standards globally translate to increased appliance ownership and higher power consumption, driving the demand for distribution transformers. The growing focus on renewable energy like solar and wind power requires grid modernization and smart transformers to manage the inherent variability of these sources. This integration creates a demand for technologically advanced transformers equipped with sensors and communication capabilities. Environmental concerns are prompting a shift towards energy-efficient solutions in the power sector.  Manufacturers are developing new distribution transformers with lower energy losses and improved environmental footprints, creating a demand for these advanced models. These drivers, combined with the need for replacing aging transformers and the increasing adoption of smart grid technologies, are shaping the global distribution transformer market towards a future focused on efficiency, reliability, and sustainability.

Industrial segment, by End User, to hold the second-largest market in distribution transformer market.

The industrial segment secures the second-largest market share within the distribution transformer market by end user segment, driven by several key factors. Industrial facilities are powerhouses, consuming significant amounts of electricity to operate machinery, production lines, and various industrial processes.  These facilities require high-capacity distribution transformers (often exceeding 10 MVA) to efficiently step down the voltage from the medium voltage grid to usable levels for their equipment. The sheer volume of electricity utilized by the industrial sector translates to a substantial demand for distribution transformers. Industries encompass a wide range of activities, each with specific power requirements.  Distribution transformers cater to these diverse needs.  For instance, heavy manufacturing might necessitate high-power transformers, while automation and control systems in factories might require transformers with specific voltage regulation capabilities. This diversity in industrial applications fuels the demand for a wide range of distribution transformer types and capacities. Many industrial facilities, particularly in established economies, might have aging distribution infrastructure, including transformers nearing the end of their lifespan.  Replacing these transformers with newer, more efficient models presents a significant market opportunity within the industrial segment.

Up to 0.5 MVA segment, by Power Rating, to be the third-largest market segment.

The 0.5 MVA segment captures a significant market share within the power rating segment of the distribution transformer market for several compelling reasons. 0.5 MVA transformers occupy a sweet spot, offering a balance between capacity and affordability. They are suitable for a diverse range of applications, including supplying power to mid-sized commercial buildings like office complexes, shopping centers, or hotels, catering to multi-unit residential buildings like apartment complexes or condominiums, providing power to small industrial facilities with moderate power requirements. This versatility allows them to address the needs of various end users, contributing to their significant market share. Compared to higher-capacity transformers (above 10 MVA), 0.5 MVA models are more economical. For applications where the power demand doesn't necessitate a high-capacity transformer, a 0.5 MVA model offers a cost-effective solution while delivering sufficient power for the needs. This economic advantage makes them an attractive choice for many end users. The 0.5 MVA rating represents a well-established standard within the distribution transformer market.  Manufacturers often produce a wider range of models within this segment compared to higher or lower ratings. This standardization and readily available options make them a convenient choice for many utilities and end users.

Middle East & Africa to emerge as the third-largest distribution transformer market.

The Middle East & Africa (MEA) region holds the third-largest market share in the global distribution transformer market due to a confluence of factors driving significant growth potential. Many countries such as the UAE, Saudi Arabia, South Africa in the MEA region are undergoing rapid infrastructure development initiatives. This includes expanding power grids to reach previously un-electrified areas, improving existing infrastructure, and establishing new industrial zones. These projects necessitate a substantial number of distribution transformers for efficient power delivery. The MEA region is experiencing rapid urbanization, with a rising population migrating to cities. This urbanization fuels the need for new residential and commercial buildings, all requiring distribution transformers to function. Additionally, the overall population growth translates to an increased demand for electricity, further propelling the market for transformers. Governments in the MEA region are increasingly recognizing the importance of reliable electricity access for economic development and improving living standards.  This is leading to increased investments in the power sector, including grid expansion projects and electrification initiatives in rural areas. These investments directly stimulate the demand for distribution transformers. Many MEA countries are actively pursuing economic diversification plans, with a focus on developing their industrial sectors. This industrial growth will lead to an increased demand for high-capacity transformers to cater to the power requirements of new factories and production facilities.

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Key Players

Key players in the global distribution transformer market include Hitachi Energy Ltd. (Switzerland), Eaton Corporation (Ireland), Schneider Electric (France), Siemens Energy (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Mitsubishi Electric Corporation (Japan), Hyosung Heavy Industries Co., Ltd. (South Korea), CG Power and Industrial Solution Ltd. (India), and Hammond Power Solutions (Canada).

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