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Drivers:

• Supportive government policies, regulations, and incentives towards hydrogen energy storage technologies to reduce carbon emissions.
• Growing Liquified Natural Gas (LNG) imports and exports – the Asia Pacific, Europe, Middle East, and North America. 
• Rising demand for cryogenic freezing in the food industry due to its benefits over mechanical freezing.
• Increasing demand for liquified medical gases due to the geopolitics pandemic in countries like the United States, India, Brazil, the UK, and Russia.
• Rising growth in transportation of industrial gases in liquid form at cryogenic temperatures, to be stored on-site for later use.
• Global steel demand in China, India, Japan, the United States, Russia, and South Korea drives the cryogenic Air Separation Units (ASUs) and other Equipment Market.

Steel Industry:

One of the world's main end-user sectors for air separation plants is the iron and steel industry. Around half of the world's steel production capacity is produced in China.

In recent years, despite China's efforts to shut old and inefficient iron and steelmaking capacity by tens of millions of tonnes, including the closure of dozens of illegal induction furnaces, new investments are continuing.

After the People's Republic of China ("China"), India is currently the world's second-largest steel producer. The 2017 National Steel Policy (NSP 2017) set a goal of more than doubling capacity by 2030, with long-term expansion planned to meet steel demand from various critical national sectors, including building, infrastructure development, and the automobile industry.

Despite the pandemic's impact, the global steel industry has only seen a slight drop in steel demand at the end of 2020 due to its various regional effects.

Steel demand will undoubtedly rise as the world's population grows, and nations strive to enhance their living standards as steel is used in multiple applications such as building and infrastructure, automotive, energy, transportation, machinery, tools, and others.

With this, the air separation plants market is expected to have a significant growth in China, India, Japan, the United States, Russia, and South Korea.

Top 10 Steel Producing Countries in 2020:

Cryogenic Equipment:

Cryogenic liquids such as Oxygen, Helium, Hydrogen, Natural Gas, Argon, and others are produced at very low temperatures (-150°C to -270°C) at the liquefaction plants and transported to end users like chemical and petrochemical, medical technology, metal processing, water treatment, energy generation, food, steel, space, electronics, transportation, and other industries.

Critical components in the cryogenic equipment market include cryogenic valves, cryogenic pumps, cryogenic tanks, cryogenic Insulation as vacuum insulated pipes, heat exchangers, vaporizers, cryogenic refrigerators, cryogenic cylinders, cryogenic trailers, and others.

For small volumes of cryogens, cylinders and dewars are used, and for large quantities, cryogenic storage tanks and trailers are used to store the cryogens and transport them over long distances. In case of even larger quantity is required, there would be an on-site production plant.

These liquids are then vaporized or re-gasified for different industrial and commercial applications.

Restraints:

• Ongoing crisis with the shortage of semiconductors has affected the electronic industry.
• Distressed oil prices have affected the end-user industries such as oil and gas, chemical and, power generation. 

Recent Developments:

• On December 6, 2021, Cryogas Equipment PVt Ltd, India has commissioned an LNG mother station project for GAIL Gas with a storage capacity of almost 100MT in Bhopal. The project is aimed to reduce the import of crude oil and reduce the pollution levels caused by the heavy-duty vehicles running on diesel.
• On December 2, 2021, Chart Industries and Hylium Industries, Inc., a liquid hydrogen technology company in the Republic of Korea, have signed a Memorandum of Understanding (MOU) to establish a joint venture and associated supply agreement to design and produce liquid hydrogen trailers for the Republic of Korea. 
• On March 17, 2020. INOX India PVt Ltd (INOX), a Cryogenic Liquid Storage, Distribution and Re-Gas solutions company, signed a Memorandum of Understanding (MoU) with Shell Energy India PVt Ltd., for partnering and developing the LNG supply market by Road from Shell's LNG Terminal in Gujarat. The MoU also addresses cooperation in developing a larger market for LNG as a long-haul heavy-duty truck and bus transportation fuel.
• On July 15, 2021 - Linde Plc announced it had started a new liquid hydrogen plant in the United States, which will supply over 30 tons of high-purity liquid hydrogen per day to fulfil growing customer demand.
• On July 28, 2021, Nikkiso Cryogenic Industries’ Clean Energy & Industrial Gases Group recommissioned an Air Separation Plant (ASU) in India for Critical medical liquid Oxygen (LOX) Supply.

Opportunities:

• Storage and transportation equipment for Liquified Natural Gas (LNG) – Imports (Asia-Pacific, Europe) and Exports (Asia-Pacific, Middle East, and North America 
• Increasing demand for Cryogenic Air Separations Units (ASUs) for medical gases – United States, India, Brazil, the UK, and Russia.
• Growth potential in North America, Europe, and the UK for LNG bunkering systems
• Rising number of Floating Liquid Natural Gas (FLNG) projects – Australia, Canada, China, Western Africa, Brazil, the West coast of America and South Asian islands. 

Regional Analysis:

Asia-Pacific: LNG Trade

As global LNG trade grows, more regasification capacity is expected to be added in both established regions and new import markets. Globally, the top 5 spots for the largest importers of LNG remain to be in Asia-Pacific with Japan (74.43 MT), China (68.91 MT), South Korea (40.81 MT), India (26.63 MT), and Chinese Taipei (17.76 MT).

The Asia-Pacific market continues to see rapid expansion in demand. In 2020, China, Chinese Taipei, India, and Myanmar increased their regasification capacity significantly. Despite the effects of geopolitics on demand and supply, worldwide LNG trade increased for the second year in a row in 2020, reaching 356.1 MT.

In 2020, Asia, notably China, saw many new regasification projects approved and begin construction, indicating a high market demand for LNG in the region. These projects give rise to cryogenic equipment such as pumps, valves, tanks, insulation, vaporizers, and heat exchangers in the LNG sector.

Top 5 Countries for Importing and Exporting LNG in 2020:

Blackridge Research's Global Cryogenic Equipment Market report provides insights into the current global and regional Global market demand scenario and its outlook.

This study offers a detailed analysis of various factors instrumental in affecting the Global Cryogenic Equipment market's growth. The study also comprehensively analyses the market based on geography (North America, Europe, Asia-Pacific, and the Rest of the world).

This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of geopolitics on the Global Cryogenic Equipment market, and significant developments.

Further, the report will also provide Global Cryogenic Equipment market size, demand forecast, and key competitors in the market.