Cryogenic Equipment Market Size, Relevant Growth, Outlook Report & Forecast 2020
Global Cryogenic Equipment Market was valued at USD 12.1 billion in 2020 which expected to reach USD 18.2 billion by 2027 at a CAGR 6.3%
Cryogenic equipments are used
for maintenance, production, and application of materials at low temperature.
Also, they include cryogenic refrigerators, temperature controllers, cryogenic
storage racks & boxes, cryogenic tanks and other cryogenic
accessories. Cryogenic tanks are used to store cryogenic gases like carbon
dioxide, argon, methane, nitrogen, and liquid oxygen.
The expansion of manufacturing industry plays an important role
in the economic growth which includes a competition among giant & small
players, partnership & collaboration, investments, spending capability of
consumers, mergers & acquisitions, and expansion of new projects. These are
some driving factors which contribute the global cryogenic equipments market
growth.
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The increase in
investments in liquefied natural gas based power plants is a key driving factor
which expected to drive the global cryogenic equipment market growth over the
forecast period. The increase in demand for LNG due to a rise in gas based
power plants & the trend of adopting LNG fuel in locomotive as well as
marine transport applications. The rise in demand for energy from these plants
will contribute revenue growth cryogenic equipment market.
Also, the rise in
demand for transportation and storage industries are also boosting the market
growth. The growing demand for industrial and specialty gases in oil and gas
sector coupled with technological advancements in developing and developed
regions are prominent factors expected to fuel the market growth.
Furthermore, ongoing modernization and refurbishment of existing
healthcare infrastructure as well as the increase in the number of projects of
gas to liquids are expected to propel revenue growth of the cryogenic equipment
market during this forecast period. Moreover, factors such as adoption of
standards for environmental protection and innovative cryogenic equipment which
are expected to accelerate the growth of the target market. For instance, Chart
Industries Inc., is the manufacturer of cryogenic equipment, had developed new
applications like LN? dosing system for the craft beer market to enhance the
shelf life of the product. The growing implementation of high temperature
superconductor power cables is a one of the major driving factors which
promotes the importance to develop improved & advanced cryogenic equipment
will support the market growth.
The increase in
investments in various developing regions to construct smart cities and high
speed trains is expected to create opportunities for players operating in the
cryogenic equipment market in the near future.
Huge initial investment
for setting up cryogenic equipment for large-scale industrial applications is a
major restraint which expected to hamper the global cryogenic equipment market
growth over the forecast time span. Also, the growing safety concerns may
hinder the market growth.
Cryogenic
Equipment Market Segmentation
The Global Cryogenic
Equipment Market is segmented into product type, cryogen type, end user, and
region.
Based on the product type
market is segmented into Valve, Tank, Vaporizer, Pump, and Others, by cryogen
type market is segmented into Liquefied Natural Gas, Argon, Oxygen, Nitrogen,
and Others. Further, market is segmented into End user such as Oil and Gas,
Metallurgy, Power Generation, Marine, Chemical & Petrochemical, and Others.
Regional
Analysis
The Global Cryogenic
Equipment Market is segmented into five regions such as North America, Latin
America, Europe, Asia Pacific, and Middle East & Africa.
The Asia Pacific is
expected to hold largest revenue growth in the global cryogenic equipment
market due to continuous investments in energy sector along with the increase
in demand for LNG from developing countries like India, China, and Australia in
this region. Also, the growing end use industries like food and beverage,
chemical, healthcare, coupled with introduction of GHG emission reduction
targets are some driving factors expected to booming the target market growth.
Europe is expected to
significant grow at a significant growth rate due to substantial
application across the food & beverage, healthcare and electronics
industries to store materials at minimal temperature requirements. The North
America is estimated to capture a sizeable market share during this forecast
period due to the increase in industries such as food & beverage and
healthcare sector, along with increasing environmental concerns in the region.
Market
Key Players
Some of the key operating players are discussed in this report
including Honeywell International Inc., Chart Industries, Inc., Emerson
Electric Co., Cryofab Inc, Linde plc, Beijing Tianhai Industry Co Ltd, Sumitomo
Heavy Industries Ltd, Flowserve Corp, McDermott International Inc, etc.
Market
Taxonomy
By Product Type
- Valve
- Tank
- Vaporizer
- Pump
- Others
By Cryogen Type
- Liquefied Natural Gas
- Argon
- Oxygen
- Nitrogen
- Others
By End User
- Oil and Gas
- Metallurgy
- Power Generation
- Marine
- Chemical &
Petrochemical
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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