Global Cryogenic Equipment Market to Expand at a CAGR of 6.90% by 2024
Dec 29, 2020
As per the analysis by Market Research Future Reports (MRFR), the global cryogenic equipment market is estimated to expand at a CAGR of 6.90% during the forecast period.
With the increased demand for energy and power, coupled with the growing use of LNG for environment-friendly fuel-based generation, the global cryogenic equipment market 2020 is likely to exhibit significant growth during the review period. Besides, the increasing expenses on infrastructure are likely to propel the establishment of cryogenic equipment across several industries. Apart from this, the complicated industrial processes would encourage the usage of liquid gases, which would propel the cryogenic equipment market at a global level. Likewise, an increase in demand for energy and power sector would bring an impact on the demand for LNG based power generation and hence, increasing the usage of oil tankers for transportation in the shipbuilding sector. These are the key drivers that influence the expansion of the cryogenic equipment market at a global level. There has been an increase in demand for cryogenic equipment in several end-use sectors such as healthcare, electronics, and power generation. The increased demand for LNG gases in the healthcare industry will propel the demand for cryogenic equipment. The usage of medical gases for identifying the ailment and treatment of several respiratory diseases like cardiovascular, asthma, and others will result in increased demand for medical gases that will propel the expansion of cryogenic equipment at a global level.
The global cryogenic equipment market is segregated on the basis of end-use, product type, cryogen type, and region.
- On the basis of end-use, the global cryogenic market can be segregated into electronics, metallurgical, energy & power, shipping, and others. Among all, the energy and power segment is estimated to lead the global cryogenic equipment market.
- On the basis of product type, the global cryogenic market can be segregated into tank, valve, pump, vaporizer, and others.
- On the basis of the cryogen type, the global cryogenic market can be segregated into nitrogen, argon, liquefied natural gas, oxygen, and others.
- On the basis of region, the global cryogenic market can be segregated into Europe, Asia-Pacific, North America, South America, and Middle East & Africa.
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A geographical analysis of Europe, Asia-Pacific, North America, South America, and the Middle East and Africa has been performed. On the basis of region, the Asia Pacific region is likely to acquire the largest share in the cryogenic equipment market influenced majorly by the advancements in the fast-developing nations like India, Japan, and China. From the last few years, there has been a rise in investment in the energy sectors, which has resulted in high demand for the cryogenic equipment in the region. The region is growing exponentially in sectors like chemical manufacturing, food and beverages, and others, which is driving the market at a global level. The second position is attained by Europe, followed by North America. Due to the established organizations, the European market and the North American market is likely to propel at a good pace.
- NOX India Ltd.
- Beijing Tianhai Industry Co.Ltd
- Parker Hannifin
- Cryofab Inc.
- Flowserve Corporation
- Cryoquip LLC
- Graham Partners
- Chart Industries Inc.
- Herose GmbH
- Air Liquide
- Linde Group AG
- VRV S.P.A
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