Market Insights
Cryogenic
equipment market is estimated to cultivate by 2027 with a
higher CAGR as per the reports published by Market Research Future. The growth
graph of the market has observed owing to the ongoing investments across the oil
& gas sector, which will eventually accelerate the business growth in the
years to come. Also, the increase of the market size is attributed to mounting
demand for sourcing, stocking, handling, and transfer of liquid gases. Thus, the
ability of this equipment to store liquefied gases at extremely low
temperatures is turning to be one of the major factors which will drive the
product adoption and spur the market exponentially.
The
market also reports that the accessibility of a wide variety of designs such as
refrigerator-cooled, supercritical helium-cooled, original cryogenic pump are
spotted to meet the growing customer basics and will fuel the product adoption.
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Global Cryogenic
Equipment Market Drivers & Trends
The
scenario of shale gas exploration has widely resulted in the production of high
natural gas, thereby escalating the demand in the oil & gas sector.
Cryogenic equipment is widely used in LNG storage and transportation as it is
an extremely low emission fuel that is preferred by several regulatory bodies
addressing environmental concerns. This factor is thereby driving the cryogenic
equipment market to gain prominence in the years to come.
With
that, rapid industrialization has also led to widespread adoption of this
equipment mainly in the metallurgy industry. Robust development in metal design
held by the manufacturers has resulted in the expansion of enhanced techniques
for handling liquids. This is another critical driving factor that is expected
to fuel the market over the forecast period.
Furthermore,
ongoing efforts for reducing GHG emissions driven by increasingly stringent regulations
by government globally is also turning as a fuelling factor to the global
market growth to expand gradually at a higher CAGR. Besides, the cryogenic
equipment market will also witness strong growth in the future term owing to
the ongoing investments being made toward renovation and modernization of
existing containers along with improving service portfolio. In the U.S., the oil
& gas sector is spending a lot, which is witnessing substantial growth in
the latest timeframe.
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Cryogenic Equipment
Market Segmentation
According
to the reports by MRFR, the cryogenic equipment market is segmented on the
basis of end-users, components, and cryogen.
By
the mode end-users, the market is segmented into chemical, oil & gas,
electronics, food & beverages, pharmaceutical, healthcare, shipping, mining
& metallurgy, and others.
By
the mode of components, the market is segmented into valve, tank, pump &
vaporizer and others.
By
the mode of cryogen used, the market has been segmented as oxygen, nitrogen,
argon, and others.
Regional Outlook: Global Cryogenic
Equipment Market
Region
wise, Asia Pacific is leading the market of cryogenic equipment since 2016 and is
accounted for a significant share of the market in the coming years. Also, the increasing
investments are being made in the energy sector, which is gaining considerable
growth in end-user industries. These are vital factors attributed to the growth
of the cryogenic equipment market in this region. Another major factor for the
growth of cryogenic equipment market is recorded as the presence of leading
steel production companies in countries such as China, Japan, India, and South
Korea.
Whereas,
Europe region is also observing a significant rise in the market share owing to
some strict regulations that are governing in the region over the use of inland
LNG-fuelled ships. Moreover, countries such as Russia also has a plan to
develop LNG powered locomotives.
Key Players
The
key players of Cryogenic Equipment Market report include Linde Group AG, Air
Liquide, Beijing Tianhai Industry Co., Ltd., Cryoquip Llc., Taylor-Wharton International
Llc., VRV S.P.A., Flowserve Corporation, Parker Hannifin, Inox India Ltd., and
Wessington Cryogenics Ltd.
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