The global Cryogenic Equipment
market is projected to grow at a significant growth rate during the forecast
period owing to the increase in demand for cryogenic equipment across multiple
end-use industries such as power generation, healthcare, electronics, and
others. The Global Cryogenic Equipment Market is Expected to Grow at 6.90% CAGR
During the Forecast Period.
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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Key Players:
Beijing Tianhai
Industry Co.Ltd, Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde
Group AG, VRV S.P.A, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve
Corporation
Global
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.
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Regional
Outlook
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.
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