Cryogenic Equipment Market Analysis
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. 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. 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.
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.
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.
Cryogenic Equipment Industry Segmentation
According to the reports by MRFR, the Cryogenic
Equipment Market Reports 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
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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