Global Cryogenic Equipment 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.
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.
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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Report at: https://www.marketresearchfuture.com/reports/cryogenic-equipment-market-1266
Cryogenic Equipment Industry 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
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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