MRFR has a newly added “Global Cryogenic Equipment Market Report” that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.
Global Cryogenic Equipment Industry Overview
Cryogenic
equipment is deployed in a very low temperature materials or procedures. The
cryogenic equipment encompasses cryogenic storage racks & boxes,
temperature controllers, cryogenic refrigerators, cryogenic tanks, and other
cryogenic accessories. A cryogenic tank is usually applied for the purpose of
storing cryogenic gases such as carbon dioxide, liquid oxygen, argon, methane,
and nitrogen. The global cryogenic equipment market is likely to develop at
6.90% CAGR over the forecast period.
On the
other hand, cryogenic refrigerator finds wide application in storing cryogenic
materials. The cryogenic refrigerator functions with a refrigerant that is
circulated in a fluid flow route between the initial and second chambers by the
movement of a displacer.
Cryogenic
equipment is used in several other applications that include food preservation,
transportation & storage of liquefied gases, rocket fuels, cryosurgery, and
super-conducting electromagnets, among others. With the rising demand for
liquid gases across different sectors, application of cryogenic equipment
becomes extremely important. Surging growth throughout different end-use
sectors such as metallurgy, energy & power, healthcare, chemicals, and
others would propel the market for cryogenic equipment. The key factor driving
the cryogenic equipment market comprises the development of healthcare sector
and growing LNG in the emerging economies.
Additionally,
accelerating infrastructure outlay is also expected to drive the installation
of cryogenic equipment in different industries. Moreover, complex industrial
procedures would integrate the application of liquid gases which would further
encourage the growth of cryogenic equipment. Similarly, surging demand for
energy & power sector would drive the market for LNG based power generation
and this will result in expanding usage of oil tankers for commute in the
shipbuilding sector. These factors would drive the development of cryogenic
equipment market. The worldwide Cryogenic Equipment Market is
anticipated to expand at a substantial growth rate over the forecast period.
The growth is owing to the rise in demand for cryogenic equipment throughout
multiple end-use sectors such as healthcare, power generation, electronics, and
others. Surging demand for medical gases in the healthcare industry coupled
with the growing LNG production would give rise to the application of cryogenic
equipment.
The
increasing application of medical gases for treatment and diagnosis and of
several respiratory ailments such as cardiovascular, asthma, and others would
propel the demand for medical gases which in turn would stimulate the
development of cryogenic equipment market.
Global Cryogenic Equipment Market Key Players studies are:
· Cryofab Inc.,
· Beijing Tianhai Industry Co.Ltd,
· Graham Partners,
· Emerson, Linde Group AG,
· Herose GmbH,
· VRV S.P.A,
· Chart Industries Inc.,
· Air Liquide,
· Cryoquip LLC,
· Parker Hannifin,
· Flowserve Corporation, and
· INOX India Ltd.
Cryogenic Equipment Market Segmentation
The global cryogenic
equipment market has been segmented based on cryogen type, product type,
region, and end-use.
Based on end-use, the market
has been segmented into chemical, energy & power, shipping, metallurgical,
and electronics, among others. Energy & power subsegment is likely to lead
the global cryogenic equipment market. Moreover, economies such as China and
the US are concentrating on decreasing the carbon emission, which is estimated
to augment gas-based generation.
Regional Analysis
North America is leading the
cryogenic equipment market and the trend is likely to develop over the forecast
period. The key regions dominating the North America market include the US,
Canada, and Mexico. The increasing focus of the US to curtail the amount of
carbon emissions is a major factor driving the demand for cryogenic equipment
in this market. In Europe market, the key regions accelerating the demand for
cryogenic equipment market include Germany, Russia, UK, France, and the Rest of
Europe.
The Asia Pacific market is
anticipated to witness a growing demand for cryogenic equipment owing to its
increasing awareness about carbon emissions along with the stringent government
regulations prevailing within the market. The key regions dominating the cryogenic
equipment market include India, Japan, China, Australia, and Malaysia, out of
which, China happens to hold a prominent share of the market. Middle East and
Africa and South America are also considered as growing markets for the global
cryogenic equipment.
Get
Summary of this Report at: https://www.marketresearchfuture.com/reports/cryogenic-equipment-market-1266
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