Global Cryogenic Equipment Market - Overview
The global Cryogenic
Equipment Market 2020 is expected to witness substantial
growth over the review period at a 6.9% CAGR, as per the detailed report by
Market research future (MRFR). 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.
Competitive
Landscape:
The
major players of the global cryogenic equipment market, as identified by MRFR,
are INOX India Ltd., Parker Hannifin, Flowserve Corporation, Cryoquip LLC,
Chart Industries Inc., Air Liquide, VRV S.P.A, Linde Group AG, Herose GmbH,
Graham Partners, Emerson, Cryofab Inc., Beijing Tianhai Industry Co.Ltd, among
others.
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NOTE: This report takes into account the current and future impacts of
COVID-19 on this industry and offers you an in-dept analysis of Cryogenic
Equipment market.
Industry Highlights:
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 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.
Impact of COVID-19 on the Global Cryogenic
Equipment Market at: https://www.marketresearchfuture.com/report/covid-19-impact-cryogenic-equipment-market
Drivers
and Restraints:
The market is primarily
driven by the growing LNG demand and enhanced healthcare services in emerging
economies. Additionally, the increasing expenditure towards infrastructural
development is also slated to fuel the installation of cryogenic equipment in
numerous industry verticals. Moreover, the intricate industrial processes would
integrate the adoption of liquid gases, which is also likely to impact the
market growth positively over the review period. The increasing demand for
energy and power industry is expected to fuel the demand for LNG based power
generation and, therefore, the rising usage of oil tankers for transportation
in the shipbuilding industry. The development of medical gases for the
diagnosis and treatment of numerous respiratory diseases such as
cardiovascular, asthma, and others is also slated to lead to the growth of
cryogenic equipment. The increasing adoption from major application
industries and improving economic dynamics across the globe are also some other
notable factors. The rise in LNG trade and advancements in cryogenic energy
storage systems have also been acknowledged as significant opportunities for
the market.
On the other hand, the
volatility of oil prices is expected to impede the growth of the global Cryogenic
Equipment Industry owing to the reduction or delay in
capital expenditure in LNG and other associated projects.
Global Cryogenic
Equipment Market Segmental Analysis:
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.
Cryogenic Equipment Industry
Regional Overview:
The geographical overview
of the global market for cryogenic equipment is analyzed in precisely four
regions, including the Asia Pacific, North America, Europe, and the Rest of the
world (comprising Latin America and the Middle East and Africa).
The North American
cryogenic equipment market is anticipated to record the highest growth and
acquire the largest market share over the review period. This growth is
attributed to the established energy and power sector in the region, especially
in developed economies such as the United States and Canada. Additionally,
governments are focused on reducing carbon emissions, which is likely to
increase gas-based fuel production.
The Asia Pacific region
is also poised to witness substantial growth over the review period owing to
the rapid expansion of the energy and power sector, and carbon emission in
emerging economies such as China, Australia, and India.
In the Rest of the World
segment, the middle east and Africa region are also expected to gain
significant traction over the assessment period, driven by the established oil
and gas sector in the middle east.
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