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. 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.
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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 market, owing to the reduction or delay in capital expenditure in LNG and other associated projects.
The global Cryogenic Equipment market has been analyzed based on product type, cryogen type, and end-use.
The product segment of the global market for cryogenic equipment comprises valves, tanks, vaporizers, pumps, and others.
The cryogen type segment of the global cryogenic equipment market consists of oxygen, nitrogen, liquefied natural gas, argon, and others. The liquefied natural gas (LNG) segment is expected to witness the highest growth, driven by the increasing demand globally and the shift towards LNG adoption as a fuel for locomotives and marine transport.
Based on the end-use, the cryogenic equipment market has been segmented into energy & power, chemical, electronics, shipping, and metallurgical, among others. The energy & power segment is anticipated to lead the global cryogenic equipment market. Moreover, countries such as the US and China are focusing on decreasing the carbon emission, which is projected to surge gas-based generation.
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.
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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