The global cryogenic equipment market is expected to exceed USD 22 billion by 2022. This may be attributed to the rising applications of cryogenic gases over the forecast period. They are used for handling highly cold liquid, and consist of valves, tanks, vaporizers, and pumps. A vacuum is created in between the outer and the inner body that helps to keep the temperature intact. Improvement in metal design has led to enhanced and efficient way of handling liquids, which is expected to increase the demand over the next seven years. Advancements in the metal technology have resulted in better capabilities to operate at low temperature, thereby increasing efficiency to hold liquids.
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Rapid industrialization and growing power & energy demand owing to rise in population is anticipated to be a major factor catalyzing growth in future. Several high-end applications of cryogens, such as rocket fuel, are further estimated to drive industry growth over the next few years. For instance, the NASA’s workhorse space shuttle used cryogenic hydrogen/oxygen propellant as a primary fuel. Furthermore, increasing use of liquid oxygen in high-level oxidation reactions that are carried out in cryogenic equipment is anticipated to catalyze industry growth over the forecast period.
Widespread usage of cryogens in the food processing industry and transportation of frozen food is also expected to provide avenues for market growth over the next few years. These equipment are widely used in several medical applications such as Magnetic Resonance Imaging (MRI) and dead cell preservation. In addition, they are also used in blood banks owing to growing need for rare blood storage at very low temperature. The market is poised for growth owing to the aforementioned factors.
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Increasing use of cryogens in several applications such as power & energy, chemicals, metallurgy, and electronics is expected to drive the product demand. Continuous development in the power and energy sector has resulted in the development of HTS cables and cryogenic energy storage. High investments in several developing countries, such as India, to build smart cities and superfast trains are also expected to offer growth opportunities for the industry participants. Increasing application of liquid nitrogen and Carbon Dioxide (CO2) in entertainment industry for special effects such as chilling and white fog is also anticipated to impel the industry demand over the next seven years.
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