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.
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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.
Furthermore, ongoing efforts for reducing GHG emissions driven by increasingly stringent regulations by government globally is also turning as a fuelling factor to the global market growth to expand gradually at a higher CAGR. Besides, the cryogenic equipment market will also witness strong growth in the future term owing to the ongoing investments being made toward renovation and modernization of existing containers along with improving service portfolio. In the U.S., the oil & gas sector is spending a lot, which is witnessing substantial growth in the latest timeframe.
On the other hand, the demand for LNG applications is also driven by diesel and petroleum displacement in oil-producing countries to utilize better natural gas. Thus, global natural gas demand is also expected to continue with its robust growth graph and is also be going to be crucial for the growth of the cryogenic equipment market.
Global Cryogenic Equipment Market 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.
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.
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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