The global cryogenic equipment market is likely to develop at 6.90% CAGR over the forecast period. 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.
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.
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Global Cryogenic Equipment Market Synopsis:
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.
Key Players analysed in the Cryogenic Equipment Market Report at:
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.
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.
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.
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