PUNE, India, March 09, 2020 (GLOBE NEWSWIRE) --
Market Overview
The global Cryogenic Equipment market is projected to grow at a significant growth rate during the forecast period owing to the increase in demand for cryogenic equipment across multiple end-use industries such as power generation, healthcare, electronics, and others. Increasing LNG production and demand for medical gases in the healthcare sector would give rise to the use of cryogenic equipment The growth of medical gases for diagnosis and treatment of various respiratory diseases such as asthma, cardiovascular, and others would lead to the demand for medical gases which would boost the growth of cryogenic equipment. The Global Cryogenic Equipment Market is Expected to Grow at 6.90% CAGR During the Forecast Period.
Cryogenic equipment is deployed in a very low temperature materials or procedures. 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. 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. The worldwide Cryogenic Equipment market is anticipated to expand at a substantial growth rate over the forecast period. The growth is owing to the rise in demand for cryogenic equipment throughout multiple end-use sectors such as healthcare, power generation, electronics, and others. Surging demand for medical gases in the healthcare industry coupled with the growing LNG production would give rise to the application of cryogenic equipment.
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Market Segmentation
The global cryogenic equipment market has been segmented based on cryogen type, product type, region, and end-use. Based on end-use, the market has been segmented into chemical, energy & power, shipping, metallurgical, and electronics, among others. Energy & power subsegment is likely to lead the global cryogenic equipment market. Moreover, economies such as China and the US are concentrating on decreasing the carbon emission, which is estimated to augment gas-based generation.
Regional Analysis
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.
Key Players
The global cryogenic equipment market is dominated by key players such as Cryofab Inc., Beijing Tianhai Industry Co.Ltd, Graham Partners, Emerson, Linde Group AG, Herose GmbH, VRV S.P.A, Chart Industries Inc., Air Liquide, Cryoquip LLC, Parker Hannifin, Flowserve Corporation, and INOX India Ltd.
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