New York, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Cryogenic Equipment Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Cryogenic Equipment Market Research Report by Product Type (Valve, Tank, Vaporizer and Pump), Cryogen type (Oxygen, Nitrogen, Liquified Natural Gas and Argon), End-Use (E and P, Chemical, Electronics and Metallurgical) and Region - Forecast till 2030”.
Market Research Future’s Review on Cryogenic Equipment Market
The global cryogenic equipment market is projected to be worth USD 37.18 billion by 2030, registering a CAGR of 7.29% during the forecast period (2022 - 2030)., The market was valued at USD 13.41 billion in 2021.
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Key Players
Eminent market players profiled in the global cryogenic equipment market report include:
- Beijing Tianhai Industry Co.Ltd
- Cryofab Inc.
- Emerson
- Graham Partners
- Herose GmbH
- Linde Group AG
- VRV S.P.A
- Air Liquide
- Chart Industries Inc.
- Cryoquip LLC
- Flowserve Corporation
- Parker Hannifin
- INOX India Ltd.
- Among others.
COVID-19 Analysis
The COVID-19 outbreak has impacted the businesses’ profitability in almost every industry. Different regions including Europe have been impacted heavily, recording all-time low electricity costs in the first half of 2020. Further because of the severity of the pandemic, industries are laying emphasis exclusively on essential work resulting to a halt on the installation of industrial components. Makers of these components are experiencing several issues associated with order completions owing to global lockdown. The slowing down in the operations of different industries such as rail transport, healthcare, food and beverage, shipping, electronics, chemicals, metallurgy, and energy & power has affected the cryogenic equipment installation as well. In order to combat the crisis, most manufacturing units in India as well as other countries in Asia Pacific are engaged to produce several healthcare products which also include PPE kits for emergency services. VRA Asia Pacific, for instance, a company engaged to design and manufacture cryogenic equipment produces superior quality liquid cylinders & storage tanks to store liquid oxygen.
Further, the crisis has disrupted the oxygen cylinders supply in India due to halt in production in different parts of the country. On 4th April, 2020, however, the Union Ministry of Health directed every union territory and state in maintaining adequate oxygen suppliers. In Italy, on the contrary, the day to day consumption of oxygen in hospitals has gone up during the crisis as the total number of patients requiring ventilators as well as other types of supplemental oxygen has increased. Such factors have developed an opportunity for the manufacturers of cryogenic equipment to revive a part of their production operations. One of the leading hospitals in London in the UK of late has come close to exhausting the supply of oxygen leading to urgent requirement for oxygen cylinders. This urgent need for cryogenic cylinders is ultimately fuelling the market thus increasing the installation and production of such equipment.
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Drivers
Growth of Medical Gases to Diagnose and Treat Respiratory Diseases to Boost Market Growth
The growth of medical gases to diagnose and treat different respiratory diseases like cardiovascular, asthma, and others will boost the market growth over the forecast period.
Opportunities
Increasing Use of Natural Gas to offer Robust Opportunities
The increasing use of LNG and natural gas to shift or phase out to a clean form of energy from a coal-based energy will offer robust opportunities for the market over the forecast period.
Besides, the increasing use of cryogenic valve in various end-user industries like pharmaceutical industries, chemical, and food and beverage, civilizing healthcare services in the growing economies, enlargement of high-temperature superconductor power cables, growing trade of natural gases, increase in cryogenic energy storage systems, and the rapid urbanization and industrialization, are also adding market growth.
Restraints and Challenges
Costly Liquefaction Process to act as Market Restraint
The costly process of liquefaction for cryogenic gases may act as a market restraint over the forecast period.
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Market Segmentation
The global cryogenic equipment market is bifurcated based on end use, cryogen type, and product type.
By product type, the tank segment will lead the market over the forecast period.
By cryogen type, the liquefied natural gas segment will dominate the market over the forecast period.
By end use, the E and P segment will spearhead the market over the forecast period.
Regional Analysis
APAC to Have Lions Share in Cryogenic Equipment Market
The APAC region will have lions share in the global cryogenic equipment market over the forecast period. Advances in fast-developing nations such as China, Japan, and India, increasing investment in energy sectors, booming food and beverage and chemical manufacturing sectors, constant rise in the energy demand, several developments in different fields like chemicals, healthcare, space research, and others, Japan being the largest importer of LNG where countries like India and China having considerable increase in LNG imports, involvement in the LNG uses different equipment from converting gas into LNG to its storage, distribution, and transportation, increased investment in LNG transportation as energy & fuel source, high pace of industrialization and urbanizations, and the use of cryogenic equipment in various industrial gas applications are adding to the global cryogenic equipment market growth in the region. Besides, the existence of top steel production in developing countries like South Korea, India, Japan, and China, growing need from developing countries for LNG, chemicals, electronic equipment, and metallurgy processes to cater to the growing need from industrial and residential sectors, growing propagation in the E and P sector, the growing need for petrochemical products, and the increasing need for cryogenic valves in the transfer line application are also adding market growth.
Segmentation of Market covered in the research:
Cryogenic Equipment Market Research Report by Product Type (Valve, Tank, Vaporizer and Pump), Cryogen type (Oxygen, Nitrogen, Liquified Natural Gas and Argon), End-Use (E and P, Chemical, Electronics and Metallurgical) and Region - Forecast till 2030
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 2030 : USD 37.18 billion |
| CAGR | 7.29% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Cryogen type, End-Use |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Beijing Tianhai Industry Co.Ltd, Cryofab Inc., Emerson, Graham Partners, Herose GmbH, Linde Group AG, VRV S.P.A, Air Liquide, Chart Industries Inc., Cryoquip LLC, Flowserve Corporation, Parker Hannifin, INOX India Ltd. |
| Key Market Opportunities | Rapid expansion of the oil and gas sector |
| Key Market Drivers | · Increasing LNG demand · Improving healthcare services · Increasing infrastructure spending · Increasing infrastructure spending |
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