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Cryogenic Equipment Market is thriving Worldwide with Chart Industries, Inc., Emerson, The Linde Group, Air Liquide, SKF Group, Flowserve Corporation, INOXCVA, Cryostar, Cryoquip, CryoPacific, Inc.

01-17-2019 07:51 PM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Cryogenic Equipment Market

Cryogenic Equipment Market

Increasing awareness regarding new technologies in the industrial and healthcare sectors has proliferated the cryogenic equipment market, with worldwide earnings surpassing USD 15 billion in 2017. From the storage and distribution of industrial gases like nitrogen, oxygen, argon, helium and hydrogen to rubber and plastic deburring, cryogenics help to attain remarkable performance and cost-efficiency. The cryogenic equipment industry has also been able to carve out a sizable chunk from the healthcare segment globally, with applications such as storage of human cell, vaccinations and other biomaterials as well as for therapeutic uses. Continuous advancement in health tech and expansion of the medical services portfolio will create added opportunities for the cryogenic equipment market, as gradual increase in disposable income encourages the consumption of available services.

The U.S. cryogenic equipment market is predicted to exceed USD 4 million by 2024. Increasing industrial natural gas consumption coupled with sizeable investments in new E&P ventures will fuel the industry growth. As per the Energy Information Administration, in 2017, the U.S. witnessed consumption of 7.9 million cubic feet of natural gas across the industrial sector. Moreover, increasing natural gas liquefaction capacity in the country will stimulate the business growth.

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Nitrogen based cryogenic equipment market size will grow on account of the product’s wide-ranging applications across oil & gas operations including injection & pressure testing, EOR, reservoir pressure maintenance, well stimulation, nitrogen floods and inert gas lift. Furthermore, the predominant use of the gas during plant maintenance shutdown and start-up preparations of refineries and petrochemical industries will stimulate the business growth.

Healthcare cryogenic equipment market will witness strong growth owing to the ongoing investments toward renovation and modernization of existing hospitals along with improving service portfolio. In the U.S., healthcare spending witnessed a substantial growth of 17% from 2013 to 2016 amounting for around USD 3 trillion.

To elaborate, storing cells, such as baby stem cells for later use avoids a situation of crisis for patients of the family and eliminates the time wasted in finding donors. The cryogenic equipment industry has been able to assist medical companies and professionals to implement long-term storage solutions for human cells, plasma and tissues for future use. Ongoing research activities are focusing on utilizing human cells for curing terminal illnesses, while many studies are concentrating on preserving endangered species through cryogenic storage of their bio samples. Development of effective vaccines & drugs to counter fatal diseases and epidemics also require ideal storage conditions to hold deadly viruses needed for research purposes. Statistics show that in 2016, the overall amount spent on health and medical research and development was around USD 171.8 billion and will keep increasing.

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Major contributors for the healthcare R&D expense in the U.S. constitute healthcare service companies, medical technology firms and biopharmaceutical developers. A large amount of processes involved with these industries require low-cost and low-temperature distribution techniques, which also provide a non-reactive environment. With rising R&D budgets and more innovations being made in the healthcare segment, the cryogenic equipment market will generate commendable returns owing to unique offerings that allow researchers to carry out studies on different biomaterials. Innovative procedures like the cryotherapy are new to the world but present immense potential for growth. Studies have proven that cold therapy speeds up the process of recovery after physical workout and has been applied to athletes.

Key players in the cryogenic equipment market:
• Chart Industries, Inc.
• Emerson
• The Linde Group
• Air Liquide
• SKF Group
• Flowserve Corporation
• INOXCVA
• Cryostar
• BTIC Beijing Tianhai Industry Co., Ltd.
• Cryoquip
• HEROSE GMBH Armaturen und Metalle
• Helac Corporation - Parker Hannifin
• CryoPacific, Inc.
• Technifab Products
• Veite Cryogenic Equipment & Service, Inc.
• IWI CRYOGENIC VAPORIZATION SYSTEMS (INDIA) PVT. LTD.
• NIKKISO CRYO INC

Cryogenic Equipment Market By Product, By Cryogen, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024 in detail along with the table of contents@ https://www.gminsights.com/industry-analysis/cryogenic-equipment-market

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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