Press release
Cryogenic Equipment Market by 2024 Trends and Opportunities With Major Players - Chart Industries, Inc., Cryofab, Inc., Cryoquip, Herose Limited, Packo Industry, The Linde Group, FIBA Technologies, Inc. and Wessington Cryogenics
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The factors driving this market are the increased consumption of natural gas, growing demand for clean energy production technologies such as LNG, and up surge in demand for metallurgical processes. Besides, the increased global demand for energy and natural gas, growing needs for respiratory healthcare and more usage of therapies such as biopharma therapy and genetically live tissue drug therapy are spurring the growth of cryogenic equipment market.
The growth of major application industries and high economic growth of developing countries are some other important market drivers. Growth in LNG trade and development in cryogenic energy storage systems has been identified as the major opportunity that attracts all cryogenic equipment manufacturers.
Among the applications, storage segment is expected to hold the largest market during the forecast period. The growth in storage segment is expected due to an increasing need for sourcing, stocking, handling and transferring liquefied gases such as oxygen, nitrogen, natural gas and argon.
Geographically, Asia-Pacific is expected to hold the largest share in the cryogenic equipment market, driven largely by the developments in fast growing economies such as China, India, Japan, and Australia, and the quest for LNG. The increased LNG import from the Middle East & Africa is also one of the key factors for the healthy growth of cryogenic equipment.
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The key players in the cryogenic equipment market are Chart Industries, Inc., Cryo Pure Corporation, Cryodepot, Cryofab Inc., Cryoquip LLC., HEROSE GMBH Armaturen und Metalle, Packo Industry, Shell-N-Tube, Linde Group AG, FIBA Technologies Inc., Taylor-Wharton International LLC, Wessington Cryogenics and Cryogenic Systems Equipment, Inc.
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