Global Cryogenic Equipment Market 2018:2024, Growth Factor and Investment Analysis by key Players Chart Industries, Inc., Emerson, The Linde Group, SKF Group, INOXCVA, Cryostar, Cryoquip
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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.
Nitrogen based cryogenic equipment market 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.
According to the U.S. Centers for Medicare and Medicaid Services (CMS), the healthcare spending in the country had reached USD 3.5 trillion in 2017 with a 4.6% rise as compared to the previous year. In 2015, spending in the healthcare sector was recorded to be EUR 338 billion in Germany alone, that became the highest spending country in Europe. The prevalence of chronic diseases, presence of appropriate heath insurance policies and the growing expenditure on medical facilities has simultaneously propelled the cryogenic equipment industry. Storing millions of dollars’ worth of biological products and life saving vaccines that are to be supplied across the world depend on proper storage facilities. Importance of preserving human cells and tissues have led to the establishment of hundreds of companies offering suitable healthcare services, driving demand for the cryogenic equipment market.
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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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.
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, Helac Corporation - Parker Hannifin, CryoPacific, Inc. & Technifab Products.
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