Cryogenic Equipment Market 2020 COVID-19 Impact Analysis, Growth Insights, Top Manufacturers, Industry Updates, Scope and Regional Forecast 2024

Global Cryogenic Equipment Market - Overview

The global Cryogenic Equipment Market 2020 is expected to witness substantial growth over the review period at a 6.9% CAGR, as per the detailed report by Market research future (MRFR). 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.

Competitive Landscape:

The major players of the global cryogenic equipment market, as identified by MRFR, are INOX India Ltd., Parker Hannifin, Flowserve Corporation, Cryoquip LLC, Chart Industries Inc., Air Liquide, VRV S.P.A, Linde Group AG, Herose GmbH, Graham Partners, Emerson, Cryofab Inc., Beijing Tianhai Industry Co.Ltd, among others.

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NOTE: This report takes into account the current and future impacts of COVID-19 on this industry and offers you an in-dept analysis of Cryogenic Equipment market.

Industry Highlights:

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 growth graph of the market has observed owing to the ongoing investments across the oil & gas sector, which will eventually accelerate the business growth in the years to come. Also, the increase of the market size is attributed to mounting demand for sourcing, stocking, handling, and transfer of liquid gases. Thus, the ability of this equipment to store liquefied gases at extremely low temperatures is turning to be one of the major factors which will drive the product adoption and spur the market exponentially.

Drivers and Restraints:

The market is primarily driven by the growing LNG demand and enhanced healthcare services in emerging economies. Additionally, the increasing expenditure towards infrastructural development is also slated to fuel the installation of cryogenic equipment in numerous industry verticals. Moreover, the intricate industrial processes would integrate the adoption of liquid gases, which is also likely to impact the market growth positively over the review period. The increasing demand for energy and power industry is expected to fuel the demand for LNG based power generation and, therefore, the rising usage of oil tankers for transportation in the shipbuilding industry. The development of medical gases for the diagnosis and treatment of numerous respiratory diseases such as cardiovascular, asthma, and others is also slated to lead to the growth of cryogenic equipment. The increasing adoption from major application industries and improving economic dynamics across the globe are also some other notable factors. The rise in LNG trade and advancements in cryogenic energy storage systems have also been acknowledged as significant opportunities for the market.

On the other hand, the volatility of oil prices is expected to impede the growth of the global Cryogenic Equipment Industry owing to the reduction or delay in capital expenditure in LNG and other associated projects.

Global Cryogenic Equipment Market Segmental Analysis:

According to the reports by MRFR, the cryogenic equipment market is segmented on the basis of end-users, components, and cryogen.

By the mode end-users, the market is segmented into chemical, oil & gas, electronics, food & beverages, pharmaceutical, healthcare, shipping, mining & metallurgy, and others.

By the mode of components, the market is segmented into valve, tank, pump & vaporizer and others.

By the mode of cryogen used, the market has been segmented as oxygen, nitrogen, argon, and others.

Cryogenic Equipment Industry Regional Overview:

The geographical overview of the global market for cryogenic equipment is analyzed in precisely four regions, including the Asia Pacific, North America, Europe, and the Rest of the world (comprising Latin America and the Middle East and Africa).

The North American cryogenic equipment market is anticipated to record the highest growth and acquire the largest market share over the review period. This growth is attributed to the established energy and power sector in the region, especially in developed economies such as the United States and Canada. Additionally, governments are focused on reducing carbon emissions, which is likely to increase gas-based fuel production.

The Asia Pacific region is also poised to witness substantial growth over the review period owing to the rapid expansion of the energy and power sector, and carbon emission in emerging economies such as China, Australia, and India.

In the Rest of the World segment, the middle east and Africa region are also expected to gain significant traction over the assessment period, driven by the established oil and gas sector in the middle east.

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This release was published on openPR.