Cryogenic Equipment Market Growth, Analysis & Forecast, 2020–2027 | Covid-19 Scenario, Drivers, Restraints and Opportunities

Cryogenic tanks are used for storing and transportation of liquefied industrial gases such as oxygen, hydrogen, nitrogen, helium, and argon. They are typically designed to store liquefied gases below -150°C. They come in various configurations such as horizontal, vertical, double-walled, and insulated. They can be static or fixed and mobile or transportable. They have wide applications in multiple industries such as medical technology, food, electronics, and metal processing for storing LNG in the LNG liquefaction terminals and in ships in the form of tankers.

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Cryogenic equipment is generally operated at temperature below -150°C. They are used for refrigeration or creating a low temperature condition through cryogenic gases such as nitrogen, helium, and argon. Moreover, advancements in cryogenic equipment technology have increased its application ranging from cold storage to core processes in various end-user industries. Regular applications for cryogenic equipment include freezing & cooling, enhancing certain chemical reactions, biomedical & chemical storage, and metal processing.

Different fluid cryogens are additionally utilized as fuel in aviation and rocketry. Cryogenic gear incorporates holders, pressure vessels, cold snares, purifiers, and funneling. Cryogenic equipment guarantees the upkeep of temperature levels inside the hardware. This gear shields clients from risky materials. The advancement in metal structure has brought about the development of upgraded strategies for taking care of fluids.

COVID-19 scenario analysis:

COVID-19 pandemic has shut-down the production of various products in the cryogenic equipment market, owing to the prolonged lockdown in major countries. This has hampered the growth of the cryogenic equipment market significantly from last few months, and is likely to continue during 2020.

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COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020, and is likely to cause a negative impact on the market growth during the year.

The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which are badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.

Key Segments

By Product

Tanks
Valves
Vaporizers
Pumps
Vacuum Jacketed Piping
Others

Gas Type

Nitrogen
Oxygen
Argon
LNG
Others

By Application

Distribution
Storage

By Region

North America
Europe
Asia-Pacific
LAMEA

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Key Players

Cryo Pure Corporation, Cryodepot, Cryofab Inc., Cryoquip LLC., HEROSE GMBH Armaturen, Metalle, and Packo Industry

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