Press release
Cryogenic Equipment Market To Witness High Growth Based On Rising Demand Across The Power & Energy Sector Till 2022: Grand View Research, Inc.
Grand View Research, Inc.
Rapid industrialization has led to widespread adoption of this equipment in the metallurgy industry. Development in metal design has resulted in the development of enhanced techniques for handling liquids and is expected to fuel market demand over the forecast period.
Browse full research report on Global Cryogenic Equipment Market:(http://www.grandviewresearch.com/industry-analysis/cryogenic-equipment-market?utm_source=pressrelease&utm_medium=referral&utm_campaign=openpr_Aug1&utm_content=content)
Further key findings from the report suggest:
• Tanks accounted for over 55% of the overall revenue in 2014. The need to store gases for several critical industrial processes as against conventional cooling lubricants (CLFs) is anticipated to drive the product demand over forecast period.
• Storage segment contributed over 65% of the overall revenue and is projected to display substantial growth with a CAGR exceeding 8% from 2015 to 2022. It provides a consistent and accurate temperature for storage and is expected to play a vital role in driving demand.
• Growth in the power & energy segment can be primarily attributed to rapid industrialization and several government initiatives. The segment accounted for over 20% of the revenue in 2014.
• Asia Pacific emerged as a dominant region with market size over USD 4.0 billion in 2014. The quest for Liquefied Natural Gas (LNG) in Asia Pacific is expected to drive growth over the forecast period, making it the highest revenue generating region.
• North America cryogenic equipment market is anticipated to experience significant growth over the forecast period. The North American food & beverage industry has witnessed a substantial growth over the last few years; a trend anticipated to provide an impetus for future market growth.
• Key market participants include Cryo pure, Packo Industry, Cryofab, Shell-N-Tube, Cryodepot, and Taylor-Wharton International LLC. Industry participants strive to focus on innovation and technical knowledge while simultaneously trying to own several patents and trademarks along with R&D activities. Purveyors abide by regulations such as DOE 6430.1A, DOE 5481.1B, DOE 5700.6C, CGA Pamphlet P-1, CGA Pamphlet S-1.1, ASME, and ASME B31.3 to manufacture safe and functional equipment.
Browse more reports of this category by Grand View Research: (http://www.grandviewresearch.com/industry/hvac-and-construction-technologies)
Grand View Research has segmented the global cryogenic equipment market based on product, gas, application, end-use, and region:
Cryogenic Equipment Product Outlook (Revenue, USD Million; 2012 - 2022)
• Tank
• Valve
• Pumps & Vaporizers
• Vacuum Jacketed Piping (VJP)
• Others
Cryogenic Equipment Gas Outlook (Revenue, USD Million; 2012 - 2022)
• Nitrogen
• Oxygen
• Argon
• Natural Gas
• Others
Cryogenic Equipment Application Outlook (Revenue, USD Million; 2012 - 2022)
• Distribution
• Storage
Cryogenic Equipment End-Use Outlook (Revenue, USD Million; 2012 - 2022)
• Oil & Gas
• Metallurgy
• Electronics
• Power & Energy
• Food & Beverage
• Healthcare
• Marine
Cryogenic Equipment Regional Outlook (Revenue, USD Million; 2012 - 2022)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
For more information: www.grandviewresearch.com
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Press Contact
Sherry James - Corporate Relations Specialist
201 Spear St #1100, Suite #3036
San Francisco, CA 94105
United States
Phone: 1-415-349-0058
Email: sales@grandviewresearch.com
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