Global Cryogenic Equipment Market Trends, Applications, Analysis, Growth, and Forecast to 2028
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“Global Cryogenic Equipment Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global automotive exhaust emission control device market report has been segmented on the basis of product type, cryogen type, end-user, and region.
Global Cryogenic Equipment Market: Overview
Cryogenic equipments are used for production, maintenance, and application of materials at low temperatures. Equipments used for cryogenic processes are containers, pressure vessels, purifiers, and others.
Global Cryogenic Equipment Market: Dynamics
Increasing demand for industrial & specialty gases in oil & gas sector along with technological advancements in developing as well as developed nations are major factors expected to drive revenue growth of global market. Furthermore, ongoing investments for modernization and refurbishment of existing healthcare infrastructure and rising number of projects of gas to liquids, are expected to drive revenue growth of target market. In addition, factors such as innovative cryogenic applications, and adoption of standards for environment protection, which are expected to fuel growth of the global market. For example, Chart Industries Inc., a manufacturer of cryogenic equipment has developed new applications such as LN₂ dosing system for the craft beer market to help to enhance the shelf life of the product.
Implementation of HTS (high-temperature superconductor) power cables is another major factor that promotes importance to develop improved and advanced cryogenic equipment. In addition, HDVC cables also need to be cooled regularly for proper functioning, for that requires cryogenic refrigeration systems for transportation and storage. Furthermore, heavy investments in various developing countries, including India, to construct smart cities and high-speed trains is projected to create lucrative revenue opportunities for players operating in the target market in the upcoming period.
Global Cryogenic Equipment Market: Segment Analysis
Among the product type segments, the pump segments are expected to account for higher revenue shares in the global market.
Among the cryogen type segments, liquefied natural gas segment is expected to account for major revenue share in the global market, and is expected to maintain its dominance over the forecast period.
Among the end-user segments, the energy & power segment is anticipated to register significant growth rate in the target market.
Global Cryogenic Equipment Market: Region Analysis
Asia Pacific is the fastest-growing market, as it is a major consumer of target product. This is due to ongoing investments in energy sector coupled with increasing demand for LNG from emerging countries such as China, India, and Australia in the region. In addition, growth in end-user industries such as food & beverage, chemical, healthcare, along with introduction of GHG emission reduction targets, are some of the factors expected to drive growth of the target market. With an increasing presence of pharmaceutical companies and continuous focus on Research & Development activities in emerging economies are some of the other factors expected to drive growth of the target market over the forecast period. The cryogenic equipment market in North America is expected to grow at a significant growth rate, owing to increasing applications in industries including food & beverage and healthcare sector, along with increasing environmental concerns in the region.
Global Cryogenic Equipment Market Segmentation:
Segmentation by Product Type:
- Others (Pipe, Regulator, Strainer, Sampler, Tunnel Freezer)
Segmentation by Cryogen Type:
- Liquefied Natural Gas
- Other Cryogens
Segmentation by End-user:
- Energy & Power
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Air Liquide
- Linde Group AG
- Beijing Tianhai Industry Co., Ltd.
- Cryofab Inc.
- The Emerson Electric Co.
- Flowserve Corporation
- Graham Partners
- Parker Hannifin
- Herose GmbH
- INOX India Ltd.
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