Cryogenic equipment market to garner substantial proceeds from healthcare applications, escalating R&D activities to propel the industry demand & predicted to grow over 7% by 2024.
Sellbyville, DE -- (SBWIRE) -- 02/21/2019 -- 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.
Ongoing efforts to reduce GHG emissions driven by increasingly stringent legislative requirements will fuel the global market growth. For instance, the European Union has set a target to reduce GHG emissions by 40% compared to the 1990 levels by 2030, thereby leading to an increased use of cryogenics from natural gas. In addition, rising number of projects of integrated gasification combined cycle, clean coal and gas to liquids processes are contributing to the industry growth.
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Natural gas based cryogenic equipment market is set to expand over 7% by 2024. Abundant Availability of natural gas, majorly across Argentina, China, and the U.S. favored by abundant untapped reservoirs will fuel the industry growth. Moreover, the increasing demand of LNG on account of its widespread requirement across the power and oil & gas sector as a feedstock, will foster the product adoption.
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.
All in all, initiatives taken by the companies to expand their footprints across the globe by providing broader set of solutions is poised to improve the product demand. The shifting focus of the companies to target prominent consumers of cryogenic equipment by providing optimized technology services will also have a significant influence on the industry trends. Driven by the surging industrialization and transforming healthcare services, cryogenic equipment market will surpass a revenue collection of USD 25 billion by the end of 2024.
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Key players in the cryogenic equipment market include
- Chart Industries
- Emerson Electric
- Linde Group
- Wessington Cryogenics
- Praxair Technology
- Air Products and Chemicals
- Air Liquide, Graham Partners