Sellbyville, DE -- (SBWIRE) -- 03/04/2019 -- The U.S. cryogenic equipment market is predicted to exceed USD 4 million by 2024. Increasing industrial natural gas consumption coupled with sizeable investments in new E&P ventures will fuel the industry growth. As per the Energy Information Administration, in 2017, the U.S. witnessed consumption of 7.9 million cubic feet of natural gas across the industrial sector. Moreover, increasing natural gas liquefaction capacity in the country will stimulate the business growth.

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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Cryogenic storage equipment market share will expand over 7% by 2024. The industry growth is attributed to rising demand for sourcing, stocking, handling and transfer of liquefied gases. The ability of these equipment to store liquefied gases at extremely low temperatures represents one of the major factors which will drive the product adoption.

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.

Healthcare cryogenic equipment market will witness strong growth owing to the ongoing investments toward renovation and modernization of existing hospitals along with improving service portfolio. In the U.S., healthcare spending witnessed a substantial growth of 17% from 2013 to 2016 amounting for around USD 3 trillion.

To elaborate, storing cells, such as baby stem cells for later use avoids a situation of crisis for patients of the family and eliminates the time wasted in finding donors. The cryogenic equipment industry has been able to assist medical companies and professionals to implement long-term storage solutions for human cells, plasma and tissues for future use. Ongoing research activities are focusing on utilizing human cells for curing terminal illnesses, while many studies are concentrating on preserving endangered species through cryogenic storage of their bio samples. Development of effective vaccines & drugs to counter fatal diseases and epidemics also require ideal storage conditions to hold deadly viruses needed for research purposes. Statistics show that in 2016, the overall amount spent on health and medical research and development was around USD 171.8 billion and will keep increasing.

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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.

Key players in the cryogenic equipment market Chart Industries, Inc., Emerson, The Linde Group, Air Liquide, SKF Group, Flowserve Corporation, INOXCVA, Cryostar, BTIC Beijing Tianhai Industry Co., Ltd., Cryoquip, Helac Corporation - Parker Hannifin, CryoPacific, Inc. & Technifab Products.