The report segments the cryogenic equipment market on the basis of cryogen type into nitrogen, oxygen, argon, LNG, and other cryogens. Although the oil & gas sector is witnessing a downturn, the LNG segment is expected to grow at the fastest pace. LNG demand is increasing across the globe and this demand is attributed to increase in gas-based power plants and shifting of locomotives and marine transport toward LNG for fuel.
Seattle, WA -- (SBWIRE) -- 06/27/2017 -- The report "Cryogenic Equipment Market by Product (Tank, Valve, Vaporizer, Pump), Cryogen (Nitrogen, Oxygen, Argon, LNG), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping) and Region - Global Forecast to 2021", The cryogenic equipment market is expected to grow from an estimated USD 16.18 Billion in 2016 to USD 22.42 Billion by 2021, at a CAGR of 6.74% from 2016 to 2021. Factors such as increasing demand for LNG and improving healthcare services, especially in the developing economies are driving the market globally.
Browse 75 market data Tables and 54 Figures spread through 160 Pages and in-depth TOC on "Cryogenic Equipment Market by Product (Tank, Valve, Vaporizer, Pump), Cryogen (Nitrogen, Oxygen, Argon, LNG), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping) and Region - Global Forecast to 2021"
http://www.marketsandmarkets.com/Market-Reports/cryogenic-equipment-market-735.html
Early buyers will receive 10% customization on reports.
Tanks would dominate the global cryogenic equipment market
The cryogenic equipment market in this report has been classified based on product type into the following segments, namely, tanks, valves, vaporizers, pumps and other equipment. The tank segment dominated the cryogenic equipment market in 2015. Tanks are the most expensive cryogenic equipment and hence hold the largest part of the market share. Cryogenic tanks are widely used for storing liquefied gases such as oxygen, nitrogen, and argon, among others.
Download PDF Brochure: http://www.marketsandmarkets.com/pdfdownload.asp?id=735
Nitrogen is the largest cryogen type-based market segment
The nitrogen segment holds the largest market size. This is because liquid nitrogen is used in almost all industries including food & beverage, healthcare, metallurgy and electronics among others. It is used for a wide variety of things, such as a coolant for computers, food preservation & packaging applications, among others. Moreover, the demand for liquid nitrogen in these industries for the mentioned applications is growing day by day. Hence, the market size of the cryogenic equipment used to handle liquid nitrogen is the largest.
Asia-Pacific is the dominant market for cryogenic equipment
Asia-Pacific is currently the largest market for cryogenic equipment. In Asia-Pacific, the growth of the cryogenic equipment market can be attributed to factors such as increasing investments in the energy sector and substantial growth in other end-user industries such as food & beverage and electronics among others in this region. Meanwhile, fastest growth is expected from the Middle Eastern market, due to the large number of LNG producers and rapid growth in chemical and healthcare industries where the cryogenic equipment are vital.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of companies, namely, Linde Group AG (Germany), Flowserve Corporation (U.S.), Air Liquide (France), VRV S.p.A. (Italy), Chart Industries, Inc. (U.S.), Parker Hannifin (U.S.), INOX India Limited (India), Wessington Cryogenics Ltd. (U.K.), Taylor Wharton Cryogenics LLC (U.S.), Herose GmbH (Germany), Graham Partners (U.S.), Emerson (U.S.), Cryoquip LLC. (U.S.), Cryofab, Inc. (U.S.), and Beijing Tianhai Industry Co., Ltd. (China). Dominant players are trying to penetrate developing economies and are adopting various methods to grab the market share.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.