Global Cryogenic Equipment Market Set for Rapid Growth, to Reach USD 22.7 Billion by 2022
Sarasota, FL -- (SBWIRE) -- 01/10/2018 -- Cryogenic equipment is utilized to generate, maintain materials at extremely low temperatures. Usually, equipment utilized in the cryogenic application includes cold traps, pressure vessels, pipes, containers, and purifiers. In several cases, cryogenic equipment holds or assists in the transfer of chilled liquids (liquefied gases) such as oxygen, argon, liquid helium and nitrogen. Even liquefied natural gas (LNG) is handled through cryogenic equipment. Proper insulation is vital for the efficiency of cryogenic components, as it assures that ideal temperature levels are maintained within the equipment. Similarly, during handling of temperature and materials insulation, cryogenic component protects equipment users. Usually suitable separation between refrigeration and cryogenic is minus 180°celsius. A variety of cryogens and cryogenic equipment are utilized in research laboratories, which is important in certain technology and electronics operations.
The cryogenic equipment is segmented on the basis of equipment type, end-user industries, and application. On the basis of equipment, the global cryogenic equipment market is segmented into tanks, valves, vacuum jacketed pipes and pump & vaporizer. Among this equipment, tanks were the leading segment of the global cryogenic equipment market in 2016. In the cargo tanks, LNG carriers carry an enormous amount of LNG, and therefore, maintaining the tank stress is of high importance. Extended service life, high-quality insulation, and low maintenance cost are several benefits provided by cryogenic tanks. On the basis of end-user industries, the cryogenic equipment market is segmented into chemical, energy & power, food & beverage, oil & gas, and electronics. The cryogenic equipment market for energy & power industry accounted for the largest share in 2016. The major application of cryogenic equipment in energy and power sector is transportation and storage of LNG. On the basis of application, the cryogenic equipment market is segmented into storage and distribution. Storage segment is estimated to account for the largest cryogenic equipment market share among all the applications. The device is utilized for creating low-temperature conditions for storing gases such as nitrogen, oxygen, natural gas, and argon.
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Rising LNG demand, improving healthcare services in the increasing economies and the development of high-temperature superconductor power cables are expected to remain major driving factors for the growth in the cryogenic equipment market. The decline in global steel production could be a restraining factor for the cryogenic equipment market. Increasing deal of natural gases and rise in cryogenic energy storage systems offers new growth opportunities for the global cryogenic equipment market. The rapid speed of industrialization & urbanization and improved demand across the healthcare industry are also boosting the growth of global cryogenic equipment globally.
Based on regional segmentation, Asia Pacific was the most attractive and largest market for cryogenic equipment in 2016. In the Asia Pacific, increasing investments in the energy sector and significant growth in other end-user industries are the factors attributed to the growth of the cryogenic equipment market. Europe countries have strict regulation governing the use of inland LNG-fueled ships. Also, certain countries such as Russia also plan to develop LNG powered locomotives. The presence of important steel production countries such as Japan, China, India, and South Korea will be a major factor for the growth of the market
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Some of the major players involved in the global cryogenic equipment market include Praxair Inc., FIBA Technologies Inc., INOX India Pvt. Ltd., Linde Group AG, Flowserve Corporation, Air Liquide SA, Oxford Instruments Plc., Herose GmbH, Cryoquip Llc., Wessington Cryogenics, VRV S.p.A., and Chart Industries, Inc.
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