Market set to exceed USD 25 billion by 2024

Sellbyville, DE -- (SBWire) -- 01/16/2019 --In line with the rapid industrialization and surging requirement of cryogenic products, players in the cryogenic equipment market have been investing extensively in capacity expansions and construction of new facilities. Rise in power requirement along with the escalating involvement of energy companies in power generation to fulfil the surging energy needs is poised to impel the industry trends over the years ahead. For instance, a few months before, leading midstream energy company, Targa Resources Corp opened a cryogenic gas processing unit, wherein it plans to cool natural gas that is used prominently in the power plants to separate natural gas liquids and dry natural gas. In addition, Targa has been involved in research and development activities to diversify its product portfolio for enhancing its existing consumer base. The deployment of innovative cryogen processing facilities across myriad countries is thus slated to strengthen the industry outlook.

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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.

Natural gas based cryogenic equipment market size 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.

Major contributors for the healthcare R&D expense in the U.S. constitute healthcare service companies, medical technology firms and biopharmaceutical developers. A large amount of processes involved with these industries require low-cost and low-temperature distribution techniques, which also provide a non-reactive environment. With rising R&D budgets and more innovations being made in the healthcare segment, the cryogenic equipment market will generate commendable returns owing to unique offerings that allow researchers to carry out studies on different biomaterials. Innovative procedures like the cryotherapy are new to the world but present immense potential for growth. Studies have proven that cold therapy speeds up the process of recovery after physical workout and has been applied to athletes.

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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 include,
- Chart Industries
- INOXCVA
- Emerson Electric
- Cryostar
- Linde Group
- Wessington Cryogenics
- Praxair Technology
- Air Products and Chemicals
- Air Liquide, Graham Partners
- Ebara