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Cryogenic Equipment Market By Product Type (Tanks, Valves, Pumps, Pipes, Others), By Cryogen Type (Nitrogen, Oxygen, Natural Gas, LNG, Others), By End-Use (Chemical, Energy & Power, Metallurgy, Shipping, Others) - Growth, Share, Opportunities & Competitive Analysis, 2019 -2027

Growing investments for modernization along with technological advancement in developing and developed nations will boost the market.

The global cryogenic equipment market is growing competently, expected to grow at a CAGR of 7.4% during the estimated period from 2019 to 2027, starting from US$ 16.59 Bn in 2018.

Market Synopsis

Dominance is led by the wide-scale implementation of cryogenic gases across Energy & Power industries.

The natural gas-based cryogenic equipment market is expected to hold a market share of around 32% in 2018, thereby driving the market growth globally. In addition, the substantial availability of natural gas across developing countries such as China, Argentina, and India, along with abundant untapped reservoirs favored by the U.S., will boost the industry's growth. Moreover, widespread requirement and increasing demand for L.N.G. across industries like the power and oil & gas sector as a feedstock is likely to spur the market for cryogenic equipment on a global scale.

Furthermore, growing E&P (exploration & production) technologies, including well hydraulic fracturing and enhanced oil recovery, will drive the product penetration, owing to its application as an injection fluid. For instance, "M.A.N. Energy Solutions," a marine-based L.N.G. gas manufacturer, signed a contract with Swedish shipping line company "Wallenius S.O.L." for supplying L.N.G. fuel-gas supply systems along with two RoRo new buildings in China, Yantai Raffles shipyard.

The factors driving the cryogenic equipment market are the growing demand for clean energy production technologies such as L.N.G., increased consumption of natural gas, and an upsurge in demand for metallurgical processes. Moreover, growing significant requirements have increased the amount of natural gas liquefied and transported around the globe by a network of special cryogen tankers. Additionally, increasing global demand for energy and natural gas, the respiratory healthcare sector, and more usage of therapies like genetically live tissue drug therapy and biopharma therapy are likely to spur the market for cryogenic equipment over the forecast period.

Regional Analysis

Rapid industrialization across various regions coupled with growing power demand for L.N.G. storage and shipping worldwide will flicker the market growth for cryogenic equipment.

The Asia Pacific is projected to dominate the market and accounted to hold a market revenue of around 38% in 2019. Additionally, growing power demand coupled with rapid industrialization from economies like China, India, and Japan makes the Asia Pacific a dominant player globally. Moreover, development in shipping industries has increased investments toward L.N.G. transportation in Asian countries, thereby expanding the market revenue for cryogenic equipment in the upcoming years. Furthermore, demand for new technological applications and increasing demand from healthcare, food & beverages, metal, and power industries for cryogenic gases is projected to drive the market growth over the forecast period.

For instance, in May 2018, Safmarine, a container carrier announced their involvement with the behemoth project for Cryolor Asia Pacific and will deliver 80 Cryogenic tanks for Cryolor SA from India to Charleston, U.S.A. announced. In addition, the global shift towards clean energy has significantly improved the development of battery technology in order to harness solar and wind energy. For instance, according to Highview, the cryobattery would cost around US$ 143 per MWh/200 MW system, making it a cost-efficient energy storage technology.

List of Companies Covered:

  • Emerson
  • Air Liquide
  • Nikkiso
  • Parker Hannifin Corporation
  • Air Products
  • Chart Industries Inc.
  • Cryofab Inc.
  • Cryoquip L.L.C.
  • Heroes GmbH
  • INOX India Ltd.
  • Linde Group AG
  • Taylor-Wharton International L.L.C.
  • V.R.V. S.P.A.
  • Wessington Cryogenics Ltd.

Key Industry Development:

  • In January 2020, Air Products were going to showcase its latest innovations in cryogenic food processing cryogenic tunnel freezer design, i.e., "Freshline® MP-Plus freezer" and "Freshline® QuickChill™ Injector," in the upcoming International Production & Processing Expo (IPPE) held in Atlanta, Georgia.
  • In September 2019, Magma Global signed a contract with Shell Gas to develop a flexible single polymer composite (S.P.C.) pipeline for cryogenic applications of down to -196oC.
  • In November 2019, BioLife Solutions announced its acquisition with Custom Biogenic Solutions to add the liquid nitrogen laboratory freezers and cryogenic equipment to their portfolio.

Historical & Forecast Period

This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.

Segmentation Product Type (2017–2027; US$ Bn)

  • Tanks
  • Valves
  • Pumps
  • Pipes
  • Others (Vaporizers, Vacuum Jacketed Piping, etc.)

 Cryogen Type (2017–2027; US$ Bn)

  • Nitrogen
  • Oxygen
  • Natural Gas
  • L.N.G.
  • Others (Argon, Helium, Neon, etc.)

 End-use (2017–2027; US$ Bn)

  • Chemical
  • Energy & Power
  • Metallurgy
  • Shipping
  • Others (Electronics, Food & Beverages, Healthcare, etc.)

 Geography (2017–2027; US$ Bn)

  • North America (U.S., Canada)
  • Europe (U.K., Germany, Spain, Italy, Rest of Europe)
  • Asia Pacific (Japan, China, India, Rest of Asia Pacific)
  • Rest of the World (Latin America, Middle East & Africa)

The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall cryogenic equipment market better. The global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

Frequently Asked Questions:

The market for Cryogenic Equipment is expected to reach US$ 16.59 Bn in 2028.

The Cryogenic Equipment market is expected to see significant CAGR growth over the coming years, at 7.4%.

The report is forcasted from 2019-2027.

The base year of this report is 2021.

Emerson, Air Liquide, Nikkiso, Parker Hannifin Corporation, Air Products, Chart Industries Inc., Cryofab Inc., Cryoquip L.L.C., Heroes GmbH are some of the major players in the global market.

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Published Date:  Feb 2020
Category:  Energy
Report ID:   60190
Report Format:   PDF
Pages:   120
Rating:    4.2 (56)
Delivery Time: 24 Hours to 48 Hours   
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