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Global Cryogenic Equipment Market Size Is Forecasted To Reach $25.05 Billion By 2022 | Million Insights

Global Cryogenic Equipment Market Size Is Forecasted To Reach $25.05 Billion By 2022 | Million Insights

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According to new report available with Million Insights, The ever increasing power and energy demand along with faster rate of industrialization are considered to be the important factors to drive the market over 7 years.

Industry Insights

By 2022 the market size of global cryogenic equipment is forecasted to reach $25.05 billion. The ever increasing power and energy demand along with faster rate of industrialization are considered to be the important factors to drive the market over 7 years. HTS cables and energy storages are improved due to the advancements in energy and power sector. Larger amounts of investments from developing countries like India, who wish to construct high-speed trains and smart cities, are anticipated to provide boosts to the industry partakers.

Demand for liquefied gases in the field of industrial processes is critical. Example of CLFs i.e. conventional cooling lubricants can be considered, which are not useful in machining operations compared to the expected alternatives which improve sustainability of environment along with cutting temperatures. In rare cases the CLFs cannot perform the exact application required and adversely affect the environment and that’s the exact area where the cryogenics can be a better alternative.

Full Research Report On Global Cryogenic Equipment Market Analysis available @ https://www.millioninsights.com/industry-reports/cryogenic-equipment-devices-market

End-use Insights

Several industries including electronics, food and beverage, metallurgy and oil & gas can have cryogenic equipment at their discretion. 20% of the total revenue was constituted by power and energy in the year 2014. The investments in power industry in the developing nations opens up new market places and enables growth.

In the year 2014 the revenue from food and beverage applications crossed the one billion mark. Over the next seven years owing to the critical need of freezing and chilling a significant rise in the demand of the frozen foods is expected which will continue over the period.

Moreover the factors such as legislations governing food and beverage along with awareness about use of energy and effect of carbon emissions has positively affected the freezing technology.

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Application Insights

Over 60% of the overall market share was occupied by Storage in the year 2014. Rise in need for stocking, handling, sourcing and transferring gases like nitrogen, oxygen, argon and natural gas can be considered important reasons for the growth.

Low temperature environments for storing gases is created using the equipment. Insulation is provided by the gases within which prevents changes with changes in external temperatures.

In 2014 the distribution sector was valued over $3.5 billion. The CAGR at which the segment is expected to grow is more than 7% from 2015-2022. Even if the distribution segment holds less market share, it is significant in the industries such as marine, food and beverage and oil & gas.

Gas Insights

Over 40% of the total market share was occupied by natural gas was observed to be dominant segment in the same year. High natural gas production is the outcome of the Shale revolution started by the U.S. Government ultimately shooting up the demand in oil & gas sector. Tremendous trade opportunities are anticipated to rise due to the increased trade of natural gas.

With over more than 7% CAGR the market of oxygen gas is expected to grow over the estimated period. The second largest component of earth’s atmosphere and a being a strong oxidizer, oxygen, is necessary support of life. Critical applications of oxygen as cryogenic product allows the consumers to maintain a significant temperature difference between environment and product also providing insulation to oxygen from cryogenic equipment.

Product Insights

The revenue generated from the tanks segment was over $6.5 billion in the year 2014 and is expected to grow. The carriers that transport LNG in larger amounts in cargo tanks which makes it regulatory to maintain pressure of the tank. Lower maintenance costs, extended service life along with high-end insulations are some of the benefits provided by the tanks.

Cryogenic liquids are transported using a specialized insulated pipe designed especially for the application providing high performance is called as Vacuum jacketed pipe (VJP). They are specifically used in labs where pipeline system is rerouted frequently. Demand over the forecast period is expected to boost due to the increased use of vacuum jacketed pipes in thermal chambers. The segment is anticipated to cross $1.5 billion by the end of forecast period.

Regional Insights

Over 30% of the revenue was generated from the Asia Pacific market which was dominant in 2014. In the absence of pipelines LNG is stored and distributed accordingly. The development in Asian nations has caused increase in investment which drives the demand. Temperatures as low as -165 C are required by some of the Healthcare facilities in Asia that preserve blood of rare blood groups.

Owing to the significant applications across healthcare, food and beverage along with electronics industry will allow Europe to capture considerable amount of market share. European governments favour the use of LNG because of its low emission capabilities and ability to address environmental concerns will drive the demand. The demand for tanks that store gases is driven by large amount of LNG transported to European nations.

Competitive Market Share Insights

Severe competition will be experienced by the market due to the presence of well-established players. Performance, technical knowledge, price and ability to manufacture and design are the parameters on which the market competes.

Charts Industries, Herose GmbH, Linde Group have extensively undertaken R & D activities to reduce the risks involved with the equipment. The rising need for the supply of gas on site has made firms undertake aggressive management techniques to improve technology and production.

Major industries in the market are Linde Group, Herose GmbH, Cryogenic Systems Equipment Inc and Chart Industries. Acquisition of firms that complement their present products is being undertaken by these firms.

Market Segment:

Cryogenic Equipment Product Outlook (Revenue, USD Million; 2012 – 2022)
• Tank
• Valve
• Pumps & Vaporizers
• Vacuum Jacketed Piping (VJP)
• Others

Cryogenic Equipment Gas Outlook (Revenue, USD Million; 2012 – 2022)
• Nitrogen
• Oxygen
• Argon
• Natural Gas
• Others

Cryogenic Equipment Application Outlook (Revenue, USD Million; 2012 – 2022)
• Distribution
• Storage

Cryogenic Equipment End-Use Outlook (Revenue, USD Million; 2012 – 2022)
• Oil & Gas
• Metallurgy
• Electronics
• Power & Energy
• Food & Beverage
• Healthcare
• Marine

Cryogenic Equipment Regional Outlook (Revenue, USD Million; 2012 – 2022)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/hvac

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