GMI Research's recent analysis, global cryogenic equipment market, forecast to 2027, examines the trends in this market and how they are evolving across the different key geographic regions of the world. The increasing investments in cryogenic infrastructure and rising demand for cryogenic equipment across the value chain of LNG are the key factors driving the growth of the cryogenic equipment market.
Introduction of the Cryogenic Equipment Market:
Cryogenic equipment is majorly used to generate, sustain, and operate at extremely low temperatures. It can be used to store biologic, genomic, and diagnostic samples in liquid nitrogen. Cryogenic equipment is particularly designed to reach an ultra-low temperature at a slow rate to prevent thermal shock to the components being treated. Cryogenic equipment includes cryogenic accessories, boxes, cryogenic tanks, storage racks, refrigerators, and temperature controllers.
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Cryogenic Equipment Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Increasing investments in cryogenic infrastructure, rising demand for cryogenic equipment across the value chain of LNG, and growing demand for industrial gases from energy industries and metallurgy globally are some of the major factors fuelling the demand for the global cryogenic equipment market. Industrial gases play an important role in mining and metallurgy. Materials are usually mined, which can be derived through the agricultural process or created artificially in a laboratory. In the mining process, various industrial gases are used, including nitrogen, oxygen, and argon. The metallurgical sector, such as different industries include metal and steel, aluminum, and other industries regarding the metallic procedure. The metallurgic industry is moving towards the adoption of industrial gases to facilitate the mining process and to maintain the temperature of fuels. Such industrial gases are mainly used in cryogenic equipment, which decreases internal stress, implements ultra-zero quenching in the heat treatment process, and wear resistance of ferrous steel. Therefore, the growing requirement for industrial gases is the major factor propelling the growth of the market. On the other hand, the factor hampering the growth of the market include initial investment for deploying cryogenic plants for large scale industrial applications is high.
Based on region, Asia-Pacific is expected to grow at a higher CAGR during the forecast period due to the high availability of LNG in the region, and development in Asian economies which has led to LNG transportation as fuel or energy source.
Key Players of the Global Cryogenic Equipment Market:
· Linde Plc
· Chart Industries, Inc
· Parker Hannifin Corp
· Flowserve Corporation
· Emerson Electric Co
· Air Products and Chemicals, Inc
· Taylor-Wharton International, LLC
· Cryofab Inc
· Wessington Crygenics Ltd
· Herose GmbH
Cryogenic Equipment Market Segmentation:
Global Cryogenic Equipment Market Report Segment by Service Equipment:
Global Cryogenic Equipment Market Report Segment by Cryogen:
Global Cryogenic Equipment Market Report Segment by End-User:
· Energy & power
Global Cryogenic Equipment Market Report Segment by Region:
· North America
o United States of America
· Asia Pacific
o Rest of APAC
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)
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