According to a report published by Grand View Research, Inc.; the global cryogenic equipment market is expected to reach a valuation of around USD 25.05 billion by 2022. Rapid industrialization and increasing demand from power and energy sectors are anticipated to drive the market. Stringent government initiatives and increasing investments in emerging countries can further propel growth during the forecast period (2012 to 2022).
Shale gas exploration has increased production of natural gas. Cryogenic equipment are extensively used for storage and transportation of Liquefied Natural Gas (LNG), a low emission fuel. High preference for LNG by regulatory bodies due to increasing environment concerns is expected to positively influence market growth in near future. Rising preference for cryogenics as an alternative to conventional Cooling Lubricating Fuels (CLFs) for machining operations and their environment sustainability can also drive market in the forthcoming years.
Full Research Report On Cryogenic Equipment Market Analysis:
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Asia Pacific cryogenic equipment market by end-use, 2012 – 2022 (USD Million)
The worldwide cryogenic equipment market can be segmented on the basis of product, gas, application, end-use, and region. Based on product, the market can be categorized into tank, pumps and vaporizers, valve, Vacuum Jacketed Piping (VJP), and others. In 2014, In terms of revenue, the tanks segment held over 55% market share. Rising need for storing gases for critical industrial applications can drive segment growth during the forecast period.
On the basis of gas, the market can be fragmented into nitrogen, argon, oxygen, natural gas, and others. In 2014, natural gas was the leading segment with over 40% of overall revenue share. U.S. government’s shale revolution efforts have resulted into high production of natural gas. Growing trade of the same is likely to create remarkable growth opportunities. The oxygen segment, on the other hand, is anticipated to expand at a CAGR exceeding 7.0% during the forecast period.
As per application, the market for cryogenic equipment can be bifurcated into storage and distribution. In 2014, the storage segment was the leading segment with over 60% of total market share. The segment is projected to showcase significant growth over the forecast period with a CAGR exceeding 8% over the forecast period. In 2014, distribution segment was valued at over USD 3.5 billion and is expected to expand at a CAGR exceeding 7% by 2022. Distribution plays a crucial role in industries such as food and beverage, marine, and oil and gas among others.
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Based on end-use, the market can be categorized into oil and gas, metallurgy, electronics, power and energy, food and beverage, healthcare, and marine. In 2014, power and energy accounted for over 20% of the total market share in terms of revenue. Growing investments in power sector, especially across the emerging countries is expected to drive growth in the forthcoming years.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific is projected to register the fastest growth during the forecast period. The region is expected to expand on account of increasing demand for LNG. Rapid developments in Asian countries has increased investments in LNG transportation as a source of energy and fuel. In addition, healthcare facilities store and preserve certain rare blood groups at temperature as low as -165 °C. This factor is anticipated propel regional expansion in the forthcoming years.
North America is likely to exhibit significant growth during the forecast period due to thriving food and beverage industry. Europe is anticipated to acquire the largest market share attributed to increasing applications in industries including food and beverage, healthcare, and electronics for low temperature storage requirements. Increasing environmental concerns has favored LNG. High amount of LNG is transported to key regional countries. This is expected to increase demand for storage tanks for these gases.
Key companies operating in the cryogenic equipment market include Cryogenic Equipment & Services, Inc.; Taylor-Wharton International LLC; Cryogenic Systems Equipment, Inc.; Chart Industries; and Wessington Cryogenics.
Grand View Research has segmented the global cryogenic equipment market based on product, gas, application, end-use, and region:
Cryogenic Equipment Product Outlook (Revenue, USD Million; 2012 – 2022)
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Tank
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Valve
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Pumps & Vaporizers
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Vacuum Jacketed Piping (VJP)
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Others
Cryogenic Equipment Gas Outlook (Revenue, USD Million; 2012 – 2022)
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Nitrogen
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Oxygen
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Argon
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Natural Gas
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Others
Cryogenic Equipment Application Outlook (Revenue, USD Million; 2012 – 2022)
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Distribution
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Storage
Cryogenic Equipment End-Use Outlook (Revenue, USD Million; 2012 – 2022)
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Oil & Gas
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Metallurgy
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Electronics
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Power & Energy
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Food & Beverage
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Healthcare
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Marine
Cryogenic Equipment Regional Outlook (Revenue, USD Million; 2012 – 2022)
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North America
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Europe
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Asia Pacific
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Latin America
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Middle East & Africa
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