Global Cryogenic Equipment market is valued to reach USD 12.2 Billion in 2020, growing at at CAGR of 6.02% during forecast period 2020-2026. Factors like increase in demand from end-use industries such as energy & power, metallurgy and chemicals coupled with complex process in manufacturing units have driven a huge demand for liquid gases which is driving the market growth.
The cryogenic equipment operates at very low temperature by having a cryogenic tank for gas storage such as oxygen, carbon dioxide, argon and nitrogen. Cryogenic refrigeration is used as a storage equipment for storage & transportation of liquefied gases. Commercially, increase in demand from the end-use industries such as energy & power, metallurgy and chemicals is driving the market growth. In addition, complex process in manufacturing units have driven a huge demand for liquid gases which is further anticipated to have a strong influence over the market growth.
Cryogenic equipment market witness a high growth rate attributing to the rise in demand for cryogenic equipment across various sectors such as electronics, healthcare and power generation. Additionally, the rise in LNG production and huge demand for gases in the healthcare sector is expected to trigger the use of cryogenic equipment in the following years.
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Segment by Key players:
Cryofab Inc.
Emerson
Beijing Tianhai Industry Co Ltd
Graham Partners
Herose GmbH
Air Liquide
Linde Group AG
Cryoquip LLC
Chart Industries LLC
Segment by Type:
Valve
Pump
Vaporizer
Tank
Segment by Application:
Chemicals
Energy & Power
Electronics
Metallurgy
Shipping
Segment by Regions:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Global Oxygen Cryogenic Equipment Market Report, History and Forecast 2020-2025
Global LNG Cryogenic Equipment Market Report 2020
Global Nitrogen Cryogenic Equipment Market Report
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