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:
Beijing Tianhai Industry Co Ltd
Linde Group AG
Chart Industries LLC
Segment by Type:
Segment by Application:
Energy & Power
Segment by Regions:
Middle East & Africa
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