According to the new market research report “Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps, Others), Cryogen (Nitrogen, Argon, Oxygen, LNG, and Others), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping, and Others), and Region – Global forecast to 2025″ The global cryogenic equipment market is projected to reach USD 17.1 billion by 2025 from an estimated USD 12.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Rising demand for LNG across regions is creating demand opportunities for cryogenic equipment. Also, the increasing number of air separation units projects are driving the cryogenic equipment market. However, cryogenic equipment is feasible for large scale applications only.
Browse 119 market data Tables and 34 Figures spread through 169 Pages and in-depth TOC on “Cryogenic Equipment Market“
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North America is estimated to be the second-fastest market for cryogenic equipment during the forecast period. The cryogenic equipment market in this region is expected to be driven primarily by the demand from the energy & power sector. The shale boom and the electronics manufacturing in the US, the growing chemicals and plastics sectors in Canada, and demand from onshore and offshore fields in the Gulf of Mexico are expected to foster the growth of the cryogenic equipment market in the region.
Vaporizers is the new revenue pocket in cryogenic equipment. The vaporizers are generally designed for customer station, distribution, and plant back up applications. The maximum available working pressure ranges from 40bar to 400bar for most of the vaporizers. It can also reach up to 1000bar depending upon the type and application. The vaporizers are typically made using aluminum material of different grades for different parts. An automatic switching system is a recent technology that allows switch-over to alternative vaporizer if the previous one has become inefficient due to frost build-up. It has wide applications in welding, environmental technology, water treatment, food processing, medical, energy, and electronic industry.
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Liquefied oxygen seeks high application from the metallurgy industry as it is the most required gas for ignition and combustion purposes. According to the World Steel Association, in 2019, 72% of the steel production was done through oxygen. As the demand for steel increases, the demand for oxygen is likely to grow, further creating demand for oxygen-related cryogenic equipment. Similarly, Aerospace applications are increasing in the Asia Pacific region, with countries such as India and Russia venturing more into the space cryogenic engines. These engines have many advantages over conventional engines, hence they can be considered as one of the emerging market opportunities. Thus, increasing space missions also create opportunities for oxygen-related cryogenic equipment in the near future.
Some of the key players are Linde plc (Ireland), Chart Industries (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), and Cryofab (US). The leading players are adopting various strategies to increase their share in the cryogenic equipment market. Contracts & agreements, and mergers & acquisitions have been a widely adopted strategy by the major players in the cryogenic equipment market.
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