The Worldwide Cryogenic Equipment Industry is Expected to Reach $36.7 Billion by 2030 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Cryogenic Equipment Market Size, Share & Trends Analysis Report by Product (Valve, Tank), by Cryogen (LNG, Nitrogen), by End-use (Oil & Gas, Chemical), by Application (Storage, Distribution), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global cryogenic equipment market size is expected to reach USD 36.7 billion by 2030, expanding at a CAGR of 6.5% during the forecast period.
Increasing demand for technical gases from the energy & power industries and rising needs within the entire Liquefied Natural Gas (LNG) value chain are expected to propel the industry growth during the forecast period.
Cryogenic equipment is widely used in LNG storage and transportation. LNG, a low-emission fuel, is preferred by several regulatory bodies addressing environmental concerns, thereby driving product demand. Rising investments in LNG power plants and the trend toward using LNG fuel in railroads and marine transportation have increased the demand for cryogenic equipment.
Technological developments in the fields of pharmaceutical, immunotherapy, vaccination, and regenerative medication have boosted the utilization of cryogenic equipment. In addition, a rise in cases of health-related problems, particularly in metropolitan areas, as well as the growing population is expected to support the growing installation of cryogenic equipment.
Advancement in the energy & power sector has led to the improvement of HTS cables and energy storage, facilitating the use of cryogenic equipment for cooling purposes. Furthermore, substantial investments in developing countries to construct smart cities, high-speed trains, and the need to reduce global carbon footprints are likely to create lucrative opportunities for the industry.
An increase in government programs, greenfield investments, and related policies to adopt advanced technological equipment is expected to boost product demand over the forecast period. Rapid industrialization and increasing disposable income have led to the widespread adoption of this equipment in automotive, metallurgy, and other industries. Companies in the industry are actively engaged in mergers and acquisitions and joint ventures to strive in the competitive industry.
Cryogenic Equipment Market Report Highlights
- The tank segment accounted for a significant revenue share in 2021. Tank equipment presents several benefits including high-quality insulation, extended service life, and lower maintenance cost
- The liquefied natural gas segment held the largest revenue share in 2021 due to the wider usage of LNG in various industries including, chemical, automotive, food, and energy sectors
- The storage application segment accounted for a significant share in 2021 due to the high demand for acquiring, storing, and monitoring liquefied gases like oxygen, nitrogen, natural gas, and argon
- The Asia Pacific was the dominant region in 2021owing to the rapid urbanization and industrialization in the region
- In January 2020, Linde plc announced starting a new air-separation plant in Shanghai Lingang Industrial Zone as a joint venture with Linde LienHwa to deliver ultra-high purity gases, such as nitrogen, oxygen, argon, carbon dioxide, as well as compressed dry air
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Cryogenic Equipment Market Variables, Trends & Scope
3.1. Market Segmentation & Scope
3.2. Penetration and Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.4. Technology Overview
3.5. Regulatory Framework
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.6.3. Industry Challenges
3.7. Business Environment Analysis
3.7.1. Industry Analysis - Porter's
3.7.2. PESTEL Analysis
3.8. COVID-19 Impact Analysis
Chapter 4. Cryogenic Equipment Market: Product Estimates & Trend Analysis
Chapter 5. Cryogenic Equipment Market: Cryogen Estimates & Trend Analysis
Chapter 6. Cryogenic Equipment Market: Application Estimates & Trend Analysis
Chapter 7. Cryogenic Equipment Market: End-use Estimates & Trend Analysis
Chapter 8. Cryogenic Equipment Market: Regional Estimates & Trend Analysis
Chapter 9. Cryogenic Equipment Market - Competitive Analysis
9.1. Key global players & recent developments & their impact on the industry
9.2. Key Company/Competition Categorization
9.3. Vendor Landscape
9.4. Public Companies
9.4.1. Company market position analysis
9.5. Private companies
9.5.1. List of key emerging companies and their geographical presence
Chapter 10. Company Profiles
10.1. Chart Industries Inc.
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Strategic Initiatives
10.2. Linde plc
10.3. Herose GmbH
10.4. Nikkiso Co. Ltd.
10.5. Wessington Cryogenics
10.6. Braunschweiger Flammenfilter GmbH
10.7. Standex International
10.8. INOX India Limited
10.9. Air Liquide SA
10.10. Premier Cryogenics Ltd.
10.11. Lapesa Grupo Empresarial
10.12. Galileo Technologies S.A.
10.13. MAN Energy Solutions SE
10.14. Cryolor SA
10.15. Ulvac Technologies, Inc.
10.16. Lapesa Grupo Empresarial
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