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 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. Increasing demand for industrial gases and
investments in LNG infrastructure is driving the Cryogenic Equipment Market.
Moreover, the increasing demand for industrial gases from cryogenic energy
storage and cryoelectronics manufacturing is likely to bring opportunities for
the Cryogenic Equipment Market.
The vaporizer segment is expected to grow at the highest CAGR from 2020
to 2025.
Cryogenic vaporizers are used for high volume vaporization and
regasification of industrial gases like LNG to release them in a controlled
flow. The various types of vaporizers are ambient vaporizers, water bath
vaporizers, shell and tube vaporizers, electric vaporizers, and well service
vaporizers. Industries like metallurgy and chemicals are observing increasing
consumption for industrial gases. For this, the industries have to set up air
separation units at their manufacturing sites. These air separation units
involve different types of vaporizers for converting the cryogenic liquid back
into gaseous form for end-use purposes. These factors have increased the demand
for vaporizers.
Browse in-depth TOC on "Cryogenic Equipment
Market"
119 – Tables
34 – Figures
169 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=735
The Nitrogen segment is expected to lead the global Cryogenic Equipment
Market during the forecast period.
Nitrogen is mostly used in industries like energy & power for
enhanced oil recovery. It is mostly used in fertilizer and chemical industries.
Fertilizer is the major consumer of nitrogen. In 2019, According to the
National Center for Biotechnology Information, every year, 50 million tons of
nitrogen are produced. This growth rate stimulated the demand for equipment to
handle and manage the Nitrogen. However, the cryogen equipment market for
nitrogen is mature; thus, there is a lesser year on year demand for nitrogen
handling and cryogenic transportation equipment.
The electronics segment is expected to grow at the highest CAGR in the
global Cryogenic Equipment Market during the forecast period.
Cryogenics has vast applications in the electronics industry. Cryogenic processing
extends the life of the circuit boards. They are also employed in switching
devices, semiconductor, and superconductor devices since low temperature
decreases the resistance of materials. Cryogenic milling and freezer grinding
are some of the other processes that happen in the electronic industry.
Cryogenic equipment such as semiconductor grade vaporizers and tanks are
commonly used. Increasing the construction of air separation units for the
electric industry is likely to drive the Cryogenic Equipment Market during the
forecast period.
To enable an in-depth understanding of the competitive landscape, the
report includes the profiles of some of the top players in the Cryogenic
Equipment Market.
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.
Browse Related Reports:
Cryogenic
Pump Market by Type (Centrifugal, Positive Displacement), by Gas (Nitrogen,
Oxygen, Argon, LNG, and Others), by End-User (Energy & Power, Chemicals,
Metallurgy, Electronics, and Others), & by Region - Global Trends &
Forecasts to 2021
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Suite 430
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USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com
