The cryogenic equipment market is expected to grow from
an estimated USD 16.18 Billion in 2016 to USD 22.42 Billion by 2021, at a CAGR
of 6.74% from 2016 to 2021. Factors such as increasing demand for LNG and
improving healthcare services, especially in the developing economies are
driving the market globally.
Market Ecosystem
The cryogenic equipment market starts with the
manufacturing of equipment such as tanks, valves, vaporizers, and pumps, among
others
To provide an in-depth understanding of the competitive
landscape, the report includes profiles of companies, namely, Linde Group AG
(Germany), Flowserve Corporation (U.S.), Air Liquide (France), VRV S.p.A.
(Italy), Chart Industries, Inc. (U.S.), Parker Hannifin (U.S.), INOX India
Limited (India), Wessington Cryogenics Ltd. (U.K.), Taylor Wharton Cryogenics
LLC (U.S.), Herose GmbH (Germany), Graham Partners (U.S.), Emerson (U.S.),
Cryoquip LLC. (U.S.), Cryofab, Inc. (U.S.), and Beijing Tianhai Industry Co.,
Ltd. (China). Dominant players are trying to penetrate developing economies and
are adopting various methods to grab the market share.
Tanks would dominate the
global cryogenic equipment market
The cryogenic equipment market in this report has been
classified based on product type into the following segments, namely, tanks,
valves, vaporizers, pumps and other equipment. The tank segment dominated the
cryogenic equipment market in 2015. Tanks are the most expensive cryogenic
equipment and hence hold the largest part of the market share. Cryogenic tanks
are widely used for storing liquefied gases such as oxygen, nitrogen, and
argon, among others.
Stakeholders:
The stakeholders
included in this report are as follows:
·
Cryogenic equipment manufacturers, dealers, and
suppliers
·
Cryogenic gases/liquid merchant producers,
suppliers, and dealers
·
Cryogenic plant developers and service providers
·
LNG dealers
·
Oil & gas companies
·
Consulting companies in the E&P sector
·
Cryogenic and cold storage associations
·
Power and energy associations
·
Shareholders and investors
·
Investment banks
Nitrogen is the largest
cryogen type-based market segment
The nitrogen segment holds the largest market size. This
is because liquid nitrogen is used in almost all industries including food
& beverage, healthcare, metallurgy and electronics among others. It is used
for a wide variety of things, such as a coolant for computers, food
preservation & packaging applications, among others. Moreover, the demand
for liquid nitrogen in these industries for the mentioned applications is
growing day by day. Hence, the market size of the cryogenic equipment used to
handle liquid nitrogen is the largest.
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Asia-Pacific is the dominant
market for cryogenic equipment
Asia-Pacific is currently the largest market for
cryogenic equipment. In Asia-Pacific, the growth of the cryogenic
equipment market can be attributed to factors such as increasing
investments in the energy sector and substantial growth in other end-user
industries such as food & beverage and electronics among others in this
region. Meanwhile, fastest growth is expected from the Middle Eastern market,
due to the large number of LNG producers and rapid growth in chemical and
healthcare industries where the cryogenic equipment are vital.
Objectives of the
study:
·
To analyze the cryogenic equipment market based
on product type, cryogen type, end-user, and region
·
To strategically analyze micromarkets with
respect to individual growth trends, future prospects, and contribution to the
overall market
·
To analyze major driving factors, restraints,
opportunities, burning issues, and winning imperatives in the cryogenic
equipment market
·
To analyze trends and forecasts of the cryogenic
equipment market and its subsegments
·
To analyze the major stakeholders in the
cryogenic equipment market and provide a detailed competitive landscape for the
leading players of the industry
·
To analyze the industrial trends in major
regions, namely, North America, Asia-Pacific, Europe, South America, Africa,
and the Middle East
·
To analyze competitive developments, such as
contracts & agreements, expansions, new product launches and mergers &
acquisitions in the global cryogenic equipment market, and profile the major
players of the market
