Global Cryogenic Equipment Market 2020-2025: Emphasis on Industrial Gases

Latest research, 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.

Key Market Players:

The major players in the global cryogenic equipment market are Linde plc (Ireland), Chart Industries (US), Parker Hannifin (US), Flowserve Corporation (US), Emerson (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), Cryofab (US), Wessington (UK), ACME (US), and Herose GmbH (Germany), Cryostar (France), and Cryoquip LLC (US).

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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.

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.

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Key Questions Addressed by the Report:

• The report identifies and addresses the key segments of the cryogenic equipment market, which will help manufacturers and service providers review the growth in demand.
• The report helps system providers understand the pulse of the market and provides insights regarding the drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and make more pivotal strategic decisions.
• The report addresses the market share analysis of key players in the cryogenic equipment market, and with the help of this, companies can enhance their revenues in the respective markets.
• The report provides insights about emerging geographies for cryogenic equipment, and hence, the entire market ecosystem can gain a competitive advantage.

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Cryogenic Equipment Market 2025 Expected to Rise at A Higher CAGR Value, Driving Factors, Sales and Revenue

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.

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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.

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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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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MarketsandMarkets™ INC.
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USA : 1-888-600-6441
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Cryogenic Equipment Market Analysis and In-depth Research on Market Size, Trends, Emerging Growth Factors and Forecasts

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.

                                                                           

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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