The cryogenic equipment is deployed over very low temperature materials or the processes. The cryogenic equipment includes the cryogenic refrigerators, cryogenic storage racks & the boxes, temperature controllers, cryogenic tanks and other cryogenic accessories. Moreover, the cryogenic tank is generally used for storing the cryogenic gases associated to liquid oxygen, carbon dioxide, argon, nitrogen and methane. On the other hand, the cryogenic refrigerator is used for preserving cryogenic materials. In cryogenic refrigerator, a refrigerant is circulated over a fluid flow path between first & second chambers over the movement of a displacer. The cryogenic equipment is widely used over various applications associated to storage & transportation of liquefied gases, food preservation, super-conducting electromagnets, and others.
According to study, “Global Cryogenic Equipment Market to reach USD 18.65 million by 2026” The key companies operating in the global cryogenic equipment market are Beijing Tianhai Industry Co. Ltd., Herose GmbH, Linde Group AG, Cryofab Inc., Flowserve Corporation, Emerson, Chart Industries Inc., Air Liquide, Graham Partners, Parker Hannifin, VRV S.P.A, Cryoquip LLC and INOX India Ltd.
Based on cryogen, cryogenic equipment market is segmented as nitrogen, oxygen, argon, LNG and others (helium, hydrogen, nitrous oxide, and carbon dioxide). LNG segment dominates the market owing to diesel displacement & continuing efforts by petroleum producing countries to exploit the better stranded natural gas and flared gases. Based on equipment, market is segmented as valves, pumps, tanks, vaporizers and others (pipe, freezer, dewar, regulator, strainer, sampler, leak detection equipment, heat exchangers, and accessories). Based on application, market is segmented as storage and distribution. Storage segment is anticipated to witness higher growth rate due to rise in need for stocking, handling sourcing, and transferring liquefied gases such as natural gas, oxygen, nitrogen, and argon during the forecast period. In addition, based on end-user, market is segmented as chemicals, electronics, energy & power, shipping, metallurgy and others (healthcare, food & beverage, rail transport and aerospace).
The cryogenic equipment market is driven by rise in demand for cryogenic equipment across the entire LNG value chain, followed by rise in demand for industrial gases from the metallurgy & energy industries and increase in investments in cryogenic infrastructure. However, high initial investment for setting up cryogenic plant for large-scale industrial applications may impact the market. Moreover, evolving cryogenic electronics applications, growth in space & satellite missions bring opportunities for cryogenic storage equipment and cryogenic energy storage systems are key opportunities for market.
Based on geography, the Asian-Pacific is the leading region in global market owing to rapidly developing energy & power technologies industry coupled with growth in the metallurgy & chemical manufacturing along with food and beverage industries in the region. Whereas, the North-American and European regions are anticipated to witness higher growth rate due to rise in investments in the LNG infrastructure over the forecast period. In upcoming years, it is expected that future of the global market will be bright as a result of increase in high pace of urbanization and industrialization during the forecast period. The global cryogenic equipment market is valued approximately at US $12 billion in 2019 and is projected to grow with a healthy growth rate of more than 6.5% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications