The cryogenic equipment market is projected to grow at a CAGR of 6.74% from 2016 to 2021 to reach USD 22.42 Billion by 2021. Increasing demand for LNG and improving healthcare services, especially in the developing economies are the major factors driving the market.
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The report "Cryogenic Equipment Market by Product (Tank, Valve, Vaporizer, Pump), Cryogen (Nitrogen, Oxygen, Argon, LNG), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping) and Region - Global Forecast to 2021", 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.
Browse 75 market data Tables and 54 Figures spread through 160 Pages and in-depth TOC on "Cryogenic Equipment Market by Product (Tank, Valve, Vaporizer, Pump), Cryogen (Nitrogen, Oxygen, Argon, LNG), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping) and Region - Global Forecast to 2021"
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.
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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.
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.
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.
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.
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