Cryogenic Equipment Market will be growing at a CAGR of 7.4% during the forecast 2019 to 2027

The latest market report published by Acute Market Reports, Inc. “Cryogenic Equipment Market – Growth, Future Prospects, and Competitive Analysis, 2019–2027” the cryogenic equipment market was valued at US$ 16.59 Bn in 2018 and expected to grow at a CAGR of 7.4% during the forecast period from 2019 to 2027.

Market Insights

“Increasing demand for LNG coupled with improvements in healthcare services in developing economies will upgrade the market growth during the forecast period”

The LNG business is poised to play a vital role in economic growth in developing countries. In addition, developments in LNG and natural gas will facilitate economic development and arouse further investment in national infrastructures. Furthermore, large discoveries of natural gas have focused the attention of international players involved in the oil and gas industry business, thereby driving the demand for LNG across the globe. Moreover, increasing government interest in clean energy, growing demand from domestic consumers, and raising engineering solutions for gas and LNG projects will provide a wide spectrum of opportunities for the cryogenic equipment market.

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Furthermore, growing needs for genetically live tissue drug therapy, biopharma therapy, and respiratory healthcare are urging the growth of the cryogenic equipment market. Additionally, technological advancement and improved innovations in areas like immunotherapy, vaccinations, biopharmaceuticals, and regenerative medicines are likely to enhance the market growth. For instance, Air Liquide Healthcare introduced a quality control system i.e. ”aerALin™”, a healthcare exclusive parametric used for quality control on-site production of medical gases such as oxygen 93 percent USP, nitrogen NF, and medical air USP.

Growing technological advancement and substantial investments for energy & power sector will further expand the cryogenic equipment market

Increasing demand towards energy storage across numerous industries has significantly urged the need for large-scale utilization of renewable energy in the grid. Additionally, the integration of grid-scale energy storage with renewable electricity generation offers flexibility across the grid and Subsequently will increase the need for cryogenics-based energy storage (CES). The aforementioned factors projected to increase the demand for cryogenic equipment on a global scale.

Moreover, growing awareness for the use of renewable energy coupled with government plans and financial investments globally for emission reduction has urge the need for the deployment of “Cryogenic Energy Storage”. For instance, in March 2019, Highview Power has entered into a joint venture (JV) with the TSK, a Spanish engineering and construction (EPC) company for the development of gigawatt-hour, long-duration energy storage systems using cryogenic energy storage solution.

Industrial Developments

• In May 2019, Advanced Research Systems, Inc., has registered a technology, which automatically refill liquid helium mostly used in laboratory equipment, which will further reduce the downtime, recover more helium and increase overall efficiency.
• In April 2019, Cryostar, a cryogenic equipment supplier for LNG fueling stations, has launched its new “FUELNG-Deploy” concept a cost-effective refueling solution for serving small vehicles (up to 75 refuelings per day).

Key Market Movements:

• Globally, the cryogenic equipment market is rising at a CAGR of 7.4% for the estimated period from 2019 to 2027.
• The Asia Pacific emerged as a dominant market for cryogenic equipment and accounted to hold a market share of around 38% in 2018. Additionally, the development in Asian countries, owing towards increasing investments in LNG transportation, long-anticipated easing of foreign investments for power, heavy industries, thereby driving the demand.
• Europe to internment a sizeable market share over the forecast period owing to significant application across healthcare, food & beverage, and electronics industries.
• An increasing need for on-site gas supply for numerous projects, up-gradation in technological development, and increasing technological investments in cryogenic storage and handling in the emerging nations will drive the overall demand.

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List of Companies Covered:

• Emerson Electric Co.
• Air Liquide SA
• Nikkiso Co Ltd
• Parker-Hannifin Corp
• Air Products & Chemicals, Inc.
• Chart Industries, Inc.
• Cryofab Inc.
• Cryoquip LLC.
• Herose GmbH
• INOX India Ltd.
• Linde Group AG
• Taylor-Wharton International LLC.
• VRV SpA
• Wessington Cryogenics Ltd.

Market Segmentation:

By Product Type

• Tanks

• Valves

• Pumps

• Pipes

• Others (Vaporizers, Vacuum Jacketed Piping, etc.)

By Cryogen Type

• Nitrogen

• Oxygen

• Natural Gas

• LNG

• Others (Argon, Helium, Neon, etc.)

By End-use Type

• Chemical

• Energy & Power

• Metallurgy

• Shipping

• Others (Electronics, Food & Beverages, Healthcare, etc.)

By Geography Segment Type

• North America (the U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)

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