June 09, 2020
As per the report titled ‘Global Cryogenic Equipment Market Size study, by Equipment (Tanks, Valves, Vaporizers, Pumps, Others), Cryogen (Nitrogen, Argon, Oxygen, LNG, and Others), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping, and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global cryogenic equipment market was worth USD 12 billion in 2019 and is projected to expand with CAGR of 6.5% through 2026.
Cryogenics involves the study of production and behavior of materials at temperatures below minus 150 degree Celsius with the help of specifically designed equipment which can produce, sustain, and operate at such low temperatures. Cryogenic equipment includes containers, pressure vessels, pipings, and more, used for handling and storing materials like liquified nitrogen and oxygen.
Increasing initiatives by government and private authorities towards promoting the adoption of cleaner fuels such as natural gas for domestic and industrial applications, and wide use of cryogenic equipment for cooling, biomedical and chemical storage, enhancing chemical reactions, and metal processing applications are stimulating the growth of global cryogenic equipment market.
Furthermore, rising investments in LNG infrastructure is expected to bolster the demand for cryonic equipment as they are mostly used for LNG storage in LNG Liquefaction terminals and in tankers.
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According to International Gas Union, LNG trade grew by 9.8% in 2018 as compared to the previous year. In the same year, two new regasification terminals went active in Panama and Bangladesh. In December 2019, Linde Company signed an agreement with LNG technology Licensor- BP, for 2nd and 3rd phase of the greater Tortue Ahmeyim project. Increasing exports and imports and establishment of new regasification terminals across the globe are expected to propel the LNG industry to new heights, consequently boosting the demand for cryogenic equipment such as valves, tanks, and heat exchangers. Furthermore, the emergence of mobile cryogenics tanks has amplified the industry size due to the ability of these tanks to support maximum payload and efficient transportation of liquified gases, thereby boosting the product demand.
From a geographical front, Asia Pacific cryogenic equipment market is slated to exhibit strong growth over the assessment period, owing to fast pace of urbanization and industrialization, and increasing investments in LNG infrastructure in the region. Moreover, rapid growth of metallurgy, energy & power technology, chemical manufacturing, and food & beverage industries, especially in China, are augmenting the growth of cryogenic equipment industry in APAC.
Key players operating in global cryogenic equipment market are Chart Industries, Linde plc, Parker Hannifin, Air Products, Flowserve Corporation, INOXCVA, Cryofab, Taylor Wharton, Wessington, Cryostar, and Herose GmbH.