The scientific study of materials at their extremely low temperatures is called cryogenics. Cryogenic equipment is used for operating in extremely low temperatures and at a slow rate so as to prevent thermal shock to its components. The increasing demand for liquefied natural gas or LNG is propelling the growth of the global cryogenic equipment market, says Fortune Business Insights in their new report. To cite an example, a new high recovery cryogenic gas processing plant was launched by a subsidiary of Honeywell, namely UOP Russel in Sep 2018. This gas processing plant is 50% larger than other plants that are pre-engineered till today and has a capacity of 300 million standard cubics per day. Such innovations are likely to bode well for the global cryogenic equipment market in the forecast duration.
According to a report by Fortune Business Insights, titled, “Cryogenic Equipment Market Size, Share and Global Trend By Product Type (Tanks, Valves, Vaporizer, Pumps, Others), By Cryogen Type (Nitrogen, Oxygen, Argon, LNG, Others), By End User (Chemical, Energy & Power Generation, Electrical, Metallurgy, Others), and Geography Forecast Till 2026,” the cryogenic equipment market can be categorized on the basis of cryogen type, product type, end-user, and geography. With respect to product type, the market is classified into pumps, vaporizers, valves, tanks, and others. Based on the cryogen type, the market is grouped into LNG, oxygen, argon, nitrogen, and others. On the basis of end user segmentation, the market is divided into metallurgy, electrical, chemical, energy and power generation, and others.
The report on market focusses on all factors influencing the growth of the market with interesting insights. The report also presents opportunities that may help cryogenic equipment market generate great revenues in the forecast duration.
Some of the companies are mentioned below:
- Altas Copco
- Ebara Corporation
- Flowserve Corporation
- Wilo AG
- Herose GmbH
- Roper Industries
- Wessington Cryogenics
- Chart Industries
Increasing Demand for LNG to Boost Market
Cryogenic equipment is utilized in various applications namely transportation and storage of liquefied gases, rocket fuels, superconducting electromagnets, and good preservation. With the increasing demand for liquid gases across various industries, the need for using cryogenic equipment becomes unavoidable. The rise in demand for electricity and energy will propel the demand for LNG-based power generators and ultimately augment the use of petroleum tankers for shipbuilding. The rise in expenditure on building infrastructure is likely to create lucrative growth opportunities for the market in future. Thus, the rising demand for LNG is a major factor promoting the cryogenic equipment market growth during the forecast duration
However, reduction in steel industries may hamper the market as steel manufacturing utilizes cryogenic equipment for transferring gases such as hydrogen, nitrogen, oxygen, and argon. Moreover, lack of technological expertise and high cost of the cryogenic equipment may also cause hindrance to the growth of the market in the forecast duration.
Nevertheless, improvement in healthcare and medical facilities especially in emerging economies are anticipated to boost the cryogenic equipment market. Besides this, the fact that liquid nitrogen is utilized in various industries such as healthcare, electronics, metallurgy, and food and beverage will help the market attract great revenue in future.
Key Industry Developments
- In Sep 2018, UOP Russel, subsidiary of Honeywell has launched a new high recovery cryogenic gas processing plant with a capacity of 300 million standard cubic per day and is 50% larger than other pre-engineered plants till date.
- In Apr 2019, High-tech cryogenic equipment supplier, Cryostar launched its new mobile LNG fuelling station. The main features of the station are compactness, modularity, and transportability.
- In Sep 2018, Chart Industries, Inc. has announced to acquire Italy-based VRV S.p.A. and its subsidiaries. The acquisition builds on Chart’s capital allocation strategy, focusing on core cryogenic and energy technologies.
Asia Pacific to Emerge Dominant on Account of Rapid Industrialization
The surge in demand from the power industry is propelling growth of the cryogenic equipment market in North America. This region also plans to expand in the forthcoming years. On the other side, the market in Europe is anticipated to witness substantial growth in the forecast duration on account of surge in demand for cryogenic devices from various industries such as electronics, and food and beverage industry.
The market in Asia Pacific is anticipated to grow at a fast pace owing to rapid industrialization. In addition to this, the increasing demand for power to store and ship LNG from countries such as India and China are anticipated to help Asia Pacific emerge as a dominant region in the forecast duration.
Product Launches and Company Collaborations to Bode Well for Market
Major vendors in the cryogenic equipment market are focusing on carbon reduction process and this may further propel the rise of gas-based power generation in the infrastructure and transportation applications. Companies are also adopting various strategies in order to gain a competitive edge in the market such as product innovations, launches, mergers and acquisitions, collaborations, and others.
Key Market Driver – Increase in LNG demand
Key Market Restraint – Reduction in steel industries
1. By Product Type
2. By Cryogen Type
3. By End User
- Energy & Power Generation
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
Major Table of Content For Cryogenic Equipment Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- North America Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Europe Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Asia Pacific Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Latin America Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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