IMARC Group, a leading market research company, has recently released a report titled “Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” The study provides a detailed analysis of the industry, including the global cryogenic equipment market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Cryogenic Equipment Industry?
According to the report, The global cryogenic equipment market reached a value of US$ 19.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 27.8 Billion by 2027, exhibiting a CAGR of 6.32% during 2022-2027.
What is Cryogenic Equipment?
Cryogenic equipment refers to devices that are used to generate, sustain and operate at extremely low temperatures. It comprises cryogenic storage racks, refrigerators, boxes, cold traps, pressure vessels, piping, purifiers, temperature controllers, tanks and accessories. It is used for freezing, cooling, and metal processing and biomedical purposes. Along with this, it also assists in protecting the users from accidental contact with hazardous materials.
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What are the growth prospects and trends in the Cryogenic Equipment industry?
The burgeoning aerospace and aviation industries represent one of the primary factors propelling the global cryogenic equipment market growth. Cryogenic fluids are widely used for cooling jet engines and in-flight components. Apart from this, the increasing utilization of cryogenic equipment in refrigerators, pumps, oil tankers, vaporizers and valves in the oil and gas sector is driving their sales further. Cryogenic equipment is designed for gases, such as oxygen, liquid helium, nitrogen, argon and carbon dioxide, widely used in Liquified Natural Gas (LNG)- based power plants. The equipment also finds extensive applications across various industries, including energy and power, marine and aerospace, food and beverage (FB), healthcare and chemical, which is boosting the overall market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Equipment:
- Tanks
- Pumps
- Heat Exchanger
- Valves
- Others
Breakup by Cryogen:
- Nitrogen
- Liquified Natural Gas
- Helium
- Others
Breakup by Application:
- Storage
- Transportation
- Processing
- Others
Breakup by End Use Industry:
- Oil and Gas
- Energy and Power
- Food and Beverages
- Healthcare
- Marine and Aerospace
- Chemicals
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Air Liquide S.A.
- Air Products and Chemicals Inc.
- Chart Industries Inc.
- Cryofab Inc.
- Cryoquip LLC (Nikkiso Co. Ltd.)
- Emerson Electric Co.
- Flowserve Corporation
- Herose GmbH
- INOX India Pvt. Ltd
- Linde Plc
- Parker-Hannifin Corporation
- Wessington Cryogenics.
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