Cryogenic Equipment Market To Report Impressive Growth, Revenue To Surge To US$ 22.7 Billion By 2022

12-Oct-2018 | Zion Market Research

With the presence of a large pool of participants, the global cryogenic equipment market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Praxair Inc., FIBA Technologies Inc., INOX India Pvt. Ltd., Linde Group AG, Flowserve Corporation, and Air Liquide SA are some of the key vendors of cryogenic equipment across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development states the cryogenic equipment market study.

Citing an instance, in August 2018, Atlas Copco – a Swedish compressor & vacuum pump manufacturer- declared to acquire the cryogenic business of Brooks Automation for USD 675 million in cash. The company sources stated that the strategic move is aimed towards the expansion of vacuum technology portfolio of the firm.

Browse the full " Cryogenic Equipment Market (By Equipment Type: Tanks, Valves, Vacuum Jacketed Pipes, and Pump & Vaporizer; By End-User Industries: Chemical, Energy & Power, Food & Beverage, Oil & gas, and Electronics; for Storage and Distribution Applications): Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/cryogenic-equipment-market

As estimated in this report, the global cryogenic equipment market stood at US$ 15.7 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this cryogenic equipment market is expected to reach US$ 22.7 billion by the end of the forecast period. The main types available in this cryogenic equipment market are tanks, valves, vacuum jacketed pipes, and pump & vaporizer. Among them, the demand for tanks is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Global Cryogenic Equipment Market

Demand For High-Temperature Superconductor Power Cables To Spur Growth

“Massive demand for LNG and need for developing high-temperature superconductor power cables along with the requirement for enhancing healthcare facilities is anticipated to drive cryogenic equipment market size in the years to come,” says the author of this study. Apart from this, growing trading activities associated with natural gases along with the mammoth popularity of cryogenic energy storage systems is anticipated to drive cryogenic equipment market revenue in the years ahead.

Diminishing production of steel across the globe, however, is forecast to hinder the expansion of cryogenic equipment market in the coming years. Nevertheless, the rapid industrialization witnessed across the globe along with enhanced demand for cryogenic equipment from healthcare sector is anticipated to enlarge the scope of the cryogenic equipment in the ensuing years. This, in turn, will normalize the impact of hindrances on the business, reports the cryogenic equipment market study.

Thriving Power & Energy Sector To Help APAC Maintain Dominance

Regionally, Asia Pacific has been leading the worldwide cryogenic equipment market and is anticipated to continue on the dominant position in the years to come, states the cryogenic equipment market study. Prominent investments across the power & energy sector along with the large-scale expansion of other end-user sectors are the key factors behind the dominance of the Asia Pacific cryogenic equipment market. The presence of leading steel manufacturing firms in countries such as China, Japan, India, and South Korea in the Asia Pacific is another significant factor that is supporting the growth of this regional cryogenic equipment market.

The global cryogenic equipment market is segmented as follows:

By Type

  • Tanks
  • Valves
  • Vacuum Jacketed Pipes
  • Pump & Vaporizer

By End-User

  • Chemical
  • Energy & Power
  • Food & Beverage
  • Oil & Gas
  • Electronics

By Application

  • Storage
  • Distribution 

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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