Global Cryogenic Equipment Market 2020-2026
発行: Orion Market Research Pvt Ltd
Global Cryogenic Equipment Market Size, Share & Trends Analysis Report by Equipment (Tanks, Valves, Pumps & Vaporizers, Vacuum Jacketed Pipes), By Cryogenic Type (Oxygen, Nitrogen, Argon, Natural Gas) End-User Vertical (Oil & Gas, Energy & Power, Food & Beverages, Medical & Healthcare, Chemical, Marine & Aerospace), Forecast Period 2021-2027
The global cryogenic equipment market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period (2021-2027). The significant rise in the trade of liquid natural gas (LNG) owing to increasing usage of LNG by the countries to phase out the non-renewable source of energy high cost of anticipated to drive the growth of cryogenic equipment market. The rising utility of cryogenic equipment in several end-user verticals for storage and distribution of liquefied gases at a lower temperature is expected to drive the market growth. However, the costly process of liquefaction for cryogenic gases is expected to hinder the cryogenic equipment market growth. The advancement and growing development of cryogenic technology in the field of healthcare is anticipated to create lucrative opportunities for the growth of the cryogenic equipment market during the forecast period.
The COVID-19 pandemic has significantly increased the demand for cryogenic equipment across the globe. Medical oxygen, a crucial resource in treating critically ill COVID-19 patients, has been in short supply with the second wave of the pandemic resulting in tremendously high demand across the country. In April 2021, the Tata Group from India announced to import 24 cryogenic containers to transport liquid oxygen to ease oxygen shortage amid a staggering surge in COVID-19 cases across the country. The significant increase in demand for liquid oxygen is anticipated to promote the demand for cryogenic tanks; which in turn is anticipated to drive the growth of the global cryogenic equipment market.
The global cryogenic equipment market is segmented based on equipment, cryogenic type, and end-user vertical. Based on equipment, the market is segmented into tanks, valves, pumps & vaporizers, and vacuum jacketed pipes. Based on cryogenic type, the market is segmented into oxygen, nitrogen, argon, and natural gas. Based on the end-user vertical, the market is segmented into oil & gas, energy & power, food & beverages, medical & healthcare, chemical, and marine & aerospace.
Global Cryogenic Equipment Market Share by Equipment, 2020 (%)
Source: OMR Global
Tanks hold a significant share in the Market based on Equipment
Tanks to hold major market share based on equipment segment. Cryogenic tanks are used to store natural gases such as oxygen, argon, nitrogen, helium, hydrogen, and other materials at a lower temperature. According to the International Gas Union, in its sixth consecutive year of growth, the LNG trade increased by 13% to a total of 354.7 Metric Tonne. The significant rise in the cross-border trade of natural gases is a key factor contributing to the high share of this market segment.
The global cryogenic equipment market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America held a significant share in the global market in 2020. In North America, the US contributes over 75.0% share in the North American cryogenic equipment market in 2020. The growth of the regional market is backed by the presence of major market players in the US such as CryoFab Inc., Emerson Electric Co., Honeywell International Inc. Adoption of cryogenic for various applications such as the medical sector, gas industry, and food preservation in the US market are some other motivators for the growth of the regional market.
Global Cryogenic Equipment Market Growth, by Region 2021-2027
Source: OMR Global
Asia-Pacific is Projected to Have Considerable Share in the Global Cryogenic equipment Market
Asia-Pacific is anticipated to hold a considerable market share in the global cryogenic equipment market. The factors that are augmenting the market growth include the demand for cryogenic equipment in the different industrial verticals for cooling purposes. The escalating demand for oxygen cylinders across the region to support COVID-19 patients has been driving the regional market growth. The well-established food & beverage industry of India is anticipated to support the demand for cryogenic equipment is further anticipated to drive the growth of the regional market.
Market Players Outlook
The cryogenic equipment market is embodied by severe competition owing to the presence of well-established market players. CryoFab Inc., Emerson Electric Co., Herose GmbH, Honeywell International Inc., Linde PLC, and Thermo Fisher Scientific Inc. among others are the key players operating the global cryogenic equipment market. The companies operating in the cryogenic equipment market are adopting different growth strategies such as partnerships, agreements, and mergers & acquisitions among others to compete based on technology, price, and equipment design. Geographical expansion and innovation in cryogenic technology are some other strategies that are being adopted by key players in the market to remain competitive.
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