Global Cryogenic
Equipment/Devices Market study is providing you with the up-to-date, actionable market
information and projections with the latest impact of the Covid 19 outbreak. It
offers all the requisite data to support tactical business decisions and come
up with strategic growth plans. This study also proposes a comprehensive
insight into the development policies and plans in addition to manufacturing
processes and cost structures.
Industry Insights
By 2022 the market size of
global cryogenic equipment is forecasted to reach $25.05 billion. The ever-increasing
power and energy demand along with faster rate of industrialization are
considered to be the important factors to drive the market over 7 years. HTS
cables and energy storages are improved due to the advancements in energy and
power sector. Larger amounts of investments from developing countries like
India, who wish to construct high-speed trains and smart cities, are
anticipated to provide boosts to the industry partakers.
Demand for liquefied gases
in the field of industrial processes is critical. Example of CLFs i.e.
conventional cooling lubricants can be considered, which are not useful in
machining operations compared to the expected alternatives which improve
sustainability of environment along with cutting temperatures. In rare cases
the CLFs cannot perform the exact application required and adversely affect the
environment and that’s the exact area where the cryogenics can be a better alternative.
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End-use Insights
Several industries
including electronics, food and beverage, metallurgy and oil & gas can have
cryogenic equipment at their discretion. 20% of the total revenue was
constituted by power and energy in the year 2014. The investments in power
industry in the developing nations opens up new market places and enables
growth.
In the year 2014 the
revenue from food and beverage applications crossed the one billion mark. Over
the next seven years owing to the critical need of freezing and chilling a
significant rise in the demand of the frozen foods is expected which will
continue over the period.
Moreover the factors such
as legislations governing food and beverage along with awareness about use of
energy and effect of carbon emissions has positively affected the freezing
technology.
Application Insights
Over 60% of the overall
market share was occupied by Storage in the year 2014. Rise in need for
stocking, handling, sourcing and transferring gases like nitrogen, oxygen,
argon and natural gas can be considered important reasons for the growth.
Low temperature
environments for storing gases is created using the equipment. Insulation is
provided by the gases within which prevents changes with changes in external
temperatures.
In 2014 the distribution
sector was valued over $3.5 billion. The CAGR at which the segment is expected
to grow is more than 7% from 2015-2022. Even if the distribution segment holds
less market share, it is significant in the industries such as marine, food and
beverage and oil & gas.
Gas Insights
Over 40% of the total
market share was occupied by natural gas was observed to be dominant segment in
the same year. High natural gas production is the outcome of the Shale
revolution started by the U.S. Government ultimately shooting up the demand in
oil & gas sector. Tremendous trade opportunities are anticipated to rise
due to the increased trade of natural gas.
With over more than 7% CAGR
the market of oxygen gas is expected to grow over the estimated period. The
second largest component of earth’s atmosphere and a being a strong oxidizer,
oxygen, is necessary support of life. Critical applications of oxygen as
cryogenic product allows the consumers to maintain a significant temperature
difference between environment and product also providing insulation to oxygen
from cryogenic equipment.
Regional Insights
Over 30% of the revenue was
generated from the Asia Pacific market which was dominant in 2014. In the
absence of pipelines LNG is stored and distributed accordingly. The development
in Asian nations has caused increase in investment which drives the demand.
Temperatures as low as -165 C are required by some of the Healthcare facilities
in Asia that preserve blood of rare blood groups.
Owing to the significant
applications across healthcare, food and beverage along with electronics
industry will allow Europe to capture considerable amount of market share.
European governments favour the use of LNG because of its low emission
capabilities and ability to address environmental concerns will drive the
demand. The demand for tanks that store gases is driven by large amount of LNG
transported to European nations.
Competitive Market Share
Insights
Severe competition will be
experienced by the market due to the presence of well-established players.
Performance, technical knowledge, price and ability to manufacture and design
are the parameters on which the market competes.
Charts Industries, Herose
GmbH, Linde Group have extensively undertaken R & D activities to reduce
the risks involved with the equipment. The rising need for the supply of gas on
site has made firms undertake aggressive management techniques to improve
technology and production.
Major industries in the
market are Linde Group, Herose GmbH, Cryogenic Systems Equipment Inc and Chart
Industries. Acquisition of firms that complement their present products is
being undertaken by these firms.
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