San Francisco, 13 August 2020: Cryogenic Equipment Market Analysis By Product (Tanks, Valves, Pumps & Vaporizers, Vacuum Jacketed Pipes), By Gas (Nitrogen, Oxygen, Argon, Natural Gas), By Application (Distribution, Storage), By End-Use (Oil & Gas, Metallurgy, Electronics, Power & Energy, Food & Beverage, Healthcare, Marine) And Segment Forecasts To 2022
The global cryogenic equipment market is expected to reach USD 25.05 billion by 2022, according to a new report by Grand View Research, Inc. Stringent government initiatives and investments in emerging markets such as Brazil and India are expected to impel the product demand over the forecast period. Shale gas exploration has resulted in high natural gas production, thereby escalating demand in the oil & gas sector. Cryogenic equipment is widely used in LNG storage and transportation. LNG being an extremely low emission fuel is preferred by several regulatory bodies addressing environmental concerns, thereby driving the cryogenic equipment demand.
The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.
Rapid industrialization has led to widespread adoption of this equipment in the metallurgy industry. Development in metal design has resulted in the development of enhanced techniques for handling liquids and is expected to fuel market demand over the forecast period.
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Further key findings from the report suggest:
Tanks accounted for over 55% of the overall revenue in 2014. The need to store gases for several critical industrial processes as against conventional cooling lubricants (CLFs) is anticipated to drive the product demand over forecast period.
Storage segment contributed over 65% of the overall revenue and is projected to display substantial growth with a CAGR exceeding 8% from 2015 to 2022. It provides a consistent and accurate temperature for storage and is expected to play a vital role in driving demand.
Growth in the power & energy segment can be primarily attributed to rapid industrialization and several government initiatives. The segment accounted for over 20% of the revenue in 2014.
Asia Pacific emerged as a dominant region with market size over USD 4.0 billion in 2014. The quest for Liquefied Natural Gas (LNG) in Asia Pacific is expected to drive growth over the forecast period, making it the highest revenue generating region.
North America cryogenic equipment market is anticipated to experience significant growth over the forecast period. The North American food & beverage industry has witnessed a substantial growth over the last few years; a trend anticipated to provide an impetus for future market growth.
Key market participants include Cryo pure, Packo Industry, Cryofab, Shell-N-Tube, Cryodepot, and Taylor-Wharton International LLC. Industry participants strive to focus on innovation and technical knowledge while simultaneously trying to own several patents and trademarks along with R&D activities. Purveyors abide by regulations such as DOE 6430.1A, DOE 5481.1B, DOE 5700.6C, CGA Pamphlet P-1, CGA Pamphlet S-1.1, ASME, and ASME B31.3 to manufacture safe and functional equipment.
The global cryogenic equipment market is expected to reach USD 25.05 billion by 2022. Surging demand across the power & energy sector coupled with rapid industrialization is anticipated to be an important factor catalyzing growth over the next seven years. Advancement in the power & energy sector has led to the improvement of HTS cables and energy storage. Substantial investments in numerous developing countries, including India, to construct smart cities and high-speed trains are estimated to offer growth prospects to the industry partakers.
The need for liquefied gases in industrial processes is critical. For example, conventional cooling lubricants (CLFs) are not useful in certain machining operations, in comparison to certain proposed alternatives, for reducing the cutting temperature while improving environmental sustainability. In a few cases, CLFs are unable to fulfill the exact application requirements and have a direct impact on the environment, and this is where cryogenics pose to be a viable alternative.
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Grand View Research has segmented the global cryogenic equipment market based on product, gas, application, end-use:
Cryogenic Equipment Product Outlook (Revenue, USD Million; 2012 - 2022)
Pumps & Vaporizers
Vacuum Jacketed Piping (VJP)
Cryogenic Equipment Gas Outlook (Revenue, USD Million; 2012 - 2022)
Cryogenic Equipment Application Outlook (Revenue, USD Million; 2012 - 2022)
Cryogenic Equipment End-Use Outlook (Revenue, USD Million; 2012 - 2022)
Oil & Gas
Power & Energy
Food & Beverage
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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