New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The overall value of the Cryogenic Equipment Market for cryogenic equipment has been estimated at around US$ 22.4 Billion in 2022, and it is expected to expand at a fair CAGR of 6.5% over the next ten years. As per the cryogenic equipment market analysis report, the net worth of the total sales of cryogenic equipment achieved in the year 2032 would be around US$ 41 Billion.
The global cryogenic equipment market share is anticipated to be driven throughout the projected period by the need for cryogenic gases in various sectors to achieve a certain temperature level for industrial utilization. Over the anticipated year, the cryogenic equipment business in the global market is expected to develop as a result of the ongoing rehabilitation and reform of the healthcare system as well as an increase in gas-to-liquid conversion works.
Nowadays, sufficient power generation and storage are required in almost all industries due to the requirement for widespread usage of sustainable alternative sources. And as energy management is integrated with renewable electricity generation, it is anticipated to increase the demand for cryogenic equipment, particularly in industrialized economies.
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Two crucial commercial drivers for the global cryogenic equipment market are rising natural gas usage and improving healthcare around the globe. The clamour for cryo compressor equipment is projected to increase as a result of the rising costs of healthcare and the resulting increase in demand for medicinal gases including oxygen, CO2, liquid nitrogen, and other nitrous oxides.
Unfortunately, the cryogenic equipment business is anticipated to be constrained by the high prices of cryogenic materials and cryogenic equipment upkeep. The decision to adopt freezing technology and laws controlling food and drink also get impacted by the promotion of ecologically friendly items to reduce carbon footprints.
Key Takeaways from the Cryogenic Equipment Market Study
- The cryogenic tank segment is anticipated to grow at the quickest rate in the studied market during the projected period due to its application in several sectors to perform various sorts of activities.
- Future prospects for the cryogenic equipment market are anticipated to strengthen further as a result of advancements and innovations in cryo storage container technology to be employed in the healthcare and medical fields.
- Asia-Pacific is anticipated to be the main and speediest market for cryogenic equipment throughout the projected period due to the steadily expanding industries adopting this technology. About 71% of the LNG produced worldwide in the year 2020 was shipped to Asian countries.
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Competitive Landscape for the Cryogenic Equipment Market
Leading companies in the worldwide market for cryogenic equipment include
- Chart Industries Inc.
- Linde plc
- Herose GmbH
- Nikkiso Co. Ltd.
- Wessington Cryogenics
- Braunschweiger Flammenfilter GmbH
- Standex International
- INOX India Ltd.
- Air Liquide SA
- Premier Cryogenics Ltd.
- Lapesa Grupo Empresarial s. among others.
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Recent developments in the Cryogenic Equipment industry
- For the provision of 13 Cryomec cryogenic centrifugal pumps for a new Air Separation Unit in China, Eight Cryomec LABS, and Five Cryomec NLL pumps, Fives was given an order in January 2021.
- The EPC contract for the construction and design of two cryogenic processing facilities in the Midland Basin was given to Saulsbury in January 2022. The facilities are Saulsbury's 61st and 62nd cryogenic preparation facility projects since 2006, and its 23rd and 24th cryogenic industrial plants in the West Texas region.
- The planning, procurement, fabrication, and installation contract for Package 7 (Part-A) of Cryogenic Double Wall Storage Tanks (DWST) and related facilities at HPCL Rajasthan Refinery Ltd in India, was given to Chemie-Tech in October 2021.
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