The cryogenic equipment market is projected to grow at a CAGR of 6.4% from 2020 to 2025. The cryogenic equipment market is projected to reach USD 17.1 billion by 2025 from an estimated USD 12.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Rising demand for LNG across regions is creating demand opportunities for cryogenic equipment. Also, the increasing number of air separation units projects are driving the cryogenic equipment market. However, cryogenic equipment are feasible for large scale applications only.
The tanks, by well type, is expected to be the largest and the fastest-growing market from 2020 to 2025. Tanks account for the largest share in the global cryogenic equipment market in 2019.Global demand for LNG tanks and micro bulk tanks is growing thus creating demand opportunities for tanks during the forecast period.
Countries like Russia and Qatar are focusing on LNG production increase and therefore, these require the high number of cryogenic tanks for storing the LNG.In November 2019, Novatek, one of the significant LNG producers from the Yamal LNG project, gave the order for construction of 2 new full containment 160,000 cubic meters LNG storage tanks.
Such projects are expediting globally. Thus, the container as a part of the cryogenic equipment is developing at a very fast pace and its demand is expected to increase in the near future.
The electronics segment, by application, is expected to be the fastest-growing market from 2020 to 2025. Cryogenics has vast applications in the electronics industry.Cryogenic processing extends the life of the circuit boards.
They are also employed in switching devices, semiconductor, and superconductor devices since low temperature decreases the resistance of materials.Cryogenic milling and freezer grinding are some of the other processes that happen in the electronic industry.
Cryogenic equipment such as semiconductor grade vaporizers and tanks are commonly used. Increasing the construction of air separation units for the electronic industry is likely to drive the cryogenic equipment market during the forecast period.
Asia Pacific: The largest and the fastest-growing region in the cryogenic equipment market. The region is developing into the fastest-growing end-market for energy, power, and technologies.Also, substantial growth in related industries such as metallurgy, chemical manufacturing, food and beverages, and energy & power, which altogether drives the growth of the cryogenic equipment market.
China and India are the fastest-growing countries in the region, generating a huge demand for cryogenic equipment.Moreover, the region has a number of countries importing natural gases which boost the trade as well as the market for cryogenic equipment.
Japan is the largest importer of LNG along with many other developing nations of the region.These countries are expected to increase their trade considering the low cost of conventional fuels.
All these factors drive the demand for cryogenic equipment in Asia Pacific.
Breakdown of Primaries: In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows: • By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11% • By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: Asia Pacific- 36%, Europe- 18%, North America- 14%, Middle East- 14%, South America- 9%, Africa – 9%, *Others include sales managers, engineers, and regional managers. Note: Tier 1 Company—Revenue > USD 5 billion, Tier 2 Company—Revenue between USD 1 and USD 5 billion, and Tier 3 Company—Revenue < USD 1 billion The cryogenic equipment market is dominated by a few major players that have an extensive regional presence. The leading players in the cryogenic equipment market are Linde plc (Ireland), Chart Industries (US), Parker Hannifin (US), Flowserve Corporation (US), Emerson (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), Cryofab (US), Wessington (UK), ACME (US), and Herose GmbH (Germany), Cryostar (France), and Cryoquip LLC (US).
Research Coverage: The report defines, describes, and forecasts the cryogenic equipment market, by equipment, cryogen, end-user, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value and volume and future trends in the cryogenic equipment market.
Why Buy this Report? 1. The report identifies and addresses the key markets for cryogenic equipment operations and services, which would help equipment manufacturers and service providers review the growth in demand. 2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. 3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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