Global Cryogenic Equipment Market 2016-2020
About Cryogenic Technology
Cryogenic technology involves production, maintenance, and application of low temperatures below 150⁰F. This technology has increased its scope of application from cold storage to core processes in various end-user industries. The petrochemical and chemical industry holds a major revenue share in the global cryogenic equipment market. The applications of cryogenic equipment such as valves, pumps, vaporizers, and storage tanks in the petrochemical and chemical industry play a crucial role in maintaining the temperature of LNG and preventing leakages.
Technavio’s analysts forecast the global cryogenic equipment market to grow at a CAGR of 6.05% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global cryogenic equipment market for 2016-2020. To calculate the market size, the report estimates the demand for cryogenic equipment from various end-user industries such as petrochemical and chemical, metallurgy, power, semiconductors, and others.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cryogenic Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the global cryogenic equipment market: Chart Industries, Cryofab, INOXCVA, Linde, VRV, and Wessington Cryogenics.
Commenting on the report, an analyst from Technavio’s team said: “Commercialization of HTS cables will be a key trend for market growth. Development of HTS cables is a major development in the power sector that will drive the demand for cryogenic equipment. These cables require cryogenic cooling during operations for proper functioning. Upgrade of transmission and distribution networks worldwide can be considered as a major driver to accelerate the demand for HTS cables. These cables have high transfer efficiency and can transmit 10 times more power than conventional cables. HTS cables have the potential to reduce T&D losses, thus saving the cost borne by utilities in lost electricity. The technology uses LN₂ for cooling purposes instead of dielectric oil, which is used in HVDC cables.”
According to the report, one of the key drivers for market growth will be recovery of stalled projects in India. India is one of the leading developing economies in the world. However, growing population and rising energy demand in the country have resulted in severe power shortage. In order to meet the increasing power demand, the government is planning to revive existing gas-based power plants in the country. India’s unpredictable production of gas reserves has resulted in poor infrastructure development in the past. The lack of LNG terminals in the country has restricted LNG supply to certain regions. India has the least gas pipeline length per million when compared to other developing and developed nations. The country’s existing pipeline capacity of about 9,000 miles should double to cater to the demand for natural gas by various end-user sectors.
Further, the report states that slowdown in steel industry will be a challenge for the market. Cryogenic gases play an integral role in the metal processing sector. Industrial gases such as argon, oxygen, and nitrogen are delivered to end-users in liquid form at cryogenic temperatures and are stored in tanks for further use. The steel industry is one of the major end-users of oxygen as it plays a crucial role in convertor melting process. Nitrogen is used as a shielding gas to protect technological processes against ambient air and its oxidizing components (moisture, oxygen, and CO₂). Argon is used in the production of high-quality metals and alloys in processes that require prevention of contact between the molten metal and ambient air and its main components, nitrogen and oxygen.
Chart Industries, Cryofab, INOXCVA, Linde, VRV, Wessington Cryogenics.