Global Cryogenic Equipment Market 2019-2023
About this market
The growing demand from the healthcare industry is one of the key factors expected to trigger the cryogenic equipment market during the forecast period. The equipment plays a crucial role in the activation and storage of the receptor cells without affecting their quality. In addition, cryogenic freezers are further used for biological storage of stem cells, bone marrow, human tissues, and cord blood, while being applicable in other sensitive biological and pharmaceutical applications, thus, boosting the cryogenic equipment market growth during the forecast period. Technavio’s analysts have predicted that the cryogenic equipment market will register a CAGR of over 6% by 2023.
Growing demand from healthcare industry
The growing demand for cold chain logistics in the healthcare industry will increase the demand for cryogenic equipment for applications such as stem therapy, regenerative medicine, immunotherapy, and cellular medicine.
Threat from faulty or loosely insulated cryogenic equipment
The leakage of gases due to faulty or loosely insulated cryogenic equipment can adversely affect the health of employees and people in the vicinity of cryogenic equipment.
For the detailed list of factors that will drive and challenge the growth of the cryogenic equipment market during 2019-2023, view our report.
The market appears to be fragmented with the presence of several market players. Mobile tanks help enterprises in transporting liquefied gases efficiently and with less wastage, which encouraging vendors in the market to offer cryogenic mobile tanks to various end-users in industries such as oil and gas. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s
competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Cryogenic Equipment Market 2019-2023
Technavio recognizes the following companies as the key players in the global cryogenic equipment market: Chart Industries, Cryofab, Taylor-Wharton, The Linde Group, and Wessington Cryogenics.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the availability of cryogenic equipment on rent.”
According to the report, one of the major drivers for this market is the increase in demand for LNG.
Further, the report states that one of the major factors hindering the growth of this market is the growing demand for re-engineered cryogenic equipment.
The Linde Group
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