About Cryogenic PPE
PPE, especially gloves and eye protection gear, are critical when handling cryogenic liquids. The oil and gas industry dominates the global cryogenic PPE market, with extensive applications in the LNG sector. The LNG sector is expected to drive the growth of the market in the forecast period, with numerous LNG projects at various stages of planning and construction worldwide. The growing demand for LNG from developing economies is propelling the construction of global LNG terminals. The increasing production of natural gas in countries, such as the US and China, is further driving the installation of various LNG liquefaction terminals.
Technavio’s analysts forecast the global cryogenic PPE market to grow at a CAGR of 5.82% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global cryogenic PPE market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cryogenic PPE Market 2017-2021
Technavio recognizes the following companies as the key players in the global cryogenic PPE market: BOC, Honeywell International, National Safety Apparel, and Tempshield Cryo-Protection.
Other Prominent Vendors in the market are: Ansell, Drägerwerk, Mapa Professionnel, and Pyrotek.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increased R&D and technological advances enhance scope of cryogenics. The cryogenic technology has improved at a rapid rate in the recent years. Intense research on cryogenics worldwide has led to technological advances that have broadened the scope of cryogenics in all major end-users, such as medical, industrial, energy, and food processing.”
According to the report, one driver in the market is recovery of stalled projects in India. The impact of India's rapidly growing economy and the population is being increasingly felt on the country's power industry. India is facing severe power shortage and is in need for power infrastructure expansion. To meet the increasing power demand, the Government of India is planning to revive the existing gas-based power plants in the country, which were deterred, owing to the country's unpredictable production of gas reserves that has resulted in poor and slower infrastructure development in the past.
Further, the report states that one challenge in the market is uncertainties associated with low crude oil prices. Crude oil is an unstable commodity and its pricing is hard to predict because it has a complex value chain and supply chain. The price of crude oil has registered several rises and falls in the past. It has followed a vague trend over the past few years, which is now identified as the crude oil price cycle. However, the correct estimation of highs and lows in crude oil prices are yet to be seen. Crude oil prices reached historic highs before the global financial meltdown in 2009, post which it crashed sharply, owing to weak global economic factors.
BOC, Honeywell International, National Safety Apparel, and Tempshield Cryo-Protection, Ansell, Drägerwerk, Mapa Professionnel, and Pyrotek.
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