Global Cryogenic Equipment Market
The global cryogenic equipment market was estimated at USD 15.7 billion in 2017 and is projected to reach USD 23.7 billion by 2022, at a CAGR of 7.6% during the forecast period 2017-2022. Growth in LNG usage and trade globally is one of the major factor driving the cryogenic equipment market.
The abundance of natural gas, coupled with its environmental soundness, multiple applications across various sectors, and an ever-increasing energy need is spurring the growth of natural gas usage. The largest demand for natural gas comes from the power generation industry. In the present day, there are growing concerns from the public regarding the carbon footprint of present day fossil-fuel power plants like coal plants. As part of their environment protection and climate change responsibilities, governments around the world are adopting various measures and agreements to reduce the carbon footprints of their respective countries. As the energy demand for power is also rising, there is a demand for clean energy production technologies, and LNG is one of the prospective winners in this race.
Since the place of production and consumption of natural gas vary, the growth in demand for natural gas has led to growth in the transportation market for natural gas. Natural gas occupies up to 600 times less space when cooled, and can be transported, stored safely, more easily and efficiently than in its real state. Using cryogenic equipment, natural gas is cooled to liquefy it for transportation. LNG carriers present one of the best options to transport natural gas from source to consumption center.
Demand for LNG applications is also driven by diesel displacement and continuing efforts by petroleum producing countries to utilize better stranded natural gas and previously flared gases. Global natural gas demand is expected to continue its strong growth and is going to be crucial for the growth of the cryogenic equipment market.
Rising number of projects of Integrated Gasification Combined Cycle, Gas to Liquids, and clean coal processes including Coal to Liquids, etc. are also contributing to the growth of cryogenic equipment market.
Rapid industrialization and urbanization are promoting the use of cryogenic equipment for industrial gas applications involving the use of industrial gases in aerospace, defense, food and beverage, electronics, medical storage and pharmaceutical manufacturing industries, among others. Besides, increased global demand for energy and natural gas; growing needs for respiratory healthcare, and greater use of both biopharma therapies and genetically live tissue drug therapies are spurring the growth of cryogenic equipment market.
The volatile oil prices have restrained the cryogenic equipment market growth due to reduction/delay in capital spends in LNG and other related projects.
In Europe and North America, up gradation and the retrofitting market is also expected to rise for greater efficiency and regulatory compliance.
*Values are given for indicative purpose only. Real values will be available in the full report
China presents an excellent opportunity as the government continues to support pollution-control goals for industry and transportation and LNG as a replacement for coal in commercial and residential heating.
Some of the prominent vendors of the market include Chart Industries Inc., Air Liquide SA, Linde AG, Praxair Inc., FIBA Technologies Inc., INOX India Pvt. Ltd., Oxford Instruments Plc., Herose GmbH, Cryoquip Llc., and Wessington Cryogenics
Key Deliverables in the Study
Market Overview - market analysis and identification of key drivers, restraints and opportunities
Major trends and economic outlook
Supply Chain Analysis
Porters five force analysis
Comprehensive summary on the industry sectors and regions poised for the fastest growth
Cryogenic equipment market analysis by equipment type, region, industries served, and cryogen handled
Future outlook of the market
Extensively researched competitive landscape section with profiles of major companies along with their estimated market shares