The scientific study of materials at their extremely low temperatures is called cryogenics. Cryogenic equipment is used for operating in extremely low temperatures and at a slow rate so as to prevent thermal shock to its components. The increasing demand for liquefied natural gas or LNG is propelling the growth of the global cryogenic equipment market, says Fortune Business Insights in their new report. To cite an example, a new high recovery cryogenic gas processing plant was launched by a subsidiary of Honeywell, namely UOP Russel in Sep 2018. This gas processing plant is 50% larger than other plants that are pre-engineered till today and has a capacity of 300 million standard cubics per day. Such innovations are likely to bode well for the global cryogenic equipment market in the forecast duration.
According to a report by Fortune Business Insights, titled, “Cryogenic Equipment Market Size, Share and Global Trend By Product Type (Tanks, Valves, Vaporizer, Pumps, Others), By Cryogen Type (Nitrogen, Oxygen, Argon, LNG, Others), By End User (Chemical, Energy & Power Generation, Electrical, Metallurgy, Others), and Geography Forecast Till 2026,” the cryogenic equipment market can be categorized on the basis of cryogen type, product type, end-user, and geography. With respect to product type, the market is classified into pumps, vaporizers, valves, tanks, and others. Based on the cryogen type, the market is grouped into LNG, oxygen, argon, nitrogen, and others. On the basis of end user segmentation, the market is divided into metallurgy, electrical, chemical, energy and power generation, and others.
The report on market focusses on all factors influencing the growth of the market with interesting insights. The report also presents opportunities that may help cryogenic equipment market generate great revenues in the forecast duration.
Some of the companies are mentioned below:
- Altas Copco
- Ebara Corporation
- Flowserve Corporation
- Wilo AG
- Herose GmbH
- Roper Industries
- Wessington Cryogenics
- Chart Industries
Key Industry Developments
- In Sep 2018, UOP Russel, subsidiary of Honeywell has launched a new high recovery cryogenic gas processing plant with a capacity of 300 million standard cubic per day and is 50% larger than other pre-engineered plants till date.
- In Apr 2019, High-tech cryogenic equipment supplier, Cryostar launched its new mobile LNG fuelling station. The main features of the station are compactness, modularity, and transportability.
- In Sep 2018, Chart Industries, Inc. has announced to acquire Italy-based VRV S.p.A. and its subsidiaries. The acquisition builds on Chart’s capital allocation strategy, focusing on core cryogenic and energy technologies.
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
Key Market Driver – Increase in LNG demand
Key Market Restraint – Reduction in steel industries
1. By Product Type
2. By Cryogen Type
3. By End User
- Energy & Power Generation
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
Major Table of Content For Cryogenic Equipment Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- North America Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Europe Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Asia Pacific Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Latin America Cryogenic Equipment Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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