Top 6 Vendors in the Global Cryogenic Equipment Market from 2016 to 2020: Technavio

LONDON--()--Technavio has announced the top six leading vendors that are expected to impact the market during the forecast period in their recent global cryogenic equipment market 2016-2020 report.

Cryogenic technology involves production, maintenance, and application of low temperatures below 150°F. This technology has increased its scope of application from cold storage to core processes in various end-user industries such as petrochemicals and chemicals, power, electronics and food and beverages. The petrochemical and chemical industry accounted for a large market share at 41% in 2015, and will continue to dominate the market during the forecast period. Market revenues across all end-user industries are expected to increase during the forecast period, with new sectors such as life sciences and healthcare making substantial contributions to the revenue in the others category.

Competitive vendor landscape

According to the report, the natural gas industry accounts for a significant share of revenue in the global cryogenic equipment market from cryogenic applications such as storage tanks, pumps, valves, and vaporizers. “Although the unexpected decline in oil and gas prices has impacted market revenue, vendors are confident about the long-term prospects of cryogenic applications in natural gas,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.

The industry is dominated by century old vendors such as Linde and Chart Industries along with firms such as VRV, Inox India, and Cryofab, which are three to four decades old. The scope of cryogenic application is increasing every day, and vendors are looking forward to expanding their reach in new sectors such as food and beverages, cold logistics, life sciences, semiconductors, and automobiles. With growing R&D in the industry, vendors are coming up with innovative cryogenic applications. For instance, Chart Industries has developed new applications such as LN₂ dosing for the craft beer market that helps in enhancing the shelf life of the product. The company has also developed the Chart Qdrive cryocooler technology that is capable of producing LO₂ in a record time of 20 minutes.

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Technavio heavy industry research analysts provide the following insights into the key vendors:

Chart Industries

The company is engaged in the manufacturing of engineered equipment for the energy, industrial gas, and biomedical industries. Its equipment is used for low-temperature and cryogenic applications. Chart Industries operates its business through three segments — energy and chemicals, distribution and storage equipment, and biomedicals.

Its product portfolio includes vacuum-insulated containment vessels, cold boxes, heat exchangers, and other cryogenic components and equipment for respiratory therapy. The company generates its revenue across various regions that include the US, China, and others. Chart Industries in the global cryogenic equipment market offers various solutions under this market that include air-cooled heat exchangers (ACHX) and brazed aluminum heat exchangers (BAHX).

Cryofab

Cryofab manufactures and services cryogenic storage containers and accessories. It offers these solutions to various industries, including research, medical, instrumentation, biotechnology, superconductivity, home care, semiconductor, and food service.

The company offers a range of custom and standard fabrications, including double wall vacuum vessels, containers, tanks, chambers, cold gas generators, pressure vessels, cold traps, transfer lines, purifiers, and VJ piping. It also offers vacuum valves, pipe and tube sized bayonet assemblies, vacuum relief valves, vapor vents and heaters, and helium control valves used for storage and transportation of cryogenic gases, including liquid helium, oxygen, argon, nitrogen, hydrogen, and liquid natural gas. Cryofab also provides cryogenic parts and cryogenic equipment repair services.

INOXCVA

INOXCVA is a manufacturer of cryogenic equipment such as cryogenic liquid storage and transport tanks. The product portfolio of INOXCVA includes cryogenic standard products, cryobiological products, cryogenic-engineered tanks and systems, LNG turnkey solutions, LNG integrated systems, disposable cylinders, and others.

Its products are used in various applications, including defense research, satellite launch facilities, aerospace, and others. The company has a wide geographical presence across Brazil, Canada, India, the Netherlands, and the US.

Linde

Linde is a gas and engineering company. It offers natural gas plants, olefin plants, air separation plants, hydrogen and synthesis gas plants, and industrial and medical gas plants. Linde operates its business through two reportable business divisions: gases and engineering divisions. The company's R&D activities focus on new areas of application for its gases and strive to enhance the existing processes and technologies.

The company offers various solutions through Cryo AB, a part of the Linde engineering division. Cryo AB is one of the leading global manufacturers of cryogenic equipment for storage, transportation, and handling of liquefied gases. It develops and delivers high-tech equipment and supporting services for its customers in the industrial gases industry. It designs and manufactures optimized solutions for handling and global transport of cryogenic gases.

VRV

VRV was founded in 1956 and is headquartered in Ornago, Italy. The company engages in the design and manufacturing of pressure equipment for chemical, power, petrochemical, and cryogenic industries. VRV operates its business mainly through two divisions: energy and petrochemical, and cryogenics. The company serves customers mainly in Africa and the Middle East. It has manufacturing facilities in Italy, France, and India.

The cryogenic division of the company uses innovative techniques to produce a range of products and services. It designs and fabricates advanced vacuum insulated tanks for the distribution and storage of cryogenic liquefied gases like oxygen, nitrogen, argon, LNG, hydrogen, and other hydrocarbons. These are used in industrial, electronics, healthcare, food, energy, and environmental applications.

Wessington Cryogenics

The company is one of the leading international cryogenic vessel manufacturers. It manufactures a range of cryogenic storage vessels for laboratory, and medical and research applications. It also offers spare parts and accessories, including replacement valves and automatic liquid level control equipment. Wessington Cryogenics designs and manufactures cryostats, LN₂ vessels, cryogenic valve boxes, and phase separators. It also undertakes projects for repair and refurbishment of LN₂, oxygen, argon, and helium cryogenic vessels.

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio has announced the top six leading vendors that are expected to impact the market during the forecast period in their recent global cryogenic equipment market 2016-2020 report.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com