A key factor driving the growth of the global cryogenic equipment market is the growing demand from the healthcare industry. The life sciences sector in the healthcare industry is witnessing constant technological advances and innovations in areas such as vaccinations, immunotherapy, regenerative medicines, and biopharmaceuticals. These areas require cryogenic equipment for preservation, storage, and treatment applications at specific temperatures. Cryogenic equipment plays a significant role in the activation and storage of the receptor cells without affecting their quality. Cryogenic freezers are used for biological storage of human tissues, cord blood, stem cells, and bone marrow, and in other highly sensitive biological and pharmaceutical applications. The above-mentioned applications will increase the demand for cryogenic equipment from the healthcare industry during the forecast period.
As per Technavio, the emergence of cryogenic mobile tanks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cryogenic equipment market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global cryogenic equipment market: Emergence of cryogenic mobile tanks
Cryogenic tanks are commonly used for the distribution of liquified oxygen, argon, and nitrogen. The mobile tanks have emerged to help enterprises in transporting liquefied gases efficiently and with less wastage. These tanks are designed in a way to maximize the payload while transporting liquefied gases. Some of the mobile tanks consist of super-isolation in multilayers that offer better stability to liquefied gas during transportation. These tanks can be used for various end-user applications such as to refill small liquid containers and deliver oxygen for hospitals. Some of the companies offer vacuum-isolated low-pressure cryogenic mobile tanks that consist of stainless steel piping systems, which ensure better performance and enhanced reliability. The emergence of such cryogenic mobile tanks will increase the growth of the global cryogenic equipment market during the forecast period.
“Apart from the emergence of cryogenic mobile tanks, factors such as the availability of cryogenic equipment on rent, and the increasing use of customized cryogenic equipment will have a significant impact on the growth of the cryogenic equipment market during the forecast period,” says a senior research analyst at Technavio.
Global cryogenic equipment market: Segmentation analysis
This market research report segments the global cryogenic equipment market by end-user (power and energy, petrochemical and chemicals, metallurgy, electronics, and others) and geographic regions (North America, APAC, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. The market growth in APAC can be attributed to the rising need for cryogenic equipment due to the increased steel production in countries such as China, India, and Japan. The growing automotive industry is one of the key reasons for the increase in demand for steel in these countries.
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