LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global cryogenic equipment market since 2016 and the market is poised to grow by USD 6.16 billion during 2019-2023 at a CAGR of over 6% during the forecast period. Request Free Sample Pages
Read the 119-page research report with TOC on "Cryogenic Equipment Market Analysis Report by End-Users (Power and energy; Petrochemical and chemicals; Metallurgy; Electronics; and Others), by Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 - 2023".
The market is driven by the increasing demand for cryogenic equipment from the healthcare industry. In addition, the emergence of cryogenic mobile tanks is anticipated to further boost the growth of the cryogenic equipment market.
Technological advances and innovations in areas such as immunotherapy, vaccinations, biopharmaceuticals, and regenerative medicines are gaining prominence in the life sciences sector in the healthcare industry. This is driving the demand for cryogenic equipment in these fields as they are used for treating, storing, and preserving applications at specific temperatures. The cryogenic equipment is also used in the activation and storage of receptor cells without affecting their quality. Thus, the increasing demand for cryogenic equipment from the healthcare industry is expected to drive market growth during the forecast period.
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Major Five Cryogenic Equipment Market Companies:
Chart Industries is headquartered in the US and operates the business under various segments such as Energy & Chemicals, D&S East, and D&S West. The company manufacturers Stainless steel cryogenic freezers, Cryogenic bulk storage tanks & solutions, Vacuum insulated pipes (VIP), and Vaporizers.
Cryofab is headquartered in the US and offers products through the following segments: Standard products, Transfer lines, Custom cryogenic equipment, High run production, Short run production, and Repair. The company manufacturers Cryogenic containers, Cryogenic transfer lines, Vacuum jacketed valves, and Pipe & tube size bayonets.
Taylor-Wharton is headquartered in the US and operates under various product segments, namely Bulk Storage Vessels, MicroBulk, Liquid Cylinders, Beverage Carbonation, Transport Vessel, LNG Vessel, Vaporizer, Vacuum Insulated Piping, and Freezer Applications. The company manufacturers Bulk Storage Vessels, Liquid Cylinders, and Transport Vessels.
The Linde Group
The Linde Group is headquartered in the UK and offers products through the following business segments: Gases division and Engineering division. The company offers tanks for gases such as liquid carbon dioxide, liquid argon, liquid oxygen, liquid hydrogen, and liquid nitrogen.
Wessington Cryogenics is headquartered in the UK and offers products through the following business segments: Cryogenic vessels, ISO containers, Chassis mounted tanks, Road tankers, Misc pressure vessels, Liquefied natural gas, Safety equipment, and Spares / accessories. The company manufacturers Cryogenic vessels and Road tankers.
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Cryogenic Equipment End-Users Outlook (Revenue, USD Million, 2019 - 2023)
- Power and energy
- Petrochemical and chemicals
Cryogenic Equipment Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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