DUBLIN--(BUSINESS WIRE)--The "Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps, Others), Cryogen (Nitrogen, Argon, Oxygen, LNG, and Others), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping, and Others), and Region - Global forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cryogenic equipment market was valued at USD 11.9 billion in 2019
Rising demand for LNG across regions is creating demand opportunities for cryogenic equipment. Also, the increasing number of air separation units projects are driving the cryogenic equipment market. However, cryogenic equipment are feasible for large scale applications only.
The tanks, by well type, is expected to be the largest and the fastest-growing market from 2020 to 2025.
Tanks account for the largest share in the global cryogenic equipment market in 2019. Global demand for LNG tanks and micro bulk tanks is growing thus creating demand opportunities for tanks during the forecast period. Countries like Russia and Qatar are focusing on LNG production increase and therefore, these require the high number of cryogenic tanks for storing the LNG. In November 2019, Novatek, one of the significant LNG producers from the Yamal LNG project, gave the order for construction of 2 new full containment 160,000 cubic meters LNG storage tanks. Such projects are expediting globally. Thus, the container as a part of the cryogenic equipment is developing at a very fast pace and its demand is expected to increase in the near future.
The electronics segment, by application, is expected to be the fastest-growing market from 2020 to 2025.
Cryogenics has vast applications in the electronics industry. Cryogenic processing extends the life of the circuit boards. They are also employed in switching devices, semiconductor, and superconductor devices since low temperature decreases the resistance of materials. Cryogenic milling and freezer grinding are some of the other processes that happen in the electronic industry. Cryogenic equipment such as semiconductor grade vaporizers and tanks are commonly used. Increasing the construction of air separation units for the electronic industry is likely to drive the cryogenic equipment market during the forecast period.
Asia Pacific: The largest and the fastest-growing region in the cryogenic equipment market.
The region is developing into the fastest-growing end-market for energy, power, and technologies. Also, substantial growth in related industries such as metallurgy, chemical manufacturing, food and beverages, and energy & power, which altogether drives the growth of the cryogenic equipment market. China and India are the fastest-growing countries in the region, generating a huge demand for cryogenic equipment. Moreover, the region has a number of countries importing natural gases which boost the trade as well as the market for cryogenic equipment. Japan is the largest importer of LNG along with many other developing nations of the region. These countries are expected to increase their trade considering the low cost of conventional fuels. All these factors drive the demand for cryogenic equipment in the Asia Pacific.
- High demand for industrial gases from the metallurgy and energy industries
- Growing demand for cryogenic equipment across the entire LNG value chain
- Increasing investments in cryogenic infrastructure
- High initial investment for setting up a cryogenic plant for large-scale industrial applications
- Growing space and satellite missions bring opportunities for cryogenic storage equipment
- Evolving cryogenic electronics applications
- Cryogenic energy storage systems
- Cryogen leakage from equipment leading to hazards and greenhouse emissions
- Linde Plc
- Chart Industries
- Parker Hannifin
- Wessington Cryogenics
- Acme Cryogenics
- Flowserve Corporation
- Air Products
- Beijing Tianhai Cryogenic Equipment
- Herose Gmbh
- Cryogas Industries
- Applied Cryotechnology
- Shengjie Cryogenic Equipment Public Limited Company
- Meyer Tools
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