The global cryogenic equipment market is expected to reach USD 25.05
billion by 2022, according to a new report by Grand View Research, Inc.
Stringent government initiatives and investments in emerging markets such as
Brazil and India are expected to impel the product demand over the forecast
period. Shale gas exploration has resulted in high natural gas production,
thereby escalating demand in the oil & gas sector. Cryogenic equipment is
widely used in LNG storage and transportation. LNG being an extremely low
emission fuel is preferred by several regulatory bodies addressing environmental
concerns, thereby driving the cryogenic equipment demand.
Rapid industrialization has led
to widespread adoption of this equipment in the metallurgy industry.
Development in metal design has resulted in the development of enhanced
techniques for handling liquids and is expected to fuel market demand over the
forecast period.
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Further key findings
from the report suggest:
·
Tanks accounted
for over 55% of the overall revenue in 2014. The need to store gases for
several critical industrial processes as against conventional cooling
lubricants (CLFs) is anticipated to drive the product demand over forecast
period.
·
Storage segment
contributed over 65% of the overall revenue and is projected to display
substantial growth with a CAGR exceeding 8% from 2015 to 2022. It provides a
consistent and accurate temperature for storage and is expected to play a vital
role in driving demand.
·
Growth in the
power & energy segment can be primarily attributed to rapid
industrialization and several government initiatives. The segment accounted for
over 20% of the revenue in 2014.
·
Asia Pacific
emerged as a dominant region with market size over USD 4.0 billion in 2014. The
quest for Liquefied Natural Gas (LNG) in Asia Pacific is expected to drive
growth over the forecast period, making it the highest revenue generating
region.
·
North America
cryogenic equipment market is anticipated to experience significant growth over
the forecast period. The North American food & beverage industry has
witnessed a substantial growth over the last few years; a trend anticipated to
provide an impetus for future market growth.
·
Key market
participants include Cryo pure, Packo Industry, Cryofab, Shell-N-Tube,
Cryodepot, and Taylor-Wharton International LLC. Industry participants strive
to focus on innovation and technical knowledge while simultaneously trying to
own several patents and trademarks along with R&D activities. Purveyors
abide by regulations such as DOE 6430.1A, DOE 5481.1B, DOE 5700.6C, CGA
Pamphlet P-1, CGA Pamphlet S-1.1, ASME, and ASME B31.3 to manufacture safe and
functional equipment.
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@ http://www.grandviewresearch.com/industry-analysis/cryogenic-equipment-market/request
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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