Global Cryogenic Equipment Market Scenario:

The global cryogenic equipment market is projected to reach USD 17.1 billion by 2025 from an estimated USD 12.6 billion in 2020, at a CAGR of 6.4% during the forecast period. 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 is feasible for large scale applications only.   

Key Market Players:

The major players in the global cryogenic equipment market are Linde plc (Ireland), Chart Industries (US), Parker Hannifin (US), Flowserve Corporation (US), Emerson (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), Cryofab (US), Wessington (UK), ACME (US), and Herose GmbH (Germany), Cryostar (France), and Cryoquip LLC (US).

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Recent Developments:

• In January 2020, Linde was awarded a contract by HLMC for setting a new air separation plant to supply nitrogen, high purity oxygen, and argon at its manufacturing facility. Under the terms of the contract, Linde would supply nitrogen generator and other cryogenic equipment to build the plant. The company intends to meet the rising demands for higher purity industrial gas from the electronics and semiconductor industry.
• In December 2019, Linde signed a master agreement with BP as the company is the LNG technology licensor for phases 2 and 3 of the Greater Tortue Ahmeyim project. Under the contract, Linde manufactured and supplied cryogenic coil-wound heat exchangers for the liquefaction technology.
• In September 2019, Chart Industries was awarded a contract from LGM Engineering for the supply of 4 LNG fuel tanks for construction of ships that were to be built in Wuhu Shipyard, China. Chart Industries intends to grow its revenues from the shipping industry.

North America is estimated to be the second-fastest market for cryogenic equipment during the forecast period. The cryogenic equipment market in this region is expected to be driven primarily by the demand from the energy & power sector. The shale boom and the electronics manufacturing in the US, the growing chemicals and plastics sectors in Canada, and demand from onshore and offshore fields in the Gulf of Mexico are expected to foster the growth of the cryogenic equipment market in the region.

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Vaporizers is the new revenue pocket in cryogenic equipment. The vaporizers are generally designed for customer station, distribution, and plant back up applications. The maximum available working pressure ranges from 40bar to 400bar for most of the vaporizers. It can also reach up to 1000bar depending upon the type and application. The vaporizers are typically made using aluminum material of different grades for different parts. An automatic switching system is a recent technology that allows switch-over to alternative vaporizer if the previous one has become inefficient due to frost build-up. It has wide applications in welding, environmental technology, water treatment, food processing, medical, energy, and electronic industry.

Liquefied oxygen seeks high application from the metallurgy industry as it is the most required gas for ignition and combustion purposes. According to the World Steel Association, in 2019, 72% of the steel production was done through oxygen. As the demand for steel increases, the demand for oxygen is likely to grow, further creating demand for oxygen-related cryogenic equipment. Similarly, Aerospace applications are increasing in the Asia Pacific region, with countries such as India and Russia venturing more into the space cryogenic engines. These engines have many advantages over conventional engines, hence they can be considered as one of the emerging market opportunities. Thus, increasing space missions also create opportunities for oxygen-related cryogenic equipment in the near future.

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Key Questions Addressed by the Report:

• The report identifies and addresses the key segments of the cryogenic equipment market, which will help manufacturers and service providers review the growth in demand.
• The report helps system providers understand the pulse of the market and provides insights regarding the drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and make more pivotal strategic decisions.
• The report addresses the market share analysis of key players in the cryogenic equipment market, and with the help of this, companies can enhance their revenues in the respective markets.
• The report provides insights about emerging geographies for cryogenic equipment, and hence, the entire market ecosystem can gain a competitive advantage.

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