Global Cryogenic Equipment Market Analysis and Forecasts to 2027 - Market Expected to Grow at a CAGR of 7.4% During 2019 and 2027
DUBLIN, June 8, 2020 /PRNewswire/ -- The "Global Cryogenic Equipment Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The cryogenic equipment market was valued at US$ 16.59 Bn in 2018 and expected to grow at a CAGR of 7.4% during the forecast period from 2019 to 2027. Increasing demand for LNG coupled with improvements in healthcare services in developing economies will upgrade the market growth during the forecast period.
The LNG business is poised to play a vital role in economic growth in developing countries. In addition, developments in LNG and natural gas will facilitate economic development and arouse further investment in national infrastructures. Furthermore, large discoveries of natural gas have focused the attention of international players involved in the oil and gas industry business, thereby driving the demand for LNG across the globe. Moreover, increasing government interest in clean energy, growing demand from domestic consumers, and raising engineering solutions for gas and LNG projects will provide a wide spectrum of opportunities for the cryogenic equipment market.
Growing needs for genetically live tissue drug therapy, biopharma therapy, and respiratory healthcare are urging the growth of the cryogenic equipment market. Technological advancement and improved innovations in areas like immunotherapy, vaccinations, biopharmaceuticals, and regenerative medicines are likely to enhance the market growth.
Increasing demand towards energy storage across numerous industries has significantly urged the need for large-scale utilization of renewable energy in the grid. Additionally, the integration of grid-scale energy storage with renewable electricity generation offers flexibility across the grid and will increase the need for cryogenics-based energy storage (CES).
Key Market Movements:
- Globally, the cryogenic equipment market is rising at a CAGR of 7.4% for the estimated period from 2019 to 2027.
- The Asia Pacific emerged as a dominant market for cryogenic equipment and accounted to hold a market share of around 38% in 2018. Additionally, the development in Asian countries, owing to increasing investments in LNG transportation, long-anticipated easing of foreign investments for power, heavy industries, thereby driving the demand.
- Europe to internment a sizeable market share over the forecast period owing to significant application across healthcare, food & beverage, and electronics industries.
- An increasing need for on-site gas supply for numerous projects, up-gradation in technological development, and increasing technological investments in cryogenic storage and handling in the emerging nations will drive the overall demand.
Key Topics Covered:
1. Preface
2. Executive Summary
3. Market Dynamics
4. Global Cryogenic Equipment Market, by Product Type , 2017-2027 (US$ Bn)
5. Global Cryogenic Equipment Market, by Cryogen Type , 2017-2027 (US$ Bn)
6. Global Cryogenic Equipment Market, by End-use, 2017-2027 (US$ Bn)
7. North America Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
8. Europe Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
9. Asia Pacific Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
10. Rest of the World Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
11. Company Profiles
11.1. Emerson Electric Co.
11.2. Air Liquide SA
11.3. Nikkiso Co Ltd
11.4. Parker-Hannifin Corp
11.5. Air Products & Chemicals, Inc.
11.6. Chart Industries, Inc.
11.7. Cryofab Inc.
11.8. Cryoquip LLC.
11.9. Herose GmbH
11.10. INOX India Ltd.
11.11. Linde Group AG
11.12. Taylor-Wharton International LLC.
11.13. VRV SpA
11.14. Wessington Cryogenics Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/vn2c5e
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