NEW YORK, Feb. 8, 2016 /PRNewswire/ -- The global Cryogenic Equipment Market is expected to reach 22 Billion USD by 2020 with a CAGR of 7.8% from 2015 to 2020.
With the increase in the industrialization and power demand, the use of cryogenic equipment is on rise as they can be used in several high end application such as rocket fuel, food processing industry for the transportation of food, medical applications like MRI, dead cell preservation, rare blood storage. It is seen increase in the usage of cryogenic equipment in entertainment industry for special effects. Also, with the increase in the exploration and production of the conventional and shale reserves, the demand for the cryogenic equipment is on rise. Among the major regions across the globe, APAC leads the market with almost 35 % market share and is followed by Europe, North America and others.
The energy and power industry is the largest consumer which utilizes cryogenic equipment, from small equipment to a big tank. It is estimated that the energy and power industry accounts for 38% of the market share. The equipment is used to handle, transfer, store Liquefied cryogenic gases such as Oxygen, Hydrogen, Nitrogen, Argon, etc.
Cryogenic Equipment are designed to handle the temperatures below -150 degrees Celsius and are used to handle extremely cold liquid in its state by creating a vacuum between inner and outer body and consists of Valves, Tanks, Vaporizers and Pumps.
The initial high costs and the skilled man power are some of the restraining factors, but with the improvement in the technology, geo political changes and the usage of cryogenic equipment in various industries is driving the market growth.
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