- Key Companies Profiled are Inoxcva, Cryofab, Inc., Linde, Chart Industries, Inc., Cryo Pur, Cryoquip, The Weir Group PLC, SHI Cryogenics Group, Herose GMBH Armaturen und Metalle, Nikkiso, Co. Ltd., PHPK Technologies, Wessington Cryogenics, Fives, Flowserve Corporation, Schlumberger, Sulzer, and Other Key Players
PUNE, India, Feb. 26, 2020 /PRNewswire/ -- The global cryogenic equipment market is set to gain momentum from the expansion of the transportation and storage industry. Besides, the increasing investment in liquefied natural gas (LNG)-based power plants, and higher spending capability of consumers would affect the market positively during the forecast period. Fortune Business Insights™ published this information in a recent report, titled, "Cryogenic Equipment Market Size, Share & Industry Analysis, By Product (Tank, Valve, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others) and Regional Forecast, 2019-2026." The report further states that the cryogenic equipment market size is projected to reach USD 31.68 billion by 2026, thereby exhibiting a CAGR of 7.1% during the forecast period. However, it stood at USD 18.42 billion in 2018.
Increasing Demand for LNG Fuel to Accelerate Growth
The demand for LNG is increasing at a rapid rate on account of the growing trend of utilizing these fuels for marine transport and locomotives. Besides, there is a rise in the number of gas-based power plants worldwide. Coupled with this, the higher usage of refrigerators, pumps, vaporizers, valves, oil tankers, and similar other equipment in the oil and gas industry would contribute to the cryogenic equipment market growth in the coming years.
Oil & Gas Segment to Show High Growth Fueled by Usage in Various Applications
In terms of end-user, the market is segregated into marine, chemical & petrochemical, power generation, metallurgy, oil & gas, and others. Out of these, at present, the oil & gas segment holds the largest cryogenic equipment market share owing to its usage in a wide range of applications, such as regasification, LNG transportation, refueling, and refining. The chemical & petrochemical segment is set to grow considerably backed by higher adoption of cooling reactors, regenerating catalysts, Sulphur recovery units, coal gasification, and oxidation processes. The metallurgy segment would also exhibit stable growth stoked by the increasing usage of nitrogen and argon in this industry.
Asia Pacific to Remain at the Forefront Spurred by Increasing Building Infrastructure
Geographically, the market is fragmented into the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe. Amongst these, Asia Pacific generated a cryogenic equipment market revenue of USD 6.07 billion in 2018. It is considered to be one of the leading regions owing to the booming industrial sector as a result of rising building infrastructure and investments.
The Middle East & Africa and North America, on the other hand, are likely to experience significant growth because of the increasing usage of cryogenic equipment and demand for LNG. In Europe, Spain, Italy, and France are set to contribute to the growth of the market on account of their possession of well-established oil & gas, petrochemicals, and metallurgy sector. Lastly, Brazil in Latin America would also exhibit steady growth on account of the rising investment in the chemical & petrochemical, as well as the oil & gas industry.
SHIVER Examines Cryogenic Storage Technologies; Nikkiso Acquires Cryogenic Industries, Inc.
Cryogenic equipment manufacturers present in the market are persistently striving to gain a competitive edge by developing new products or acquiring other reputed organizations. These strategies are also aiding them in procuring more shares. Below are two of the key industry developments:
February 2020: NASA announced that its Structural Heat Intercept Insulation Vibration Evaluation Rig, also known as SHIVER, is currently being tested at Plum Brook Station. SHIVER is examining cryogenic storage technologies that would be used to extend the time propellants that remain liquid and can be adopted as fuels during long-duration missions.
August 2017: Nikkiso Co., Ltd., a manufacturer and seller of precision equipment headquartered in Japan, completed its acquisition of Cryogenic Industries, Inc., a provider of quality products and services. The company acquired its branches located in Temecula and Basel. Nikkiso's main aim is to deliver products and services to its focused market segments by introducing the latest technologies.
List of the most prominent companies operating in the cryogenic equipment market. They are as follows:
Cryogenic Pump Market Size, Share & Industry Analysis, By Type (Positive Displacement Pump and Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others) and Regional Forecast, 2019-2026
Cryogenic Valve Market Size, Share and Global Trend By Type (Gate, Globe, Ball, Butterfly, Others), By Application (Transfer Lines, Manifolds & Gas Trains, Tanks & Cold Boxes, Others), By End-User (Oil & Gas, Chemical, Food and Beverage, Others) and Geography Forecast till 2026
Cryogenic Insulation Market Size, Share and Global Trend By Form (Foam, Multilayer, Bulk Fill), By Type (Fiberglass, Cellular Glass, Perlite Insulation, Polyurethane, Polyisocyanurate, Others), By End-Use Industry (Oil and Gas, Chemical and Fertilizer, Food and Beverage, Transportation, Electronics, Others) and Geography Forecast till 2026
Electric Submersible Pumps Market Size, Share & Industry Analysis, By End-User (Residential & Commercial, Water & Wastewater, Mining, Agriculture, Oil & Gas, Chemicals, Construction, Others), By Operation (Single-Stage, Multi-Stage), By Capacity (Low, Medium, High), By Type (Open well, Borewell), and Regional Forecast, 2019-2026
Direct Current (DC) Drives Market Size, Share & Industry Analysis, By Voltage Rating (Up to 240 V, 240 - 600 V, and 600 V & Above), By Power Rating (Up to 250 kW, 251 - 500 kW, and 500 kW & Above), By End User (Oil & Gas, Power Generation, Food & Beverage, Chemicals & Petrochemicals, Metal & Mining, Water & Wastewater, Building Automation, and Others), and Regional Forecast, 2019-2026
Electric Motor Market Size, Share & Industry Analysis, By Motor Type (AC Motors, DC Motors, Hermetic Motors), By Power Output (Fractional Horsepower (Up to 1HP), Integral Horsepower (Above 1HP)), By Voltage (Up to 1 kV, 1 kV-6.6 kV, Above 6.6 kV), By Application (Industrial Machinery, Motor Vehicles, Electrical Appliances, Others), By End-User (Industrial, Commercial, Residential, Agriculture) and Regional Forecast, 2019-2026
AC Drives Market Size, Share & Industry Analysis, By Power Rating (Low Power Drives, Medium Power Drives, and High Power Drives), By Voltage (Low Voltage and Medium Voltage), By Application (Pumps, Conveyors, Compressors, Electric Fan), By End-User (Food & Beverage, Oil & Gas, Power Generation, Building Automation, Metal & Mining, Water & Wastewater, Chemical & Petrochemicals) and Regional Forecast, 2019-2026
Variable Frequency Drive Market Size, Share & Industry Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others), and Regional Forecast, 2019-2026
District Heating Market Size, Share & Industry Analysis, By Heat Source (Coal, Natural Gas, Renewables, Oil & Petroleum Products, and Others), By Plant Type (Boiler, CHP, Others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2019 – 2026
District Cooling MarketSize, Share & Industry Analysis, By End User (Residential, Industrial, and Commercial), By Technology (Electric Chillers, Absorption Chillers, and Others), and Regional Forecast, 2019 – 2026
Well Intervention MarketSize, Share and Industry Analysis By Type (Light Intervention, Medium Intervention, Heavy Intervention), Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, RE-Perforation), Application (Onshore, Offshore) and Regional Forecast, 2019-2026
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