DALLAS, April 23, 2015 /PRNewswire/ --
The report "Cryogenic Equipment Market by Application (Energy & Power, Chemicals. Metallurgy, Electronics and Shipbuilding), by Cryogen Gases (Nitrogen, Oxygen, Argon and LNG), & by Product Type (Tank, Valve, Vaporizer & Pump) - Global Trend & Forecast to 2019", published by MarketsandMarkets, The Cryogenic Equipment Market was estimated to be at $14.47 Billion in 2014 and is projected to reach $21.09 Billion by 2019, at a CAGR of 7.8% from 2014 to 2019.
Browse 72 market data Tables and 47 Figures spread through 189 Pages and in-depth TOC on "Cryogenic Equipment Market"
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Top market players from the industry segment have been studied to track developments, technologies, and other key business strategies that define the Cryogenic Equipment Market environment. The Cryogenic Equipment Market was estimated to be at $14.47 billion in 2014 and is projected to reach $21.09 billion by 2019, at a CAGR of 7.8% from 2014 to 2019. Major drivers identified behind this growth include LNG production, demand for advanced healthcare services and metallurgical processes.
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Asia-Pacific: The largest market for cryogenic equipment
The Asia-Pacific region was the largest estimated market for cryogenic equipment in 2014, driven largely by the developments in fast growing economies such as China, India and other countries in the Southeast Asia. These developments are due to rapid urbanization and growing energy needs. As a result of this rising energy deficit, these regions are being drawn towards tapping eco-friendly fuel sources.
Energy & Power: Biggest market by application
The energy and power industry utilizes cryogenic equipment to a great extent and is the largest consumers of such equipment. Starting from a small gauge to a big tank, almost all cryogenic equipment finds its application in the energy and power industry. Cryogenic equipment is generally used to handle, store, transfer, and supply liquefied gases such as oxygen, hydrogen, nitrogen, and argon among other gases. Recent growth in LNG market is proportionately pushing the demand for cryogenic equipment in this industry. The energy and power industry accounted for an estimated 38% market share in the Cryogenic Equipment Market in 2014.
Major Players in the Cryogenic Equipment Market include Chart Industries Inc. (U.S.), Cryofab Inc. (U.S.), VRV S.p.A (Italy), INOX India Ltd. (India), and Linde Group AG (Germany). Competitive analysis of the major players has been included in the report, along with market share for the top five players in the cryogenic industry. Recent developments and other strategies have also been analyzed to identify the most widely followed growth strategies in the industry. Impact analysis of various developments is also provided in the competitive landscape. Company profiles highlight the market presence of the major players in the Cryogenic Equipment Market. Moreover, strengths, weakness, opportunities, and threats to the top 5 market players have been identified within the company profiles. Accordingly, the recommendation on the future outlook of the company is provided under the MarketsandMarkets view, which offers meaningful insights for the future development of the companies discussed in the report.
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