The global cryogenic equipment market is expected
to reach USD 25.05 billion by 2022, according to a new report by Grand View
Research, Inc. Stringent government initiatives and investments in emerging
markets such as Brazil and India are expected to impel the product demand over
the forecast period. Shale gas exploration has resulted in high natural gas
production, thereby escalating demand in the oil & gas sector. Cryogenic
equipment is widely used in LNG storage and transportation. LNG being an
extremely low emission fuel is preferred by several regulatory bodies
addressing environmental concerns, thereby driving the cryogenic equipment
demand.
Rapid
industrialization has led to widespread adoption of this equipment in the
metallurgy industry. Development in metal design has resulted in the development
of enhanced techniques for handling liquids and is expected to fuel market
demand over the forecast period.
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Further key findings from the study suggest:
- Tanks accounted for over 55% of the overall revenue in 2014. The need to store gases for several critical industrial processes as against conventional cooling lubricants (CLFs) is anticipated to drive the product demand over forecast period.
- Storage segment contributed over 65% of the overall revenue and is projected to display substantial growth with a CAGR exceeding 8% from 2015 to 2022. It provides a consistent and accurate temperature for storage and is expected to play a vital role in driving demand.
- Growth in the power & energy segment can be primarily attributed to rapid industrialization and several government initiatives. The segment accounted for over 20% of the revenue in 2014.
- Asia Pacific emerged as a dominant region with market size over USD 4.0 billion in 2014. The quest for Liquefied Natural Gas (LNG) in Asia Pacific is expected to drive growth over the forecast period, making it the highest revenue generating region.
- North America cryogenic equipment market is anticipated to experience significant growth over the forecast period. The North American food & beverage industry has witnessed a substantial growth over the last few years; a trend anticipated to provide an impetus for future market growth.
- Key market participants include Cryo pure, Packo Industry, Cryofab, Shell-N-Tube, Cryodepot, and Taylor-Wharton International LLC. Industry participants strive to focus on innovation and technical knowledge while simultaneously trying to own several patents and trademarks along with R&D activities. Purveyors abide by regulations such as DOE 6430.1A, DOE 5481.1B, DOE 5700.6C, CGA Pamphlet P-1, CGA Pamphlet S-1.1, ASME, and ASME B31.3 to manufacture safe and functional equipment.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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