Cryogenic Equipment Market is anticipated to surpass USD 27 billion by 2030, according to latest research study by Global Market Insights Inc. Improvements in safety & reliability and reduction in maintenance costs is likely to fuel the industry demand.
The market will witness potential growth on account of establishment of regasification units, replacement of existing heavy fuel oil (HFO) plant to process on natural gas along with installation of latest gas power plant. Growing LNG imports in the SAARC region to eliminate the rising energy concerns will further accelerate the market growth.
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The valves segment is anticipated to reach around USD 3 billion by 2030. Ongoing advancements in technologies to accomplish complete zero-leakage shutoff together with an increase in disposable income has stimulated major players to invest in product development. The growing manufacturing sector favored by continuous investments in the existing bases across Indonesia, China, India, and other major economies will foster the industry size.
The increasing applicability of liquid oxygen together with stimulating investments for the healthcare infrastructure facilities in the emerging economies will spur the product adoption. Furthermore, increasing health-related diseases, majorly in urban areas, coupled with the growing population will support the installation of cryogenic equipment.
The Asia Pacific cryogenic equipment market is slated to grow due to the favorable regulatory measures combined with robust investments toward development of healthcare facilities including hospitals, labs, and pharmaceutical sectors. In addition, increasing economic growth, rising income, and upsurge in the living standards of people are the some of the prominent factors augmenting the product deployment. However, rapidly changing business models by private players to invest in Tier II and Tier III cities in line with a change in demographic patterns and growing demand for specialty chemicals will bolster the product acceptance.
The extensive market expansion of cryogen with the reinforcing trade of liquified gases has strengthened the equipment use in distribution applications. The growing need for nitrogen and oxygen for several purposes in the food & beverage, oil & gas, and healthcare sectors has led to the demand for mobile cryogenic tanks. Additionally, restrictions imposed by respective governments to produce multiple types of gases have also stimulated the necessity of transportation gases escalating market statistics.
Some of the major findings of the cryogenic equipment market report include:
- Integration of smart systems merged with the adoption of innovative technological solutions will influence the industry growth.
- The key industry players operating in the cryogenic market include Emerson Electric, The Weir Group PLC, Schlumberger Limited, Linde PLC, INOXCVA, and Oswal Industries Limited.
- Rising greenfield investments and government initiatives & related policies to adopt advanced technological equipments will boost the cryogenic equipment demand.
- Escalating expenditure in the development of petrochemical plants, refineries, and fertilizer plants will further impact the product deployment.
- Paradigm shift toward gas-based electricity generation systems and robust increase in investments toward development of healthcare infrastructure will propel the market returns.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Cryogenic equipment industry 3600 synopsis, 2018 – 2030
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Cryogen type trends
2.1.4 Application trends
2.1.5 End-user trends
2.1.6 Regional trends
Chapter 3 Cryogenic Equipment Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 Future potential & opportunity across medical applications
3.5 Covid- 19 impact on the industry outlook
3.6 Production/consumption of cryogens
3.7 Industry impact forces
3.8 Growth potential analysis
3.9 Porter’s Analysis
3.10 Competitive landscape, 2021
3.11 PESTEL Analysis