A new study by Grand View Research, Inc. expects the worldwide cryogenic equipment market to be worth USD 23 billion by 2022. This may be attributed to diverse applications in aerospace, railroad, shipbuilding, healthcare, and electronics. Improved metal designs have resulted in effective handling of liquids.
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Also, advancements in metal technology are improving operational capabilities at low temperatures, leading to higher efficiencies. Burgeoning population is creating massive demand for energy and power. This, coupled with fast-paced industrialization, is said to drive the market in the future. Increased liquid oxygen usage for high-level oxidation reactions in cryogenic equipment will also trigger market demand.
Cryogens are widely used in food processing and transportation of frozen food. Medical applications of the cryogenic equipment market include MRI – Magnetic Resonance Imaging, and dead cell preservation. Cryogenic equipment is also used to store blood at very low temperatures in blood banks. The power and energy sector has witnessed improvements in cryogenic energy storage and HTS cables.
Carbon dioxide and liquid nitrogen are used in the entertainment industry. Governments in developing countries like India are hugely investing in smart cities and superfast trains. This will favorably impact the cryogenic equipment market. High natural gas production owing to shale revolution is fueling the demand for this equipment in the oil and gas sector.
The market could be restricted by fluctuations in raw material prices and high capital investments. Moreover, developing regions may not be able to completely exploit all the application segments due to scarcity of resources.
The cryogenic equipment market is split into cryogens, equipments, and regions. Cryogens include nitrogen, Liquefied Natural Gas (LNG), oxygen, and argon. Equipments are pumps, valves, tanks, vaporizers, strainers, samplers, and dewars. Tanks are likely to account for a significant market share over the next seven years. They will be followed by valves.
According to regions, the North American market will be driven by oil and gas, and healthcare sectors. The Middle East and Africa will benefit from increasing oil refineries. Asia Pacific is set to witness profits due to industrialization and LNG import.
Eminent players in the cryogenic equipment market are Acme Cryogenics Inc., Air Liquide S.A., Beijing Tianhai Industry Co. Ltd., Cryofab Inc., and Linde AG.
Information Source: Grand View Research
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