Global Cryogenic Equipment Market, 2019-2027: Technological Advancement & Improved Innovations in Areas Like Immunotherapy & Regenerative Medicines are Likely to Enhance the Market Growth - ResearchAndMarkets.com
The "Global Cryogenic Equipment Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The cryogenic equipment market was valued at US$ 16.59 Bn in 2018 and expected to grow at a CAGR of 7.4% during the forecast period from 2019 to 2027.
Market Insights
Increasing demand for LNG coupled with improvements in healthcare services in developing economies will upgrade the market growth during the forecast period
The LNG business is poised to play a vital role in economic growth in developing countries. In addition, developments in LNG and natural gas will facilitate economic development and arouse further investment in national infrastructures. Furthermore, large discoveries of natural gas have focused the attention of international players involved in the oil and gas industry business, thereby driving the demand for LNG across the globe. Moreover, increasing government interest in clean energy, growing demand from domestic consumers, and raising engineering solutions for gas and LNG projects will provide a wide spectrum of opportunities for the cryogenic equipment market.
Furthermore, growing needs for genetically live tissue drug therapy, biopharma therapy, and respiratory healthcare are urging the growth of the cryogenic equipment market. Additionally, technological advancement and improved innovations in areas like immunotherapy, vaccinations, biopharmaceuticals, and regenerative medicines are likely to enhance the market growth. For instance, Air Liquide Healthcare introduced a quality control system i.e. aerALin, a healthcare exclusive parametric used for quality control on-site production of medical gases such as oxygen 93 percent USP, nitrogen NF, and medical air USP.
Growing technological advancement and substantial investments for energy & power sector will further expand the cryogenic equipment market
Increasing demand towards energy storage across numerous industries has significantly urged the need for large-scale utilization of renewable energy in the grid. Additionally, the integration of grid-scale energy storage with renewable electricity generation offers flexibility across the grid and Subsequently will increase the need for cryogenics-based energy storage (CES). The aforementioned factors projected to increase the demand for cryogenic equipment on a global scale.
Moreover, growing awareness for the use of renewable energy coupled with government plans and financial investments globally for emission reduction has urged the need for the deployment of Cryogenic Energy Storage. For instance, in March 2019, Highview Power has entered into a joint venture (JV) with the TSK, a Spanish engineering and construction (EPC) company for the development of gigawatt-hour, long-duration energy storage systems using cryogenic energy storage solution.
Industrial Developments
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In May 2019, Advanced Research Systems, Inc., has registered a technology, which automatically refills liquid helium mostly used in laboratory equipment, which will further reduce the downtime, recover more helium and increase overall efficiency.
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In April 2019, Cryostar, a cryogenic equipment supplier for LNG fueling stations, has launched its new FUELNG-Deploy concept a cost-effective refueling solution for serving small vehicles (up to 75 refuelings per day).
Key Market Movements:
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Globally, the cryogenic equipment market is rising at a CAGR of 7.4% for the estimated period from 2019 to 2027.
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The Asia Pacific emerged as a dominant market for cryogenic equipment and accounted to hold a market share of around 38% in 2018. Additionally, the development in Asian countries, owing to increasing investments in LNG transportation, long-anticipated easing of foreign investments for power, heavy industries, thereby driving the demand.
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Europe to internment a sizeable market share over the forecast period owing to significant application across healthcare, food & beverage, and electronics industries.
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An increasing need for on-site gas supply for numerous projects, up-gradation in technological development, and increasing technological investments in cryogenic storage and handling in the emerging nations will drive the overall demand.
Key Topics Covered:
1. Preface
1.1. Report Description
1.2. Research Scope
1.3. Research Methodology
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Cryogenic Equipment (CE) Market
2.2. Global CE Market, by Product Type, 2018 (US$ Bn)
2.3. Global CE Market, by Cryogen Type, 2018 (US$ Bn)
2.4. Global CE Market, by End-use, 2018 (US$ Bn)
2.5. Global CE Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1. Introduction
3.2. Market Dynamics
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Cryogenic Equipment Market, by Product Type , 2017-2027 (US$ Bn)
4.1. Overview
4.2. Tanks
4.3. Valves
4.4. Pumps
4.5. Pipes
4.6. Others (Vaporizers, Vacuum Jacketed Piping, etc.)
5. Global Cryogenic Equipment Market, by Cryogen Type , 2017-2027 (US$ Bn)
5.1. Overview
5.2. Nitrogen
5.3. Oxygen
5.4. Natural Gas
5.5. LNG
5.6. Others (Argon, Helium, Neon, etc.)
6. Global Cryogenic Equipment Market, by End-use, 2017-2027 (US$ Bn)
6.1. Overview
6.2. Chemical
6.3. Energy & Power
6.4. Metallurgy
6.5. Shipping
6.6. Others (Electronics, Food & Beverages, Healthcare, etc.)
7. North America Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
7.1. Overview
7.1.1. North America CE Market Value and Growth, 2017-2027, (US$ Bn)
7.2. North America CE Market Value, By Product Type, 2017-2027 (US$ Bn)
7.2.1. Market Analysis
7.3. North America CE Market Value, By Cryogen Type, 2017-2027 (US$ Bn)
7.3.1. Market Analysis
7.4. North America CE Market Value, By End-use, 2017-2027 (US$ Bn)
7.4.1. Market Analysis
7.5. North America CE Market Value, By Region/Country, 2017-2027 (US$ Bn)
7.5.1. Market Analysis
7.5.2. U.S.
7.5.3. Rest of North America
8. Europe Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
9. Asia Pacific Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
10. Rest of the World Cryogenic Equipment Market Analysis, 2017-2027 (US$ Bn)
11. Company Profiles
11.1. Emerson Electric Co.
11.2. Air Liquide SA
11.3. Nikkiso Co Ltd
11.4. Parker-Hannifin Corp
11.5. Air Products & Chemicals, Inc.
11.6. Chart Industries, Inc.
11.7. Cryofab Inc.
11.8. Cryoquip LLC.
11.9. Herose GmbH
11.10. INOX India Ltd.
11.11. Linde Group AG
11.12. Taylor-Wharton International LLC.
11.13. VRV SpA
11.14. Wessington Cryogenics Ltd.
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