Cryogenic Equipment Market Worth $ 18.73 Billion, Globally, by 2027 at 6.29% CAGR: Verified Market Research

Cryogenic Equipment Market Worth $ 18.73 Billion, Globally, by 2027 at 6.29% CAGR: Verified Market Research

PR Newswire

JERSEY CITY, N.J., Feb. 5, 2021

- The growing investments toward the expansion of existing manufacturing facilities, coupled with supportive government systems across developing economies and the growing number of projects of integrated gasification, blended cycle, clean coal, and gas to liquids processes are contributing to the industry growth.

JERSEY CITY, N.J., Feb. 5, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), by Cryogen (Nitrogen, Argon, Oxygen, LNG), by End-User (Energy & power, Chemicals, Metallurgy, Electronics, Shipping), and by Geography". According to Verified Market Research, the Global Cryogenic Equipment Market was valued at USD 12.22 Billion in 2020 and is projected to reach USD 18.73 Billion by 2027, growing at a CAGR of 6.29% from 2021 to 2027.

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Browse in-depth TOC on "Cryogenic Equipment Market"

202 - Pages
126 – Tables
37 – Figures

Global Cryogenic Equipment Market Overview

The global cryogenic equipment market is predominantly driven by the growing investments toward the expansion of existing manufacturing facilities, coupled with supportive government systems across developing economies. The increasing Foreign Direct Investment (FDI) inflows, coupled with enhanced domestic investments toward the establishment of new industrial facilities will also increase product adoption. Besides, growing LNG demand and increasing healthcare services in developing countries are also supporting the market growth. Moreover, continuous efforts to decrease GHG emissions driven by frequently stringent legislative requirements will feed the global market growth. For example, the European Union has set a mark to decrease GHG emissions by 40% compared to the 1990 levels by 2030, thereby driving increased use of cryogenics from natural gas.

The growing number of projects of integrated gasification, blended cycle, clean coal, and gas to liquids processes are also contributing to the industry growth. Furthermore, as of 2019, several countries in the world have designed to phase out coal-based energy to reduce the greenhouse gas effect on the environment. For the above circumstances, various countries started decreasing the usage of coal and increases using natural gas for energy and power generation. Gas is more convenient to be transported in liquefied natural gas (LNG) form that involves various segments of cryogenic equipment such as tanks and is expected to drive the market during the forecast period.

The major players in the market are Linde plc (Ireland), Chart Industries (US), Parker Hannifin (US), Flowserve Corporation (US), Emerson (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), Cryofab (US), and Wessington (UK).

Verified Market Research has segmented the Global Cryogenic Equipment Market On the basis of Equipment, Cryogen, End-User, and Geography.

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