According to the latest report by IMARC Group, The global cryogenic equipment market exhibited moderate growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 5% during the forecast period (2021-2026).
Cryogenic equipment refers to devices that are used to generate, sustain and operate at extremely low temperatures.It comprises cryogenic storage racks, refrigerators, boxes, cold traps, pressure vessels, piping, purifiers, temperature controllers, tanks and accessories. It is used for freezing, cooling, and metal processing and biomedical purposes. Along with this, it also assists in protecting the users from accidental contact with hazardous materials.
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Market Trends:
The burgeoning aerospace and aviation industries represent one of the primary factors propelling the global cryogenic equipment market growth. Cryogenic fluids are widely used for cooling jet engines and in-flight components. Apart from this, the increasing utilization of cryogenic equipment in refrigerators, pumps, oil tankers, vaporizers and valves in the oil and gas sector is driving their sales further. Cryogenic equipment is designed for gases, such as oxygen, liquid helium, nitrogen, argon and carbon dioxide, widely used in Liquified Natural Gas (LNG)- based power plants. The equipment also finds extensive applications across various industries, including energy and power, marine and aerospace, food and beverage (F&B), healthcare and chemical, which is boosting the overall market growth.
Breakup by Equipment:
Tanks
Pumps
Heat Exchanger
Valves
Others
Breakup by Cryogen:
Nitrogen
Liquified Natural Gas
Helium
Others
Breakup by Application:
Storage
Transportation
Processing
Others
Breakup by End Use Industry:
Oil and Gas
Energy and Power
Food and Beverages
Healthcare
Marine and Aerospace
Chemicals
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
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