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Cryogenic Equipment Market - Opportunity Analysis and Industry Forecast, 2020–2027

A07988
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Jun 2021 | 128 Views
 
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Cryogenic tanks are used for storing and transportation of liquefied industrial gases such as oxygen, hydrogen, nitrogen, helium, and argon. They are typically designed to store liquefied gases below -150°C. They come in various configurations such as horizontal, vertical, double-walled, and insulated. They can be static or fixed and mobile or transportable. They have wide applications in multiple industries such as medical technology, food, electronics, and metal processing for storing LNG in the LNG liquefaction terminals and in ships in the form of tankers. 

Cryogenic equipment is generally operated at temperature below -150°C. They are used for refrigeration or creating a low temperature condition through cryogenic gases such as nitrogen, helium, and argon. Moreover, advancements in cryogenic equipment technology have increased its application ranging from cold storage to core processes in various end-user industries. Regular applications for cryogenic equipment include freezing & cooling, enhancing certain chemical reactions, biomedical & chemical storage, and metal processing. Different fluid cryogens are additionally utilized as fuel in aviation and rocketry. Cryogenic gear incorporates holders, pressure vessels, cold snares, purifiers, and funneling. Cryogenic equipment guarantees the upkeep of temperature levels inside the hardware. This gear shields clients from risky materials. The advancement in metal structure has brought about the development of upgraded strategies for taking care of fluids.

Market scope and structure analysis:

                  Report Metric

                                          Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD Million)

  Segments covered

  Product, Gas Type, Application

  Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa

  Companies covered

Cryo Pure Corporation, Cryodepot, Cryofab Inc., Cryoquip LLC., HEROSE GMBH Armaturen, Metalle, and Packo Industry

 

COVID-19 scenario analysis:

  • COVID-19 pandemic has shut-down the production of various products in the cryogenic equipment market, owing to the prolonged lockdown in major countries. This has hampered the growth of the cryogenic equipment market significantly from last few months, and is likely to continue during 2020.
  • COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020, and is likely to cause a negative impact on the market growth during the year.
  • The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which are badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
  • Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
  • Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

The cryogenic equipment market has applications in the healthcare sector, and has high use in various other fields as well, thereby driving the market growth. 

  • Increased consumption of natural gas

The factors driving this market are increased consumption of natural gas; rise in demand for clean energy production technologies, such as LNG; and surge in demand for metallurgical processes. Increase in population increases the overall usage and consumption of natural gas, thereby affecting the market growth. 

  • Growing need for respiratory healthcare

Increase in global demand for energy and natural gas; growing needs for respiratory healthcare; and more usage of therapies, such as biopharma therapy and genetically live tissue drug therapy, foster the growth of the cryogenic equipment market. Moreover, the growth of major application industries and high economic growth of developing countries are some other important market drivers. Growth in LNG trade and development in cryogenic energy storage systems have been identified as the major opportunity that attracts all cryogenic equipment manufacturers.

Key segments covered:

                Segments

                                  Sub-segments

  Product

•             Tanks

•             Valves

•             Vaporizers

•             Pumps

•             Vacuum Jacketed Piping

•             Others

  Gas Type

  • Nitrogen
  • Oxygen
  • Argon
  • LNG
  • Others

 

  Application

  • Distribution
  • Storage

 

Key benefits of the report:

  • This study presents the analytical depiction of the cryogenic equipment market along with the current trends and future estimations to determine the future of the market 
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cryogenic equipment market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the cryogenic equipment market growth scenario. 
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
 
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