The scientific study of materials at their extremely low temperatures is called cryogenics. Cryogenic equipment is used for operating in extremely low temperatures and at a slow rate so as to prevent thermal shock to its components. The increasing demand for liquefied natural gas or LNG is propelling the growth of the global cryogenic equipment market, says Fortune Business Insights in their new report. To cite an example, a new high recovery cryogenic gas processing plant was launched by a subsidiary of Honeywell, namely UOP Russel in Sep 2018. This gas processing plant is 50% larger than other plants that are pre-engineered till today and has a capacity of 300 million standard cubics per day. Such innovations are likely to bode well for the global cryogenic equipment market in the forecast duration.
According to a report by Fortune Business Insights, titled, “Cryogenic Equipment Market Size, Share and Global Trend By Product Type (Tanks, Valves, Vaporizer, Pumps, Others), By Cryogen Type (Nitrogen, Oxygen, Argon, LNG, Others), By End User (Chemical, Energy & Power Generation, Electrical, Metallurgy, Others), and Geography Forecast Till 2026,” the cryogenic equipment market can be categorized on the basis of cryogen type, product type, end-user, and geography. With respect to product type, the market is classified into pumps, vaporizers, valves, tanks, and others. Based on the cryogen type, the market is grouped into LNG, oxygen, argon, nitrogen, and others. On the basis of end user segmentation, the market is divided into metallurgy, electrical, chemical, energy and power generation, and others.
The report on market focusses on all factors influencing the growth of the market with interesting insights. The report also presents opportunities that may help cryogenic equipment market generate great revenues in the forecast duration.
Some of the companies are mentioned below:
Key Industry Developments
Asia Pacific to Emerge Dominant on Account of Rapid Industrialization
The surge in demand from the power industry is propelling growth of the cryogenic equipment market in North America. This region also plans to expand in the forthcoming years. On the other side, the market in Europe is anticipated to witness substantial growth in the forecast duration on account of surge in demand for cryogenic devices from various industries such as electronics, and food and beverage industry.
The market in Asia Pacific is anticipated to grow at a fast pace owing to rapid industrialization. In addition to this, the increasing demand for power to store and ship LNG from countries such as India and China are anticipated to help Asia Pacific emerge as a dominant region in the forecast duration.