HYDERABAD, India, August 2, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the cryogenic equipment market. The report titled, "Global Cryogenic Equipment Market - Growth, Trends and Forecasts (2016 - 2021)" discusses the current landscape and outlook of the market.
The global cryogenic equipment market was estimated at USD 15.3 billion in 2015 and is projected to reach USD 23.5 billion by 2021, at a CAGR of 7.4% during the forecast period 2016-2021. Growth in the global LNG usage & trade is a great influencing factor for the cryogenic equipment market.
Within the LNG industry, factors such as an abundance of natural gas, coupled with its environmental soundness, multiple applications across various sectors, and an ever-increasing energy need, stimulate the cryogenic equipment market growth. As part of their environment protection and climate change responsibilities, governments around the world take various measures to reduce the carbon footprints in their respective countries.
LNG carriers present one of the best options to transport natural gas from source to consumption center. Transportable natural gas is cooled using cryogenic equipment. Natural gas occupies significantly less space when cooled, and can be transported & stored safely.
Rising number of projects of integrated gasification combined cycle, gas to liquids and clean coal processes including coal to liquids, contribute to the growth of cryogenic equipment market. Growth in manufacturing/rapid industrialization and urbanization promote the use of cryogenic equipment for industrial gas applications. In addition, increased global demand for energy and natural gas; growing needs for respiratory healthcare, and increased use of both biopharma therapies and genetically live tissue drug therapies are spurring the growth of cryogenic equipment market.
The volatile oil prices have restrained the cryogenic equipment market growth due to reduction/delay in capital spends in LNG and other related projects.
In Europe and North America, upgradation & retrofitting market is expected to rise for greater efficiency and regulatory compliance.
Cryogenic Equipment Market Segmentation, by Equipment Type
- Tanks
- Vaporizers
- Valves and Pumps
- Other Equipment
Cryogenic Equipment Market Segmentation, by Cryogen Handled
- Inert Gases
- Flammable Gases
- Oxygen
Cryogenic Equipment Market Segmentation, by Industries Served
- Energy
- Chemical
- Biomedical
- Others
Cryogenic Equipment Market Segmentation, by Geography
- North America
- South America
- Asia-Pacific
- Europe
- Middle East and Africa
Key Companies
- Chart Industries Inc.
- Air Liquide SA
- Linde AG
- Praxair Inc.
- FIBA Technologies Inc.
- INOX India Pvt. Ltd.
- Oxford Instruments Plc.
- Herose GmbH
- Cryoquip Llc.
- Wessington Cryogenics
Key Deliverables in the Study:
- Market Overview - market analysis and identification of key drivers, restraints and opportunities
- Major trends and economic outlook
- Supply Chain Analysis
- Porters five force analysis
- Comprehensive summary on the industry sectors and regions poised for the fastest growth
- Cryogenic equipment market analysis by equipment type, region, industries served, and cryogen handled
- Future outlook of the market
- Extensively researched competitive landscape section with profiles of major companies along with their estimated market shares
Key Deliverables of the Study
- Market overview for the global cryogenic equipment market along with the market dynamics
- Major trends in the said market along with an economic and a value chain analysis
- Porter's five force analysis along with the factors instrumental in changing the market scenario and rising prospective opportunities
- Comprehensive summary on the global cryogenic equipment market segmented by type, by cryogen handled, by industries served and by application.
- Geographical analysis of the market with specific countries and regions poised for the fastest growth
- Extensively researched competitive landscape section that includes profiles of major companies along with their strategic interests, financial information and global market share
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