According to the latest market study released by Technavio, the global cryogenic PPE marketis expected to grow at a CAGR close to 6% during the forecast period.
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Technavio has published a new market research report on the global cryogenic PPE market 2017-2021 under their energy library. (Graphic: Business Wire)
This research report titled 'Global Cryogenic PPE Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global cryogenic PPE market into the following type of end-users:
- Oil and gas
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The top three revenue-generating segments are discussed below:
Oil and gas
Due to its high applicability in essential processes, such as distillation, air separation, hydrofracturing, and storage of gases in the liquid form, cryogenic PPE finds extensive applications in the oil and gas segment. Natural gas storage and transportation applications contribute significantly to the dominance of the segment in the market. Furthermore, during the forecast period, the growth of the segment can be attributed to the increasing trade of natural gas due to irregularities in natural gas reserves and supplies. Some of the other applications that are widely deployed in the oil and gas industry are cryogenic air separation and distillation.
According to Neelesh Prakash Singh, a lead analyst at Technavio for power research, "Cryogenic equipment is used for the storage and processing of LNG in natural gas processing. The removal of mercury is a crucial process, during LNG processing. The presence of mercury during the process can damage aluminum heat exchangers, resulting in severe damage to the LNG plant. Therefore, in natural gas processing operations, the application of cryogenics for controlling temperatures plays a significant role."
In addition to hydrogen fuel applications, the energy segment covers LNG-related applications in power plants. Investments in natural gas-based power plants will increase due to the growing demand for power worldwide and environmental concerns due to coal-based power plants. In addition, coal-dominant countries, such as the US, China, and India, have implemented natural gas as the best green alternative and planned to reduce the dependency on coal.
"The GHG emissions produced by natural gas is less and conversion efficiency is close to coal-based power plants. Countries such as the US, China, and India have set up LNG infrastructure in power plants to boost natural gas supply. This in turn increases the demand for cryogenic equipment, such as cryogenic PPE, in the power industry," says Neelesh.
Among the widely implied applications of cryogenic, metallurgy is one of the top sectors. In the iron and steel and heavy metal fabrication industries, industrial gases, such as oxygen, argon, helium, and nitrogen, are used in various applications. As oxygen is used for manufacturing other metals, such as lead and copper, the steel industry is the largest end-user of it.
Sub-zero treatment of steel, such as cryo treatment, shrink fitting, and cold treatment, improves the tool life significantly. By increasing hardness, providing dimensional stability, and improving wear resistance such processes enhance the property of metals. Researchers have proved that the average tool life increases after the cryo treatment process and there is a significant improvement in the wear resistance of various materials.
The top vendors highlighted by Technavio's market research analysts in this report are:
- Honeywell International
- NSA NATIONAL SAFETY APPAREL
- Tempshield Cryo-Protection
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