Market Research Report
Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Cryogenic Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: September 16, 2021
IMARC Services Private Limited
Content info: 145 Pages
Delivery time: 2-3 business days
The global cryogenic equipment market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Cryogenic equipment refers to devices that are used for the storage and transportation of materials at extremely low temperatures. It consists of cryogenic storage racks, boxes, refrigerators, pressure vessels, cold traps, purifiers, piping, temperature controllers, accessories and tanks. It is primarily used for cooling, freezing, metal processing and biomedical and chemical storage purposes. It also aids in protecting users from accidental contact with hazardous materials during their handling. Owing to this, it finds extensive applications across various industries, including chemical, oil and gas, energy and power, food and beverage, healthcare, marine and aerospace.
Significant growth in the aerospace and aviation industries across the globe is one of the key factors that is creating a positive outlook for the market. Furthermore, the increasing demand for Liquified Natural Gas (LNG) across industries is also augmenting the market growth. The cryogenic equipment is specifically designed for gases, such as liquid helium, oxygen, nitrogen, argon and carbon dioxide (CO2) that are used in LNG-based power plants. In line with this, the increasing utilization of the equipment in oil tankers, vaporizers, pumps, refrigerators and valves in the oil and gas sector is acting as another major growth-inducing factor. Additionally, technological advancements in the field of immunotherapy, pharmaceuticals, vaccinations and regenerative medicines that have enhanced the utilization of cryogenic equipment, are contributing to the market growth. Other factors, including the growing need for clean energy sources, along with the development of mobile cryogenic equipment, are expected to drive the market further.