Cryogenic Equipment Market - Global Forecast to 2025, by Equipment, Cryogen, End-User and Region

The report "Global Forecast to 2025: Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps and Others), Cryogen (Nitrogen, Argon, Oxygen, LNG and Others), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping and Many others), and Region".

In 2019, the worldwide cryogenic equipment industry was worth USD 11.9 billion.

Cryogenic equipment is in high demand due to rising LNG consumption across the world. The cryogenic equipment market has also been driven by an increase in the number of air separation unit projects. Cryogenic equipment, but on the other hand, is really only practical for large-scale applications.

 

From 2020 to 2025, the containers industry is forecasted to have been the largest and fastest-growing by well type.

In 2019, tanks hold the greatest proportion of the worldwide cryogenic oxygen plants market globally. Tank market is expected to increase as global demand for LNG and mini bulk tanks grows, generating demand possibilities for tanks during the projected period. Countries such as Russia and Qatar are focusing on high LNG production, which needs a substantial percentage of cryogenic tanks to store the LNG.Novatek, one of Yamal LNG project's major LNG producers, has placed orders for the building of two new full-containment 160,000 m LNG storage tanks. Globally, such projects are gathering steam. As a result, the container as both an element of cryogenic equipment is constantly advancing, and demand is anticipated to rise in the coming years.

 

From 2020 to 2025, the electronics segment is anticipated to be the fastest-growing market by application.

In the electronics sector, cryogenics provides a wide range of applications. The circuit boards' life is extended via cryogenic oxygen plant processing. They're used in switching, semiconductor, and superconductor devices since cooler temperatures reduce material resistance. Other methods used throughout the electronics industry include cryogenic milling and freezer grinding. Cryogenic equipment is commonly utilized, such as semiconductor grade vaporizers and tanks. The cryogenic equipment market is anticipated to drive by an interest in the growth of air separation units for the electronics market during the forecast period.

 

Asia Pacific is the world's largest and fastest-growing cryogenic equipment market.

The region is developing into the world's fastest-growing energy, power, and technology end-market. Also driving the cryogenic equipment market is major growth in industries like metallurgy, chemical production, food and beverages, and energy & electricity. The fastest-growing countries in the area, China and India, are creating a massive need for cryogenic equipment. Furthermore, a number of countries in the region import gas and oil, boosting trade as well as the need for cryogenic equipment.

Japan, like so many other developing countries in the region, is the top LNG importer. Given the cheaper prices than conventional fuels, these countries are forecast to expand their trade. Every one of these factors are increasing cryogenic equipment demand in Asia Pacific.

Tags:

cryogenic oxygen plants, cryogenic oxygen gas plant, cryogenic liquid oxygen plant, cryogenic oxygen nitrogen plant, cryogenic oxygen plant manufacturer