October 11, 2022 01:06 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The global Cryogenic Equipment Market was USD 18.06 billion in 2021. The global market size is expected to be gain momentum by reaching USD 32.86 billion by 2028, exhibiting a CAGR of 8.9% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Cryogenic Equipment Market, 2021-2028.”
According to our analysts, the factors such as rising demand for clean energy sources and the growing oil & gas industry across the globe. Increasing investments in LNG power plants and rising focus on processing and manufacturing industries to foster market development
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Restrictions on Manufacturing and Transport to Hinder Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic because of the restrictions imposed on manufacturing and transport activities. The sudden spike in COVID-19 infections led to the adoption of stringent norms. This has led to the closure of industries and the lack of raw materials for cryogenic equipment production. However, the adoption of production machinery, advanced sanitization methods, reduced capacities, and half capacities have enabled manufacturers to recover their losses. This factor is expected to boost market growth during the pandemic.
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Increasing Demand for Clean Energy Sources to Augment Growth
According to the data by Ecotricity, crude oil reserves are depleting at a rate of around 4 billion tons every year. The growing scarcity of fossil fuels and the rising concerns over emissions are propelling the demand for clean energy sources. The surging demand for clean energy sources drives the demand for advanced cryogenic equipment for storage, transportation, and regasification applications. Additionally, the rising oil & gas industry is expected to favor the global cryogenic equipment market in the forthcoming years.
The rising demand for LNG fuels for automotive use is expected to increase the equipment’s sales. Further, significant investments in the petrochemical and chemical sectors are likely to boost market growth. Rising usage of refrigerators, pumps, vaporizers, valves, and oil tankers is likely to increase the demand for the equipment. The equipment increases the safety of the fuel and maintains safety. The rising demand for fuel storage and the rising adoption of renewable energy resources is likely to increase the equipment’s adoption. Moreover, it is also used in the healthcare sector to store blood, package medicines, and purge equipment. These factors are likely to drive the cryogenic equipment market growth.
However, the fluctuating stainless steel prices and stringent green-house emission norms may hinder the market progress.
Cryogenic equipment is used extensively in the oil & gas industry to store and transport industrial and natural gases in industrial operations. The rising investments in LNG power plants to develop sustainable energy resources are likely to boost the product’s adoption. The emergence of several manufacturing industries and power plants may boost the product’s adoption. Further, the rising investments in electronics, metallurgy, food & beverage, mining, and metal industries are likely to fuel product adoption. As per the World Investment Report 2018, in the Asia Pacific, an approximate foreign direct investment of USD 476 billion was made in 2017. In addition, rising government focus on improvising regulations and policies for the development of new industry and stabilization are likely to increase the equipment’s demand. These factors are likely to boost market growth.
March 2020: EIGA revised Doc 87/07 to provide additional measures for cryogenic transport tanks’ hydrocarbon contamination prevention.
December 2019 – SoftInWay Inc, an industry-leading consulting service provider, announces the launch of new designs for turbo-style configuration of cryogenic equipment such as pumps that cater to the pressure rise and required flow rate, while minimizing cost and time.
List of Key Players Mentioned in the Report:
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By product, the market is segmented into bayonet connection, actuator, vaporizer, pump, valve, tank, and others. As per cryogen, it is categorized into helium, hydrogen, liquefied natural gas (LNG), argon, oxygen, nitrogen, and others. Based on end-user, it is classified into marine, chemical & petrochemical, power generation, metallurgy, oil & gas, and others. Regionally, it is grouped into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The tank segment, based on product, held a market share of about 36.1% in 2019 and is likely to experience a significant growth in the forthcoming years. This is ascribable to factor such as extensive adoption of cryogenic equipment such as tank for storage and transportation purposes in oil & gas industry.
Key Benefits for Cryogenic Equipment Market:
Increasing Investments in Infrastructure Development to Bolster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the cryogenic equipment market share because of increasing infrastructure investments and supportive government policies. The market in Asia-Pacific was USD 6.00 billion in 2020 and is expected to grow positively in the upcoming years. Further, the rising popularity of renewable energy resources and rising demand for power are likely to boost the equipment’s demand. For example, The Asian Development Bank (ADB) decided to invest in energy projects worth USD 1 billion in December 2019. These factors are likely to boost market expansion.
In North America, the growth in the power and industrial sectors of the U.S. is expected to boost the equipment’s adoption. Further, the addition of 18 GW new gas-based power plants by 2020 is expected to boost the product’s adoption. In addition, the rising focus on the processing and manufacturing industry, such as primary metal and machinery production industries, are likely to boost the market growth.
In Europe, the rising application of industrial gases in manufacturing & processing, metal & mining, oil & gas, and steel industry is expected to boost the product demand.
Major Players Set Up Facilities to Expand Market Reach Globally
Prominent companies operating in the company set up manufacturing facilities to expand their market reach worldwide. For example, Lide declared that it had set up a novel on-site manufacturing plant in Qinzhou, China, in July 2021. The company shall supply industrial gases and oxygen to Shanghai Huayi's new chemical complex by opening up the plant. The manufacturing plant comprises three air separation units designed to supply 5,000 tons of nitrogen and 7,500 tons per day of oxygen. This strategy may enable the company to expand its market reach. In addition, the adoption of research and development may enable companies to improve their product quality and boost their brand image.
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