The cryogenics industry is primarily targeted at the transportation and preservation of items at very cold temperatures. The market stands distributed based on the type of products, with tanks taking the largest part of the market share.
Cryogenic tanks are of chief interest to many industries as they are used to store liquefied gases. Other items under the product types include valves, pumps, and vaporisers. A rise in global healthcare, energy, and chemical industries has in turn given a boost to the cryogenics market.
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An outcry on reducing the carbon footprint being left on the planet, economies have started to explore cleaner energy alternatives. Chief amongst the many substitutes is natural gas, which was found to be cleaner than all other conventional counterparts. Effective needs for the liquefaction, transportation, and preservation of natural gas has led to a substantial growth in the global cryogenics market. However, unstable oil prices can have a negative impact on the market owing to questionable efforts being put into extraction and utilisation of fossil fuels.
Healthcare is another sector that has directly affected the market. With the rise in the requirements of respiratory healthcare, cryogenics enjoys yet another substantial factor towards its growth. Medical research (e.g. stem cell R&D) also employs cryogenic equipment to an appreciable extent. Along with healthcare, many chemical industry branches also stand to benefit from higher investment in the market due to the rising requirements of raw chemical materials owing to increasing importance being given to modern research and development.
The market is segmented based on the type of equipment. Of these, tanks being the most expensive, enjoy the largest part in market share. Again, within tanks, the market is further segmented based on the type of gas (i.e. LNG, nitrogen, oxygen, carbon dioxide, argon, etc).
While LNG (liquefied natural gas) comprises an important share, it is the nitrogen segment that boasts to be the largest. This is due to liquid nitrogen’s wide application in many industries, such as foods and beverages, automobiles, heavy machinery, metallurgy and even healthcare.
In terms of market size, Asia-Pacific is the largest region in the market, owing primarily to the increasing growths in the energy sector and several end-user industries. In terms of the pace of growth, the Middle-East leaves all others behind. This is obviously because of a large number of LNG producers available locally, and due to the rising chemical and healthcare industries.
Natural gas reserves might themselves be rich in the resource but are scarce on a comparative geographical scale. And while cryogenics provides an excellent means to liquefy and store it as LNG, the need for an effective transportation is undeniable necessary. So, the transportation industry (logistics) stands to benefit with a flourishing cryogenics market.
Key players in the global cryogenics market and industry include Air Liquide, Flowserve Corporation, Wessington Cryogenics, VRV S.P.A., Chart Industries and Parker Hannifin.
Report Contents Regional Analysis Report Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
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