Cryogenic Equipment/Devices Market is
forecasted to reach $25.05 billion. The ever increasing power and energy demand
along with faster rate of industrialization are considered to be the important
factors to drive the market over 7 years. HTS cables and energy storages are
improved due to the advancements in energy and power sector. Larger amounts of
investments from developing countries like India, who wish to construct
high-speed trains and smart cities, are anticipated to provide boosts to the
industry partakers.
Demand for liquefied gases in the field of industrial
processes is critical. Example of CLFs i.e. conventional cooling lubricants can
be considered, which are not useful in machining operations compared to the
expected alternatives which improve sustainability of environment along with
cutting temperatures. In rare cases the CLFs cannot perform the exact
application required and adversely affect the environment and that’s the exact
area where the cryogenics can be a better alternative.
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Over 60% of the overall market share was occupied by Storage
in the year 2014. Rise in need for stocking, handling, sourcing and
transferring gases like nitrogen, oxygen, argon and natural gas can be
considered important reasons for the growth.
Low temperature environments for storing gases is created
using the equipment. Insulation is provided by the gases within which prevents
changes with changes in external temperatures.
In 2014 the distribution sector was valued over $3.5
billion. The CAGR at which the segment is expected to grow is more than 7% from
2015-2022. Even if the distribution segment holds less market share, it is
significant in the industries such as marine, food and beverage and oil &
gas.
Gas Insights
Over 40% of the total market share was occupied by natural
gas was observed to be dominant segment in the same year. High natural gas
production is the outcome of the Shale revolution started by the U.S.
Government ultimately shooting up the demand in oil & gas sector.
Tremendous trade opportunities are anticipated to rise due to the increased
trade of natural gas.
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Market Segment:
Cryogenic Equipment
Product Outlook (Revenue, USD Million; 2012 - 2022)
• Tank
• Valve
• Pumps &
Vaporizers
• Vacuum
Jacketed Piping (VJP)
• Others
Cryogenic Equipment
Gas Outlook (Revenue, USD Million; 2012 - 2022)
• Nitrogen
• Oxygen
• Argon
• Natural Gas
• Others
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