February 21, 2022 23:07 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The global cryogenic equipment market is expected to showcase a considerable growth by reaching USD 32.86 billion by 2028. This is attributable to the rising demand for clean energy sources and the growing oil & gas industry across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Cryogenic Equipment Market Size, Share & COVID-19 Impact Analysis, By Product (Tank, Valve, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Others), By End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 19.71 billion in 2021 and is likely to exhibit a CAGR of 8.9% between 2020 and 2028.
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The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Various industries are facing unprecedented losses owing to the lockdown announced by the governments across the globe that has further resulted in the complete shutdown of businesses. The crippling economy, however, is being revived through collective efforts from the government, as well as the industries and is expected to bounce back during the forecast period.
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Cryogenic equipment is widely adopted across industries for storage and transportation of liquefied natural gas (LNG). They are further used to operate, generate, and sustain even at low temperature. The equipments adopted in cryogenic applications include cold traps, containers, piping, pressure vessels, and purifiers, among others.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect the market growth. The report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies. It further mentions the strategies adopted by them, such as to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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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.
Tank Segment Held 36.1% in 2021 Backed by Wide Industrial Applications
The tank segment, based on product, held a market share of about 36.1% in 2021 and is likely to experience significant growth in the forthcoming years. This is ascribable to factors such as extensive adoption of cryogenic equipment such as tanks for storage and transportation purposes in the oil & gas industry.
Asia-Pacific to Remain Dominant; Favorable Government Policies for Sustainable Development to Surge Demand
Among all the regions, Asia-Pacific stood at USD 6.48 billion in 2021 and is expected to hold the highest position in the global cryogenic equipment market during the forecast period. This is attributable to the increasing adoption for sustainable solutions owing to favorable government policies that drive the demand for advanced cryogenic equipment.
The market in North America is expected to showcase exponential growth owing to the increasing demand for gas across several industrial applications that will propel the adoption of innovative cryogenic equipment in the region between 2020 and 2028.
Major Companies Focus on Product Launches to Strengthen Their Market Positions
The global cryogenic equipment market is fragmented by the presence of key players that are focusing on the introduction of new cryogenic equipment to cater to the growing demand from several industrial peripherals. Additionally, the major companies are adopting strategies such as merger and acquisition, collaboration, and partnership that is likely to bide well for the market growth during the forecast period.
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Major Companies Profiled in the Market:
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