The cryogenic equipment market was projected to have generated revenue worth around USD 14.5 billion in 2014. It is predicted to rise further at about 7.8 percent CAGR from 2014 to 2019. This period marks the forecast phase. The market is anticipated to attain about USD 21.1 billion by the end of the said phase. Cryogenic equipments are utilized to transfer, store, handle and provide liquefied gases, like oxygen, nitrogen and argon. The most regularly utilized cryogenic equipments are valves, tanks, pumps and vaporizers.
The prominent drivers of the cryogenic equipment market are escalating manufacture of LNG, growing demand for innovative medical services and increased metallurgical activities. Also, rising demand for cryogenic equipments in the industry of energy and power is estimated to drive the demand for the cryogenic equipment market. Cryogenic equipments help maintain liquefied gases in fluid state. These gases need to be stored at very low temperatures, i.e. less than -150 degree celsius.
Some of the other key factors, positively affecting the cryogenic equipment market are rising demand for energy and power and growing utilization of the same. Both rising demand and growing utilization are steered ahead by the swift modernization and augmented population. With further expansion in various cost-cutting measures worldwide, particularly China, the demand for the cryogenic equipment market is ready to increase in the years to come.
Cryogenic equipments also find applications in the sectors of electronics, chemicals, energy, metals and power, etc. Boosting demand for these equipments in all the aforementioned sectors is also likely to further the cryogenic equipment market. Among the four geographies under which the market is studied, Asia Pacific dominates and is followed by Europe and North America. Asia Pacific captures in excess of 35 percent of the entire income.
This can be ascribed to rising consumption of cryogenic equipment in the developing nations of the region.