Global and China Cryogenic Market: Description
Rising attempts from government and private bodies to support the increased adoption of cleaner fuels such as natural gas for domestic and industrial applications is the key factor boosting the global demand for cryogenic equipment. Besides this, the rapid pace of industrialization and urbanization and the increased demand across the healthcare industry are also boosting growth prospects of the global cryogenic equipment globally. In China, several stringent regulations pertaining to the country’s future pollution control goals are expected to drive the increased usage of cryogenic equipment in the natural gas processing industry in the near future.
This report on the global and China market for cryogenic equipment market highlights the present state of the market and forecasts the way the market will develop over the period between 2016 and 2024. The report presents a thorough assessment of the key drivers, challenges, past and present trends, regulatory scenario, competitive scenario, and the other factors that are expected to have a sizeable impact on the market’s future growth prospects.
The report analyzes the market based on criteria such as application, end-use industry, product type, and geography. Some of the key end-use industries that utilize cryogenic equipment are chemical, energy, metallurgy, electronic, and food and beverages. Types of cryogenic equipment available in the market include cryogenic valves and pumps, cryogenic vaporizers, and cryogenic tanks.
Global and China Cryogenic Market: Overview
With these factors working towards the positive development of the market, it is expected to tread along a healthy growth path over the period between 2016 and 2024. Some of the key industries utilizing cryogenic equipment are chemical, material, energy, and power generation. Of these, the market is expected to gain the most promising returns from the energy and power generation market in the next few years.
From a geographic standpoint, the global market for cryogenic equipment has been segmented into Asia Pacific, North America, Europe, North America, and Rest of the World. Of these, the market in Asia Pacific is presently the most lucrative and is expected to remain the most promising regional market over the near future. Owing to the high pace of urbanisation and industrialization, the usage of cryogenic equipment has increased across a host of industrial gas applications in the region and these factors will continue to lead to high demand for cryogenic equipment in the region from 2016 to 2024 as well.
Asia Pacific currently accounts for over 30% of the global market and is trailed by Europe and North America. Of the key product varieties in the market, the segment of tanks is currently the most popular and is expected to remain the most promising product segment in the next few years as well.
Global and China Cryogenic Market: Competitive Landscape
The report gives a detailed overview of the competitive landscape of the market with the help of detailed business profiles of key market vendors. Some of the most influential vendors operating in the global cryogenic equipment market are Chart Industries Inc., Oxford Instruments Plc., Linde AG, Herose GmbH, Air Liquide SA, FIBA Technologies Inc., Praxair Inc., Cryoquip Llc., INOX India Pvt. Ltd., JSC Cryogenmash, and Beijing Tiahan industry.