Cryogenic Equipment Is Used for LNG Production

Date: 2015-08-30

“The report estimates the global cryogenic equipment market share in terms of products sold, which has been further subdivided into different types, their applications based on various industries, and regions, which have been split further country-wise.

Cryogenic equipment is used to store, transfer, handle, and supply liquefied gases such as nitrogen, oxygen, and argon among other gases. The most commonly used cryogenic equipment include tanks, valves, vaporizers, and pumps. 

The development in LNG is a key growth driver for this market. LNG being a low emission fuel has been favoured by various regulations that address environmental concerns. Cryogenic equipment that is used for LNG production, transportation, and storage accounts for a major share of the market. The past decade has seen increased production of natural gas due to the shale revolution. This has boosted the market for the cryogenic equipment for oil and gas. Moreover, the power sector has witnessed development of specialised equipment such as HTS cables and cryogenic energy storage. Therefore, energy and power is expected to be the largest consumer for the equipment.

The Asia-Pacific region leads the cryogenic equipment market, with largest estimated market share in 2014 and is projected to grow with a highest CAGR compared to all other regions. This growth can be attributed to the utilization of the cryogenic equipment by the developing countries such as China, Indian, Japan, Australia, and Malaysia, among others. Increased LNG imports from Middle East and Africa region is the reason for the healthy growth of cryogenic equipment. Major economies in the region have huge demand for modern and advanced healthcare facilities; this pushed the demand for cryogenic technology and increased the usage of cryogenic equipment in the healthcare applications.

This report profiles leading players in the industry, based on their recent developments and other strategic industrial activities. The prominent ones include Chart Industries Inc. (U.S.), VRV S.p.A. (Italy), Linde Group AG (Germany), Cryofab Inc. (U.S.), and INOX India Ltd. (India). Competitive analysis for the major players and their share in the cryogenic equipment market has also been discussed in the report.

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