Cryogenic Equipment Market Area And Industry Forecasts Till, 2014 - 2025

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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End-use Insights

Several industries including electronics, food and beverage, metallurgy and oil & gas can have cryogenic equipment at their discretion. 20% of the total revenue was constituted by power and energy in the year 2014. The investments in power industry in the developing nations opens up new market places and enables growth.

In the year 2014 the revenue from food and beverage applications crossed the one billion mark. Over the next seven years owing to the critical need of freezing and chilling a significant rise in the demand of the frozen foods is expected which will continue over the period.

Moreover the factors such as legislations governing food and beverage along with awareness about use of energy and effect of carbon emissions has positively affected the freezing technology.

Application Insights

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.

With over more than 7% CAGR the market of oxygen gas is expected to grow over the estimated period. The second largest component of earth’s atmosphere and a being a strong oxidizer, oxygen, is necessary support of life. Critical applications of oxygen as cryogenic product allows the consumers to maintain a significant temperature difference between environment and product also providing insulation to oxygen from cryogenic equipment.

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