Cryogenic Equipment Market Size and Growth Rate:
According to a latest market research report, Cryogenic Equipment Market is projected to expand from USD 14.7 Billion in 2016 to USD 18.9 Billion by 2021, growing at an approximate CAGR of 6.7% during the projected period 2016 to 2021.
Cryogenic Equipment Market – Growth Drivers and Restraints:
Circumstances such as a growing requirement for LNG and developing healthcare services, particularly in the growing economics are getting the business globally. The global market for cryogenic tanks has witnessed an important advancing in management, owing to the extensive array of employment of different industrial gases and the vast improvement in production and consumption of liquefied natural gas. In the following years, the expanding production of LNG will continue a fundamental driver of the global cryogenic tanks market. Nevertheless, the need for these tanks is being constantly interrupted by the huge price they have over their substitutes. The cost of producing these tanks is augmented through several circumstances, notably, stringent safety guidelines while designing, and elaborate stage checkups before that can be done in treatment fields.
Cryogenic Equipment Market – Regional Analysis:
Based on the geography, the global cryogenic equipment market is divided into the regions of North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America Asia Pacific are leading in terms sales volume and income contribution to the global market in 2015. Following the Asia Pacific, North America and Europe are other prominent regions that contributed more than 45% to the overall revenue. The Asia Pacific is anticipated to continue as the powerful geographical market for cryogenic tanks throughout the projected years due to business extension in nations such as China and India, along with the improving maintenance standards and growing disposable income of the population.
The cryogenic tanks market in Middle East & Africa is also expected to register promising CAGR in the coming years. The increasing use of LNG in this region and growing production in Africa will promote the cryogenic tanks in the MEA area over the following years. North America is additionally segmented into Canada, U.S., and Mexico. Europe is divided into Italy, France, Germany, UK, and Rest of Europe.
Promising Players Operating in Cryogenic Equipment Market over the forecast period are:
- VRV S.p.A
- Cryoquip Australia
- Eden Cryogenics LLC
- Cryofab Inc
- Ntable Cryogas Equipment Private Ltd.
- FNF Gas Technology Products Private Ltd.
- Linde AG
- Suretank Group Ltd
This research report includes following segmentation for the Cryogenic Equipment Market size and forecast 2016 – 2021:
Cryogenic Equipment Market – By Product Type:
Cryogenic Equipment Market – By Type:
- Liquified Natural Gas
Cryogenic Equipment Market – By End User:
- E and P
Cryogenic Equipment Market – By Region:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa