Cryogenic Equipment Market is Expected to Showcase Rampant Growth Over 2027

Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Cryogenic Equipment Market.

Market Study

Market Research Future (MRFR), in its latest the cryogenic equipment market report states several factors that can push the market through the assessment period. As per MRFR study, the world cryogenic equipment market 2020 can rise at 6.90% CAGR by 2024. The growing utility of mobile cryogenic tanks is observed as one of the critical trends that can fuel the rise of the global cryogenic equipment market. In addition, the increase in payload and high count of mobile cryogenic tanks to improve the efficacy of transportation in liquefied gases causing reduction in wastage can impel the world cryogenic equipment market rise. The super isolation in multilayers offered by tanks enhance liquefied gas stability during transportation. This feasibility can prompt the expansion of the market across the review period. Market vendors also offer vacuum isolation at low pressure cryogenic mobile tanks for the transportation of liquefied nitrogen, oxygen, and argon. It is also noted that the stainless steel piping systems in cryogenic equipment market tanks can aid to improve reliability and efficiency of liquefied gas transportation. These are drivers that can boost the rise of the adoption of mobile cryogenic tanks, thus propel the expansion of the world cryogenic equipment market in the years to come. The rise in the utility of cryogenic equipment for storage, preservation, and treatment applications across the global healthcare industry can impel the market growth.

Segment Study

The segment study of the world cryogenic equipment market is based on product type, end users, and cryogen type.

The product type based segments of the cryogenic equipment market are Valve, Magnetic Separators, Tank, Vaporizer, Pump, and others. The cryogen type based segment of the cryogenic equipment market are Nitrogen, Oxygen, Liquified Natural Gas, Argon, and others. The end-use based segments of the market are Chemical, Energy & Power, Electronics, Metallurgical, and Shipping among others. The rise in applications of cryogenic equipment for the activation of store receptor cells in chimeric antigen receptor (CAR) T-cell therapy can boost the rise of the market. Other utilities, such as storage of stem cells, bone marrow, human tissues, cord blood, and in highly sensitive biological, along with pharmaceutical applications can prompt the market rise. In addition, the growing utility of cryogenic equipment in cold logistics can promote the market growth. Service providers avail cryogenic storage equipment and tanks to the healthcare sector for immunotherapy, stem therapy, cellular medicine, and regenerative medicine.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Cryogenic Equipment Market Trends

Regional Study

Asia Pacific cryogenic equipment market can stand in the forefront of the world cryogenic equipment market in the forecast period. MRFR study states that the cryogenic equipment market in the APAC region can secure the highest share of the global market. North America and Europe, followed by Middle East and Africa are other regional segments of the cryogenic equipment market. The rise in investments in energy sectors can cause expansion of the market across the review period. Across the assessment period, the high huge demand for better cryogenic equipment can prompt the rise of the APAC market. The fastest-growing energy and power sector, along with advancements of technologies can impel the market growth in the study period. Alongside, the substantial growth of industries, such as chemical manufacturing, metallurgy, energy & power, and food and beverages can drive the cryogenic equipment market rise.

Key Players

MRFR recognized some reputed players in the world cryogenic equipment market. They are; Cryoquip LLC, Beijing Tianhai Industry Co., Ltd, Parker Hannifin, Flowserve Corporation, Cryofab Inc., INOX India Ltd., Graham Partners, Emerson, Herose GmbH, VRV S.P.A, Linde Group AG, Air Liquide, and Chart Industries Inc among others.