The report, “Cryogenic Equipment Market , by Industry Application, Cryogenic (Low Temperature) Liquid, & Product Type (Tank, Valve, Vaporizer & Pump) - Global Trends & Forecasts up to 2017" defines and segments the global cryogenic equipment market with analysis and forecasting of the revenue generated by cryogenic equipments such as tanks, valves, vaporizers, pumps, pipes, flanges, and others. The global cryogenic equipment market will grow from an estimated $11.9 billion in 2012 to $17.1 billion by 2017, with a CAGR of 7.5% from 2012 to 2017.
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Cryogenic equipments, which are required to handle cryogenic gases or liquids such as nitrogen, oxygen, helium, liquefied natural gas (LNG), and similar other liquefied gases have an old and mature market. These equipments are used across many industries where liquefied gases are the part of industrial processes or needed as raw products.
The report also identifies driving and restraining factors for the global cryogenic equipment market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges. The market is segmented and revenues are forecasted on the basis of major regions such as North America, Europe, Asia-Pacific, and Rest of the World (ROW). The key countries are covered and forecasted for each region. Further, market is segmented and revenues are forecasted on the basis of industrial applications, cryogenic products/equipments, and gases/liquids.
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Tank is the key cryogenic equipment used for storing and transporting the cryogenic liquefied gases, holding the largest share in total cryogenic equipment revenue. The other cryogenic products which hold significant share in overall market revenue are valves, vaporizer, and pump.
Increasing demand from the energy and power industry is the major driver for global cryogenic equipment market. The industry is the largest consumer of cryogenic equipment and in next five years is estimated to contribute one third in annual demand growth. Similarly, China is the largest geographic market and its economic growth represents industrial growths in the region. Industries such as energy and power, chemical, metallurgy, shipbuilding, and electronics are the main consumer of cryogenic equipment and their growth will also expand the market for cryogenic equipments. Being the largest regional market, China’s growth significantly affects the global cryogenic market.
Recently, trade of natural gas has increased which offers tremendous opportunity for cryogenic equipments. In absence of pipelines, natural gas liquefies the liquefied natural gas (LNG) and transportation. The whole process starting from liquefaction to transportation and at last again gasification requires cryogenic equipments. LNG, which contributes only a small portion in cryogenic market revenue, owing to the future investments will become a major contributor.
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