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The cryogenic equipment market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 7%, as per The Business Research Company’s market report!

Read More On The Cryogenic Equipment Market Report 2022 – https://www.thebusinessresearchcompany.com/report/cryogenic-equipment-global-market-report

The Cryogenic Equipment Market Size In 2022 And Forecast

The global cryogenic equipment market is expected to grow from $12.15 billion in 2021 to $13.01 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The cryogenic equipment market is expected to grow to $17.44 billion in 2026 at a CAGR of 7.6%.

The cryogenic equipment market consists of the sale of cryogenic equipment by entities (organizations, sole traders, and partnerships) that are used in the production of very low-temperature materials or processes.

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Increase In Demand For Liquified Natural Gas Is Driving The Growth Of The Cryogenic Equipment Market

According to EIA, the U.S energy information administration, only four nations supplied the US with 49.2 billion cubic feet of LNG in 2020. It accounts for around 2% of total natural gas imports into the United States. Furthermore, according to the National Energy Administration China, a coordinating agency of the State Council of China, China’s total LNG receiving capacity in 2021 is nearly 105.8 million mt/year and is expected to receive 127 million mt/year in 2022. The increasing demand for LNG is expected to increase the demand for cryogenic equipment and hence drive the market.

Competitive Landscape And The Regional Analysis Of The Cryogenic Equipment Market

Major players in the cryogenic equipment market are Air Liquide, Beijing Tianhai Industry Co.Ltd, Chart Industries Inc., Emerson Electric Co., Flowserve Corporation, Herose GmbH, INOXCVA, Linde plc, Taylor Wharton, VRV S.p.A., Wessington Cryogenics, ACME Cryogenics, Graham Partners, Honeywell International Inc., McDermott International Inc, Nikkiso Cryo Inc, and Sumitomo Heavy Industries Ltd.

Additionally, as per TBRC’s research – Asia Pacific was the largest region in the cryogenic equipment market in 2021 holding the largest market share.

The Cryogenic Equipment Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the cryogenic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the cryogenic equipment market.

Technological Advancement – A Key Trend In The Cryogenic Equipment Market

Companies in cryogenic equipment are investing in developing new technologies to provide enhanced products to their customers.

Cryogenic Equipment Market Segmentation By The Business Research Company

1) By Equipment: Tanks, Valves, Vaporizers, Pumps, Others

2) By Cryogen: Nitrogen, Argon, Oxygen, LNG, Hydrogen, Helium, Others

3) By Application: Storage, Transportation, Processing, Others

4) By End-User: Energy and Power, Chemicals, Metallurgy, Electronics, Shipping, Others

Here Are Some Reports Related To The Cryogenic Equipment Market –

Thermal Interface Global Market Report 2022

Medical Equipment Global Market Report 2022

Refurbished Medical Equipment Global Market Report 2022

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