The global cryogenic equipment market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period. With the significant rise in the demand for medical oxygen for the treatment of COVID-19 patients, a major hike in the demand for cryogenic tanks has been noticed across the globe. To meet the growing demand for cryogenic oxygen key market players of cryogenic equipment are adopting different growth strategies to maintain their competitiveness in the market. Geographical expansion, production facility expansion, mergers & acquisitions, partnerships, and collaboration among others are among some of the key strategies that are being adopted by market players.
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For instance, in April 2020, Linde Plc signed a new contract with Indian Oil Corp. Ltd. (IOCL), the largest refiner in India. Praxair India Pvt. Ltd., a wholly-owned subsidiary of Linde, announced to build, own and operate an air separation unit (ASU) to supply oxygen and nitrogen to its incumbent customer, IOCL, for its refinery at Paradip, Orissa. The project is anticipated to support the expansion of the existing refinery into an integrated petrochemical complex. The plant will have a combined total gas capacity of 660 tons per day.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Equipment
- By Cryogenic Type
- By End-User Vertical
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- CryoFab Inc., Emerson Electric Co., Herose GmbH, Honeywell International Inc., Linde PLC, and Thermo Fisher Scientific Inc.
Global Cryogenic Equipment Market Report Segment
By Equipment
- Tanks
- Valves
- Pumps & Vaporizers
- Vacuum Jacketed Pipes
By Cryogenics Type
- Oxygen
- Nitrogen
- Argon
- Natural Gas
By End-User Vertical
- Oil & Gas
- Energy & Power
- Food & Beverages
- Medical & Healthcare
- Chemical
- Marine & Aerospace
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
