Cryogenic Equipment Market is Expected to Grow at  USD 24.9 Billion,  5.36% CAGR During the Forecast Period.

Market Synopsis

With the increased demand for energy and power, coupled with the growing use of LNG for environment-friendly fuel-based generation, the cryogenic equipment market 2020 is likely to exhibit significant growth during the review period. Besides, the increasing expenses on infrastructure are likely to propel the establishment of cryogenic equipment across several industries. Apart from this, the complicated industrial processes would encourage the usage of liquid gases, which would propel the cryogenic equipment market at a global level. Likewise, an increase in demand for energy and power sector would bring an impact on the demand for LNG based power generation and hence, increasing the usage of oil tankers for transportation in the shipbuilding sector. These are the key drivers that influence the expansion of the cryogenic equipment market at a global level. There has been an increase in demand for cryogenic equipment in several end-use sectors such as healthcare, electronics, and power generation. The increased demand for LNG gases in the healthcare industry will propel the demand for cryogenic equipment. The usage of medical gases for identifying the ailment and treatment of several respiratory diseases like cardiovascular, asthma, and others will result in increased demand for medical gases that will propel the expansion of cryogenic equipment at a global level.

Market Segmentation

The global cryogenic equipment market is segregated on the basis of end-use, product type, cryogen type, and region.

  • On the basis of end-use, the global cryogenic market can be segregated into electronics, metallurgical, energy & power, shipping, and others. Among all, the energy and power segment is estimated to lead the global cryogenic equipment market.
  • On the basis of product type, the global cryogenic market can be segregated into tank, valve, pump, vaporizer, and others.
  • On the basis of the cryogen type, the global cryogenic market can be segregated into nitrogen, argon, liquefied natural gas, oxygen, and others.
  • On the basis of region, the global cryogenic market can be segregated into Europe, Asia-Pacific, North America, South America, and Middle East & Africa.

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Table Of Contents

1 Executive Summary

2 Market Introduction

2.1 Market Definition

2.2 Scope Of The Study

2.3 Market Structure

3 Research Methodology

3.1 Primary Research

3.2 Secondary Research

Continued…

List Of Tables

Table 1 Global Cryogenic Equipment Market, By Region, 2020-2027 (USD Million)

Table 2 North America Cryogenic Equipment Market, By Country, 2020-2027 (USD Million)

Table 3 Europe Cryogenic Equipment Market, By Country, 2020-2027 (USD Million)

Table 4 Asia-Pacific Cryogenic Equipment Market, By Country, 2020-2027 (USD Million)

Table 5 The Middle East & Africa Cryogenic Equipment Market, By Country, 2020-2027 (USD Million)

Table 6 South America Cryogenic Equipment Market, By Country, 2020-2027 (USD Million)

Table 7 Global Cryogenic Equipment Market, By Product Type, 2020-2027 (USD Million)

Table 8 North America Cryogenic Equipment Market, By Product Type, 2020-2027 (USD Million)

Table 9 Europe Cryogenic Equipment Market, By Product Type, 2020-2027 (USD Million)

Continued…

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Regional Analysis

A geographical analysis of Europe, Asia-Pacific, North America, South America, and the Middle East and Africa has been performed. On the basis of region, the Asia Pacific region is likely to acquire the largest share in the cryogenic equipment market influenced majorly by the advancements in the fast-developing nations like India, Japan, and China. From the last few years, there has been a rise in investment in the energy sectors, which has resulted in high demand for the cryogenic equipment in the region. The region is growing exponentially in sectors like chemical manufacturing, food and beverages, and others, which is driving the market at a global level. The second position is attained by Europe, followed by North America. Due to the established organizations, the European market and the North American market is likely to propel at a good pace.

Key Players

  • NOX India Ltd.
  • Beijing Tianhai Industry Co.Ltd
  • Parker Hannifin
  • Cryofab Inc.
  • Flowserve Corporation
  • Emerson
  • Cryoquip LLC
  • Graham Partners
  • Chart Industries Inc.
  • Herose GmbH
  • Air Liquide
  • Linde Group AG
  • VRV S.P.A

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Market Scenario

The global digital fault recorder market 2020, according to MRFR, is projected to grow at a moderate 4.75% CAGR during the forecast period, as this technology is still in its emerging stage. 

Market Highlights

The major drivers of growth on the global digital fault recorder market are an increase in the need for reliable power supply systems and increased digital substation-related demand. As a result, growing demand for digital substations has become the key factor for the global digital fault recorder market to expand. In addition , increased government spending in power grid technology is expected to push the remote fault recorder industry in order to improve the efficiency of power networks. Such investments would help to improve the efficiency of the power grid.

Including growing concern of protecting the environment, Various energy efficiency targets need to be achieved and digital fault recorder devices can be of assistance in the same. This is another aspect fueling the growth of the global demand for automated fault recorders. The demand to retrofit the customary digital fault recorder substations will drive the growth of automated digital fault recorders, due to the need to upgrade the aging, existing power infrastructure. The automated DFRs assists in remotely tracking, managing and organizing various elements of transmission and delivery that are installed at separate substations. So these are some of the main factors that drive this market ‘s growth globally.

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Market Segmentation

The global market for digital fault recorder was segmented based on the deployment, voltage, station, size , and location. The business is divided according to form into dedicated and multifunctional. Because of the increasing adoption of multifunctional digital fault recorder in the electricity network and power generation, multifunctional segment is expected to rise at the fastest pace.
The market is segmented, depending on station, as automatic and non-automated. It is expected that automated digital fault recorder dominates the market, as this segment enables remote tracking, control and synchronization of the transmission and distribution portion mounted in the substation. The global demand for digital fault recorder is further segmented by voltage, including less than 66 kV, 66-220 kV and more than 220 kV. Digital fault recorder segment 66-220 kV is expected to report the highest market share in the forecast period.

Regional Outlook

As these recorders are focused on rising demand for digital substations, the global digital fault recorder market is expected to experience a moderate growth during the forecast period. Asia-Pacific is expected to rise in the forecast period, at the fastest CAGR. This can be due to the rise in government spending to improve power grid infrastructure to optimize power systems reliability. India is a rapidly growing area of the Asia Pacific Digital Fault Recorder (DFR) market, due to the country ‘s increased demand for power grid infrastructure. Increasing demand for renewable energy resources and electricity grids also drives the digital fault recorder (DFR) market in Asia Pacific. As a result, Asia Pacific ‘s demand for digital fault recorder will be increased to cater for rising demand for electricity. Rising electricity demand due to rapid industrialization in this area also contributes to the popularity of the market for digital fault recorder. In addition, the North American and European regions will in future display steady growth in this market. As the second largest region in North America, it also focuses on the urgent need for a secure power supply network.

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Competitive Dashboard

  • GE (US)
  • Elspec (Israel)
  • Qualitrol (US)
  • Logiclab (Italy)
  • Siemens AG (Germany)
  • Ducati Energia (Italy)
  • Ametek (US)
  • Kocos (Germany)
  • E-Max Instruments (US)
  • Procom Systems (Ontario).

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Contact:

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