According to Stratistics MRC, the Global Cryogenic Equipment market is accounted for $15.32 billion in 2015 and is expected to reach $24.98 billion by 2022 growing at a CAGR of 7.23%. Rising adoption of cryogenic gases in end user applications, increasing demand for power and energy are some of the factors fueling the market. However, cryogen leakage is one of the key challenges to the market growth.
Natural Gas segment accounted for the largest share in the market during the forecast period owing to supportive government initiatives. Oxygen gas is expected to register the highest CAGR during the forecast period. The growth is attributed to its applications in end user industries. Asia Pacific accounted for the largest share in the market owing to large investments in energy sector. Moreover, Europe is estimated to register the highest CAGR.
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Some of the key players in Cryogenic Equipment market include Graham Partners, Inc, Wessington Cryogenics Ltd., Linde Group AG, Cryoquip LLC., Beijing Tianhai Industry Co., Ltd., VRV S.P.A, Herose GmbH, Cryofab Inc., Taylor-Wharton International LLC., Chart Industries Inc., INOX India Ltd., Flowserve Corporation, Parker Hannifin India Pvt Ltd, Air Liquide S.A.,, Emerson Electric Company and Shell-N-Tube Pvt. Ltd.
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Rest of Europe
Rest of Asia Pacific
Rest of the World
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