The global cryogenic equipment market is expected to witness considerable growth during the forecast period due to the increasing demand across power & energy sectors, coupled with rapid industrialization. The factors such as increasing utilization and distribution of industrial gases, favorable government initiatives, and recent growth in Liquefied Natural Gas (LNG) market are expected to boost the growth of the market during the forecast period.
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Cryogenic equipment is generally operated at temperature below -150°C. They are used for refrigeration or creating a low temperature condition through cryogenic gases such as nitrogen, helium and argon. The advancement in the cryogenic equipment technology has increased its application from cold storage to core processes in various end-user industries. Regular applications for cryogenic equipment include freezing and cooling, enhancing certain chemical reactions, biomedical and chemical storage, and metal processing. Nowadays, various liquid cryogens are also used as fuel in aerospace and rocketry. Cryogenic equipment includes containers, pressure vessels, cold traps, purifiers and piping. Proper insulation is the key to the effectiveness of cryogenic components, as it ensures the maintenance of temperature levels within the equipment. This equipment also protects users from dangerous materials during handling. The development in metal design has resulted in the evolution of enhanced techniques for handling liquids, which is expected to fuel the equipment demand during the forecast period.
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Global Cryogenic Equipment Market Segmentation:
By End User
Energy & Power
Oil & Gas
Food & Beverage