According to the Graphical Research new growth forecast report titled “APAC Cryogenic Equipment Market Size By Product (Tanks, Valves, Vaporizers, Pumps, Pipe), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), Industry Analysis Report, Country Outlook (China, India, Japan, South Korea, Australia), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026”, Garner Brimming Revenues by 2026.
APAC Cryogenic Equipment market will grow on account of continuous expansion toward enhancement of existing manufacturing facilities along with upsurge in FDI’s and domestic investments across the petroleum and agriculture sector. Moreover, ongoing public and private investments toward expansion of oil & gas sector followed by increasing LNG project development across the region will complement the business outlook.
Oil & gas cryogenic industry will grow on account of the growing demand for advanced oil production techniques including improved oil rehabilitation and hydraulic fracturing. Additionally, adoption of advanced cryogenic equipment across the upstream sector toward exploration and production of unconventional oil & gas which includes tight gas, shallow oil and coal bed gas will positively complement the APAC Cryogenic Equipment market scenario.
Cryogenic tanks will observe substantial growth owing to continuous developments in technology, including advancement of spray-on foam insulations and cryogenic milling. For instance, Fullwood PACKO launched Silo tank in 2019 with a capacity of 40,000 liters which are applicable across the food industry and dairy farming for storing liquids at a very low temperatures. In addition, rising storage requirement for liquified gases across metal and shipping industries will positively stimulate the product demand.
Rising demand of LNG owing to its widespread requirement across oil & gas and electricity sector will complement the product adoption. In addition, conversion of existing HFO plants to run on natural gas as well as installation of a new power plant across the region will fuel the natural gas based cryogenic equipment. Furthermore, ongoing partnerships and agreement followed by increasing FDI’s across the region to explore untapped natural gas reserves will fuel the product demand.
Cryogenic distribution equipment market will witness positive outlook owing to widespread applicability of cryogens across the industrial sector. Growing import and export of liquefied gases across the shipping industry including LNG and Helium will further enhance the product demand. In addition, increasing deployment of air separation units, vaporizers and bulk storage tanks across the chemical and power plants will foster the APAC cryogenic equipment market landscape.
India cryogenic equipment market will grow on account of ongoing investment toward health care sector followed by increasing utilization of cryogens across food and processing, chemical and oil & gas sector. Rising public and private investments by the pharmaceutical manufacturers to deploy advanced units will in turn propel the product demand. Growing utilization of medical gases for treatment of various respiratory conditions including cardiovascular, asthma and other conditions which will positively complement the product adoption.
Eminent players in APAC Cryogenic equipment market are consistently focusing toward joint ventures and M&A’s to capture their market share in the cryogenic equipment industry. Major industry participants include Emerson Electric, Shengjie Cryogenic Equipment, Inoxcva, Linde Group, Cryo Pacific, Cryoquip, Shell-n-Tube, Air Liquide, SKF, Air Products and Chemicals, amongst others.