Cryogenic technology is associated with the production and behaviour of materials at very low temperatures. Rise in production of LNG is anticipated to remain a key driver of the global cryogenic technology market. Unlike natural gas used by consumers, gas produced from oil wells, gas wells, or condensate wells holds a number of gas liquids, apart from methane, as a main constituent.
Natural gas liquids (NGLs) include butane, ethane, and propane. Ethane and propane are the heaviest among these gases, and cryogenic processes are employed to separate them from the natural gas. NGLs are utilized in refineries or petrochemical plants, primarily as fuels or feedstock. The methane gas that is obtained after the removal of NGLs is transported to the end-user, via a pipeline. Cryogenic technologies are utilized in basic research, high-tech and medical equipment, and in chemical industry. In industry, cryogenic technologies are primarily used to obtain desired gas products or liquid products by cryogenic separation.
Increase in attempts from government and private bodies to boost the adoption of cleaner fuels, such as natural gas, for domestic and industrial applications is a key factor driving the global demand for cryogenic technology market . Moreover, the rapid rise in industrialization and urbanization and the increased demand for cryogenic technology market across the healthcare industry are also boosting the demand for cryogenic equipment, globally.
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Globally, several stringent regulations pertaining to future pollution control goals are expected to drive the usage of cryogenic technology market in the natural gas processing industry in the near future. High initial investment acts as a major hindrance to the market. However, decline in price in the near future is expected to overcome the restraint. Low prices are likely to offer new opportunities to the market.
The global cryogenic technology market can be segmented based on product type, end-user, and region. In terms of product, the cryogenic technology market has been classified into cryogenic vaporizer, cryogenic valve, cryogenic pump, cryogenic tank, and others. Based on end-user, the cryogenic technology market can be segregated into chemical, material, energy, and power generation. In terms of region, the market can be categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is expected to hold a prominent share of the global cryogenic technology market, followed by Europe, by the end of 2018. This trend is expected to continue during the forecast period. Several factors, such as the increasing industrialization, technical breakthroughs in the field of energy and power generation, and supportive government regulations are driving the market in North America and Europe. The market in Asia Pacific is expected to expand at a rapid pace between 2018 and 2026. Developing economies in Asia, such as India and China, are inviting global players to enter the market in these countries, which in turn is driving the overall market.
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In the current scenario, the global cryogenic technology market is highly fragmented. However, there are a few well-established players having strong distribution networks. Furthermore, these players have deeply penetrated into the cryogenic technology market by introducing innovative and technologically advanced products. Companies are strengthening their position through mergers & acquisitions and consistently investing in research & development (R&D) activities to develop solutions that cater to customer requirements. Furthermore, the solution providers are planning to invest in advanced technologies with a target to provide cost-competitive products and services in the market.
Prominent industry vendors of the global cryogenic technology market include Chart Industries Inc., Oxford Instruments Plc., Linde AG, Herose GmbH, Air Liquide SA, FIBA Technologies Inc., Praxair Inc., Cryoquip Llc., INOX India Pvt. Ltd., JSC Cryogenmash, Acme Cryogenics, Asia Technical Gas, Beijing Tianhai Cryogenic Equipments, Cryofab, Cryoquip, Linde CryoPlants, Herose, Emerson, Taylor-Wharton, and Meca-Inox.