Sellbyville, DE -- (SBWIRE) -- 06/03/2019 -- In line with the rapid industrialization and surging requirement of cryogenic products, players in the cryogenic equipment market have been investing extensively in capacity expansions and construction of new facilities. Rise in power requirement along with the escalating involvement of energy companies in power generation to fulfil the surging energy needs is poised to impel the industry trends over the years ahead. For instance, a few months before, leading midstream energy company, Targa Resources Corp opened a cryogenic gas processing unit, wherein it plans to cool natural gas that is used prominently in the power plants to separate natural gas liquids and dry natural gas. In addition, Targa has been involved in research and development activities to diversify its product portfolio for enhancing its existing consumer base. The deployment of innovative cryogen processing facilities across myriad countries is thus slated to strengthen the industry outlook.

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Speaking along the same lines, last month one of the well-known Netherlands-based cryogenic solution providers, DH Industries BV commenced its first LNG production facility equipped with advanced liquification equipment in Italy. Over last the decade, DH Industries has been working vigorously to modernize its cryogenic gas liquification equipment with the help of its partner Hysytech.

After the launch of this new LNG purification and liquification plant, the company is looking forward to improving its customer base across Italy by targeting customers who are willing to liquefy natural gas. Reportedly, with the surging demand for LNG across the oil & gas sector, natural gas-based cryogenic equipment industry will grow at an annual growth rate of more than 7% over 2018-2024.

Taking into account the growing expanse of cryogenic equipment market, leading equipment manufacturers have been looking forward to extending their regional reach. For instance, the Swiss advanced cryogenic equipment manufacturer, Sefco AG is planning to expand its presence across APAC by establishing a new subsidiary, Sefco China. This Swiss giant provides a wide range of reciprocating and centrifugal pumps which can be used mainly for producing and distributing cryogenic liquids including LNG, liquid oxygen, liquid nitrogen, and liquid argon. Moreover, for fulfilling the customers' requirement, it is planning to optimize its R&D activity to develop more flexible and compact pump configurations. The strategies adopted by the players in the cryogenic equipment market to trailer the development of the customers-centric products will help them to strengthen their regional presence.

Cryopump market size is predicted to expand over 7% by 2024. The development of wide-ranging product designs including bath cryopumps, supercritical helium-cooled, refrigerator-cooled, and novel cryogenic pump to meet the customer requirements across different sectors will drive the product demand. In addition, rising investments across oil & gas and electricity sectors coupled with increased application of liquefied gases across healthcare facilities will complement the business landscape.

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Natural Gas (NG) based cryogenic equipment market size will grow on account of the product's ability to produce several other industrial gases including hydrogen, helium, and methane to meet the rising energy demand. As per the International Energy Agency, the global demand for NG could rise by more than half by 2040 on account of its usage as a feedstock for various other industries.

Key players in the cryogenic equipment market include Chart Industries, INOXCVA, Emerson Electric, Cryostar, Linde Group, Wessington Cryogenics, Praxair Technology, Air Products and Chemicals, Air Liquide, Graham Partners, Ebara, Technifab Products, and Nikisso Cryo.

Cryogenic equipment market research report includes an in-depth coverage of the industry with estimates & forecast in terms of USD from 2013 to 2024, for the following segments:

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Global Cryogenic Equipment Market, By Product
- Tanks
- Valves
- Vaporizers
- Pumps
- Pipe

Global Cryogenic Equipment Market, By Cryogen
- Nitrogen
- Oxygen
- Natural Gas
- Argon

Global Cryogenic Equipment Market, By Application
- Storage
- Distribution