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Cryogenic Market, Size, Share, Opportunities and Forecast, 2020-2027

 



(EnergyIndustry.Net, June 25, 2020 ) Market Overview
• The Global Cryogenic Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
Cryogenic refers to the production and behavior of a material at a low temperature. The cryogenic temperature range has been defined as from −150 °C (−238 °F) to absolute zero (−273 °C or −460 °F). Cryogenic temperatures are usually described in the absolute or Kelvin scale, in which absolute zero is written as 0 K, without a degree sign. Cryogenic technology is widely used in the electrical, oil & gas, medical, electronics industries, food and beverages. Cryogenic equipment includes a valve, pump, tank, and vaporizer.

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Market Dynamics:
• The market growth is driven by the rising demand of cryogenic in the medical sector for the preservation of medicines due to the rising adoption of cryogenic cooling for use in diagnostic techniques as magnetic resonance imaging (MRI). It is also used for performing the cryosurgery that uses liquid nitrogen to kill unhealthy tissue by freezing it. Cryogenics is widely used by the physicians/researchers to preserve the human organs for transplant. According to the World Health Organization, the global health expenditure was USD 7.3 trillion and is expected to increase over the forecasted period.
• The food & beverage industry has witnessed a rising demand for processed foods. It is increasing the need for using cryogenic food preservation for a long time. It helps in maintaining the food quality in terms of product shrinkage, toughening and loss of tenderness, product shelf life, microbial activity, drip loss and dehydration losses. There is an increased in the number of exports of frozen food such as fruit juices and vegetable juices to the other country.
• There is an increased demand for Liquefied Natural Gas (LNG) and industrial gases along with rapidly expanding fleet owing to high natural gas consumption in the developing countries such as Qatar, Oman, Japan, China, and India. Companies are focusing on improving the improving trade and upcoming facilities related to Liquefied Natural Gas (LNG).
• Further market growth is accelerated by the emerging product launch and new innovation, technological advancement prevailing in the market. For instance, companies are using cryogenic techniques for storing methane to generate energy when needed. In March 2019, Highview Power had entered into an agreement with TSK for co-developing gigawatt-hour scale, long-duration energy storage systems using Highview Power’s proprietary cryogenic energy storage solution. Joint company would develop the project in Spain, the Middle East and South Africa.
• However, the lack of skilled professionals and expensive equipment, high operating cost, is hindering the market size. Rising adoption of liquid nitrogen as an alternative to conventional refrigerants shall have a negative impact on the market.

Market Segment Analysis
• The global cryogenic market is segmented based on type distribution products and storage products. Distribution products account for the significant market share due to the increasing need for sourcing, stocking, handling and transferring liquefied gases such as oxygen, nitrogen, natural gas and argon. Cryogenic trailer-type tanks are widely used for the transport of liquefied gases due to its cost-effectiveness.
• Storage segment accounts for the highest market share due to an increasing requirement for sourcing, stocking, handling and transferring liquefied gases such as oxygen, nitrogen, natural gas and argon. Storage products such as liquid nitrogen freezers, refrigerators and storage accessories such as racks, vials and microtube sealers are used for storage purposes. The use of these products depends on the requirement of tight temperature uniformity, lower running cost, and easy maintenance.
• Further, the market is also classified on the basis of type into applications such as food & beverage, metallurgical, oil & gas, energy/power, and healthcare. Energy and power account for the significant market share due to growing concern on using renewable sources. The United States and China are majorly focusing on reducing carbon emissions, which is expected to increase renewable power generation. There is an increase in investment across the power sector.
• Food & beverage segment Food & beverage accounts for the largest market share due to the increasing demand for dairy beverages, fruit juices, vegetable juices, frozen foods, and processed foods. There is increased usage of liquid nitrogen and carbon dioxide for the transportation of frozen food and fruit juices for long distances. There is increased usage of liquid nitrogen and carbon dioxide for the transportation of frozen food and fruit juices for long distances. The growth of the beverage and food market due to advancements in the packaging technology is providing the products with improved functionality and storage features shall influence the market growth.

Market Geographical Analysis
• By region, the global cryogenic market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. Among all of the regions, North America dominates the market due to the high demand for cryogenic in various industries such as the medical sector, gas industry and food preservation. Consumers are changing their preferences for processed food. According to the Council of American States in Europe, the food industry is one of the largest manufacturing sectors in the United States which accounts for more than 10 percent of all shipments. The processed food industry has experienced steady growth due to sustained economic growth, and increasing consumer demand with rising disposable income.
• The Asia Pacific is one of the fastest-growing markets due to the easy availability of raw materials and low-cost labor attracts several companies in this region. High growth in the electricity sector due to the increasing population with increasing electrification, and per capita usage is fueling the market growth. India has one of the most diversified power sectors. According to India Brand Equity Foundation, India ranked 4th in the Asia Pacific region out of 25 nations on an index that measures its overall power. India is ranked fourth in wind power, fifth in solar power and fifth in renewable power installed capacity as of 2018. High growth in the power sector is expected to stimulate the market. Large-scale development in Liquefied Natural Gas (LNG) infrastructure in developing countries such as Japan, China, Indonesia, and India shall increase the demand for cryogenic over the forecasted period.
• European countries account for the positive market growth due to the rising advancement in the existing technologies meeting Europe's stringent regulations. Researchers and companies are developing a cryogenic energy storage system to reduce carbon emissions from the food sector while providing a convenient way to store wind and solar power. For instance, the EU-funded project i.e. CryoHub project would use extra wind and solar electricity to freeze air to cryogenic temperatures, where it becomes liquid and, in the process, shrinks by 700 times in volume. The liquid air is stored in insulated low-pressure tanks similar to ones used for liquid nitrogen and natural gas. The United Kingdom is a leader in liquefied air energy storage (LAES) technology. Highview Power had launched the first-ever LAES system which is a the 5MW/15MWh system stores energy. It uses the excess electricity to cool ambient air down to -196°C (-320°F), where the gases in the air become liquid.

Competitive Analysis
• The global cryogenic market is witnessing the heightened competition as there are several local and international players with competitive prices. Graham Partners Cryogenic, Wessington Cryogenics Ltd., Linde Group AG, Cryoquip LLC, Cryofab Inc., and Beijing Tianhai Industry are the leading players with the prominent market share. The market players are adopting various key strategies such as product launches, diversification, capacity expansion strategies which are contributing to the growth of the cryogenic market.
• The companies are entering into the collaborations, mergers, strategic partnerships and acquisitions to increase the demand for Cryogenic and their expansion across the globe. For instance, in January 2020, Nikkiso Cryogenic Industries’ Clean Energy and Industrial Gases Group (a subsidiary of Nikkiso Co., Ltd.) had acquired GP Strategies’ Alternative Fuels division for immediate release Temecula, CA. AFD would be operated as part of the Group’s Integrated Cryogenic Solutions unit and would be renamed ICS.
• In December 2014, Cryofa Inc. had acquired Cryocomp Inc. The company would be a wholly-owned subsidiary of Cryofab. This acquisition has led the Cryofab to complement the extensive product line with offerings in the cryogenic bayonet and VJ valve areas.

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