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Global Cryogenic Equipment Market 2019-2023|6% CAGR Projection Over the Next Five Years | Technavio

May 16, 2019
Technavio has published a new market research report on the global cryogenic equipment market from 2019-2023 (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--May 16, 2019--

The global cryogenic equipment market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio.

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Technavio has published a new market research report on the global cryogenic equipment market from 2019-2023 (Graphic: Business Wire)

A key factor driving the growth of the global cryogenic equipment market is the growing demand from the healthcare industry. The life sciences sector in the healthcare industry is witnessing constant technological advances and innovations in areas such as vaccinations, immunotherapy, regenerative medicines, and biopharmaceuticals. These areas require cryogenic equipment for preservation, storage, and treatment applications at specific temperatures. Cryogenic equipment plays a significant role in the activation and storage of the receptor cells without affecting their quality. Cryogenic freezers are used for biological storage of human tissues, cord blood, stem cells, and bone marrow, and in other highly sensitive biological and pharmaceutical applications. The above-mentioned applications will increase the demand for cryogenic equipment from the healthcare industry during the forecast period.

As per Technavio, the emergence of cryogenic mobile tanks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cryogenic equipment market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global cryogenic equipment market: Emergence of cryogenic mobile tanks

Cryogenic tanks are commonly used for the distribution of liquified oxygen, argon, and nitrogen. The mobile tanks have emerged to help enterprises in transporting liquefied gases efficiently and with less wastage. These tanks are designed in a way to maximize the payload while transporting liquefied gases. Some of the mobile tanks consist of super-isolation in multilayers that offer better stability to liquefied gas during transportation. These tanks can be used for various end-user applications such as to refill small liquid containers and deliver oxygen for hospitals. Some of the companies offer vacuum-isolated low-pressure cryogenic mobile tanks that consist of stainless steel piping systems, which ensure better performance and enhanced reliability. The emergence of such cryogenic mobile tanks will increase the growth of the global cryogenic equipment market during the forecast period.

“Apart from the emergence of cryogenic mobile tanks, factors such as the availability of cryogenic equipment on rent, and the increasing use of customized cryogenic equipment will have a significant impact on the growth of the cryogenic equipment market during the forecast period,” says a senior research analyst at Technavio.

Global cryogenic equipment market: Segmentation analysis

This market research report segments the global cryogenic equipment market by end-user (power and energy, petrochemical and chemicals, metallurgy, electronics, and others) and geographic regions (North America, APAC, Europe, South America, and MEA).

The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. The market growth in APAC can be attributed to the rising need for cryogenic equipment due to the increased steel production in countries such as China, India, and Japan. The growing automotive industry is one of the key reasons for the increase in demand for steel in these countries.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190516005630/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES OTHER HEALTH

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 05/16/2019 10:10 AM/DISC: 05/16/2019 10:10 AM

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