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Market Leaders : Cryogenic Equipment Market
The global cryogenic equipment market is likely to witness a growth rate of 6.74% from 2016 to 2021. Market growth is primarily driven by factors such as increasing demand for LNG and improving healthcare services, especially in the developing economies. Asia-Pacific is estimated to be the largest market for cryogenic equipment in 2016, and the trend is projected to continue till 2021, followed by Europe and North America, respectively.
The cryogenic equipment market includes both global and small regional players. Some of the key players operating in the market include Linde Group AG (Germany), Flowserve Corporation (U.S.), Air Liquide (France), VRV S.p.A. (Italy), Chart Industries, Inc. (U.S.), Parker Hannifin (U.S.), INOX India Limited (India), Wessington Cryogenics Ltd. (U.K.), Taylor Wharton Cryogenics LLC (U.S.), Herose GmbH (Germany), Graham Partners (U.S.), Emerson (U.S.), Cryoquip LLC. (U.S.), Cryofab, Inc. (U.S.), and Beijing Tianhai Industry Co., Ltd. (China).
Growth strategies adopted by key players in the cryogenic equipment market include mergers & acquisitions, new product launches, contracts & agreements, and expansions. Contracts & agreements was the most commonly adopted strategy, constituting more than one-third of the total development share. The industry also adopted new product launches as the second most popular strategy in the past 5 years (2011–2015).
Linde Group AG (Germany) and Chart Industries, Inc. (U.S.) were among the leading players in the cryogenic equipment market in terms of development share. Linde is a leading supplier of industrial, process and specialty gases. It manufactures cryogenic equipment such as liquefiers and refrigeration systems through its subsidiary, Linde Kryotechnik AG (Switzerland). Linde has strengthened its position in the cryogenic equipment market by adopting a mix of organic as well as inorganic growth strategies. New contracts, such as the contract with Tata Steel (India) for air separation units, have helped it to improve its top line. The company has increased its presence in the cryogenic equipment market by continuously developing new products. For instance, it recently launched CRYOLINE XF (Cross Flow), a cryogenic spiral freezer. It has also invested in expanding its business across countries such as the U.S. and China.
Chart Industries, Inc. (U.S.), a manufacturer of standard and tailor-made products and systems for a variety of cryogenic and heat transfer applications, is another leading global player in the cryogenic equipment market. It has generally adopted the strategy of mergers & acquisitions and contracts & agreements to grow and sustain in the market. For instance, it acquired Thermax, Inc. (U.S.), a manufacturer vaporizers for cryogenic fluids. It has also been awarded contracts to provide cryogenic equipment in countries such as China, South Africa, and Lithuania.
Other prominent players in the cryogenic equipment market include Flowserve Corporation (U.S.), Air Liquide (France), and VRV S.p.A. (Italy).
Cryogenic Equipment Market by Product (Tank, Valve, Vaporizer, Pump), Cryogen (Nitrogen, Oxygen, Argon, LNG), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping) and Region - Global Forecast to 2021
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