Cryogenic Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The cryogenic equipment market is expected to register a CAGR of more than 4% during the forecast period, 2022-2027. The outbreak of COVID-19 had a moderate impact on the global cryogenic equipment market due to reduced investments in new projects caused by a global economic slowdown. The market is expected to revive towards the latter part of the forecast period after the global economy's revival. Increasing usage of natural gas and LNG by the countries to phase out or shift from coal-based energy to a cleaner form of energy is likely going to drive the cryogenic equipment market. However, the costly process of liquefaction for cryogenic gases is expected to restrain the cryogenic equipment market.
Key HighlightsThe cryogenic equipment market is moderately fragmented. Some of the key players in this market include Linde PLC, Emerson Electric Co., Beijing Tianhai Industry Co. Ltd, Cryofab Inc., and Chart Industries Inc.
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