Cryogenic Equipment Market Growing Demand LNG Applications Is Also Driven By Diesel Displacement and Continuing Efforts by Petroleum Producing Countries
Luton, Bedfordshire, United Kingdom, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Cryogenic Equipment Market.
The global cryogenic equipment market is expected to grow at more than 7.2% CAGR from 2022 to 2029. It is expected to reach above USD 41.5 billion by 2029 from USD 22.19 billion in 2020.
Cryogenics is used for the storage and handling of space samples. Due to the inert nature of cryogenic industrial gases, the properties of the asteroid sample remain unchanged. Cryogenic liquids are essential for space missions. Space cryogenic applications fall into two broad categories, including space science mission support and space transportation infrastructure support. Cryogenic gases are also beneficial for satellite operations. They act as a coolant to keep the spacecraft equipment working. Additionally, these gases can extend the life of satellite equipment when used to replenish satellites.
Satellites are also an important investment sector. As the demand for real-time data and information grows, satellite operators are increasing the number of satellites to provide low-cost Internet to remote areas. In 2019, Amazon announced Project Kuiper, fulfilling the company's plans to launch a constellation of 3,236 satellites into low-Earth orbit to bring internet to isolated communities.
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The Asia-Pacific region will have the largest GDP (gross domestic product) due to rapidly changing consumer behavior, supportive policies to achieve sustainable development, and investment in industrial infrastructure. A significant increase in electricity demand and growing awareness of renewable power generation are driving the need for gas-based power plants, which in turn drives the demand for the product. Cryogenic Equipment Market - Growing competition among key players, increasing horizontal and vertical expansion is further expected to fuel the growth of Cryogenic Equipment Market. Cryogenic Equipment Market - Latest Advancement And Analysis
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Value (USD Million, Billion) As per Market
Cryogenic Equipment Market Geographies Covered
Cryogenic Equipment Market by Product
Cryogenic Equipment Market by Cryogen Type
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Cryogenic Equipment Market Key Insights
Cryogenic Equipment Market Report Introduction
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Cryogenic Equipment Market Executive Summary
Cryogenic Equipment Market Data Triangulation
Cryogenic Equipment Market Bottom-Up Approach
Cryogenic Equipment Market by Product Benchmarking
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