APRIL 20226MANUFACTURING TECHNOLOGY INSIGHTSThe global cryogenic equipment market is projected to reach USD 17.4 billion by 2027 from an estimated market size of USD 12.5 billion in 2022, at a CAGR of 6.8 percent during the forecast period. The factors driving the growth for cryogenic equipment market are high demand for industrial gases from metallurgy, and energy & power industries and growing demand for cryogenic equipment across entire LNG value chain.Due to the usage of high specialty materials for the construction of cryogenic equipment and the high energy costs associated with the maintenance of temperatures, the overall cost of the cryogenic plant becomes very high. According to the US Department of the Interior (DOI), the initial CAPEX associated with cryogenic plant infrastructure setup is estimated to be around USD 300 million.Cryogenic air separation is a mature technology and is ideal for high volumetric flow rates. Pressure Swing Adsorption (PSA) is a cheaper technological substitute and is suitable for small scale industrial gas usage. Cryogenic plants are restricted for the applications requiring the gases in high quantities of above several hundred tons of the separated gases per day.Cryogenic air separation technology is widely used for oxygen and nitrogen production in large quantities of around 5,000 tons per day. The second method is PSA, which is appropriate for smaller quantities of nitrogen and oxygen of below 500 tons per day. Also, the operational cost of nitrogen cryogen plants is 40 percent higher than that of the PSA plants. The agriculture and fertilizer industries require liquid nitrogen at both small and large scales. In such conditions, the cost of storing and transporting liquefied industrial gases is high. Thus, the high CAPEX & OPEX associated with cryogenic plants affect the growth of the cryogenic equipment market.Cryogenic equipment are used for storing and handling of space specimen. Due to the inert nature of cryogenic industrial gases, the characteristics of asteroids specimen remain intact. Cryogenic fluid is an essential usable for space missions. The space cryogenics applications fall into two broad categories, which include supporting space science missions and supporting the space transportation infrastructure. Satellites are another major investment-lucrative sector. As the demand for real-time data and information increases, satellite operators intend to increase the number of satellites to provide low-cost internet to remote locations.Let us know your thoughts.Novel Opportunities for Cryogenic ApplicationsEDITORIALCopyright © 2022 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof. Editor-in-ChiefLaura DavisEditorial StaffSalesVisualizerChris LynnAnnie Mathewsannie@manufacturingtechnologyinsights.comAva Gracia Peter ThomasRose DcruzAaron PaulTECHNOLOGY INSIGHTSTECHNOLOGY INSIGHTSLaura DavisEditor-in-Chiefeditor@manufacturingtechnologyinsights.comDisclaimer :*Some of the Insights are based on our interviews with CIOs and CXOsEmail:sales@manufacturingtechnologyinsights.comeditor@manufacturingtechnologyinsights.commarketing@manufacturingtechnologyinsights.com APRIL - 18 - 2022, Vol 08 - Issue 05 (ISSN 2644-2493) Published by ValleyMedia, Inc. To subscribe to Manufacturing Technology InsightsVisit www.manufacturingtechnologyinsights.com
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