The global cryogenic market is primarily driven by the increased demand for tank equipment within the energy and power sectors. China's increased demand for cryogenic equipment and services are also driving growth in the market as demand from shipbuilding, electronics, metallurgy, chemical sectors and energy sectors all increase over the next few years. In 2011, the global cryogenic market was valued at US$11 billion. By 2017, this industry is forecast to see revenues totalling US$17.1 billion.
The demand for tank equipment represents the largest sector of the global cryogenic market with vaporizers, pumps and also valves contributing a large part of the revenues of this expanding market.
The forecast increased demand for LNG and the need for this product to be kept at low temperatures even during transportation, is expected to drive growth for cryogenic equipment globally.
The increased activity of shale gas extraction in the United States is also driving investment in new cryogenic gas processing plants. Caballo Energy announced in September 2012 of plans to build a new cryogenic gas processing plant to manage the growing natural gas production in the Mississippi lime and Cana Woodford shale plays. This new facility will have a capacity of 60 million cubic feet of natural gas per day with the plant expected to be operating by 2013. Caballo Energy has a total processing capacity of 100 Mmcf/d.
The continued need for gas sources and investment in the extraction of gas from shale beds is expected to drive continued growth in the global cryogenics market.
For more information on the global cryogenic market, see the latest research: Global Cryogenic Market
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