Cryogenic Equipment Trends in 2015
Cryogenic technologies are significant in the industrial gases business and have been since the beginning of industrial gas supply chains. They’re just as significant today as they were then, providing a new handle for the liquefied natural gas market (LNG). LNG has driven growth for cryogenic equipment across the board in recent years.
2015 was a year of cryogenic equipment trends with a great deal of growth and technology development throughout cryogenic valves, pumps, and storage vessels. Review the biggest trends in the cryogenic technologies within the past year.
Cryogenic valves are used in storage, processing, and distribution and demonstrate the growth of LNG. The growth of the LNG market is affecting the businesses that manufacture cryogenic valves in a variety of ways.
As a result of the LNG boom in recent years, companies are experiencing a vast increase in the sale of valves. Compact valves that suit LNG trucks, OEM, skid and refueling stations are also in demand.
Due to the rise in the development of new products for cryogenic bulk tanks and transportation vessels, companies have also reported that sales of bronze and stainless steel globe valves and angle relief valves have been increasing.
Cryogenic valves are crucial in LNG plants, and companies have seen an influx of orders in the industry from large LNG plants. However, because of falling oil prices, the LNG business tapered in 2015. LNG growth may be on hold, but the ship-fueling market remains strong and may prove that this halt in growth is temporary.
Cryogenic Tanks and Tankers
Due to the LNG boom, cryogenic tanks and tankers are in demand. This increasingly competitive industry is driven by tight margins to optimize efficiency, which is why payload optimization was still a pressing issue in 2015. It’s crucial to reduce the carbon footprint while increasing distribution productivity.
Because distribution costs weigh heavily in the overall cost of the product at 50% of all air gas industry costs, distribution solutions must reduce consumption and emissions over the life of the asset.
LNG has also driven growth in the cryogenic pumps business over the past year and previous years. While companies contribute the new developments in the hydrocarbon industry as the leading factors in the market, it’s unknown how the dropping oil prices will affect the dynamic of the last year.
Just like cryogenic tanks and tankers, there’s a need for higher efficiency and performance, and this need has influenced cryogenic pump development. Engineers are working toward creating machines that are functional and compact.
Throughout 2015, the cryogenic technology industry continued to be an integral part of the industrial gases business.
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