The average rate of growth of energy consumption had almost doubled since 2010 and grew by 2.3% in 2018.
CRIFAX added a report on ‘Global Cryogenic Equipment Market, 2020-2028’ to its database of market research collaterals consisting of overall market scenario with prevalent and future growth prospects, among other growth strategies used by key players to stay ahead of the game. Additionally, recent trends, mergers and acquisitions, region-wise growth analysis along with challenges that are affecting the growth of the market are also stated in the report.
The global Cryogenic Equipment Market is estimated to observe significant growth, owing to several factors affecting the demand for energy from various sectors that include residential, commercial and public services and transport sector, apart from growing population, rapid growth in industrial and residential sectors, increase in demand for heating and cooling from among the global population, due to changes in climate conditions that is driving the growth of the market over the forecast period (2020-2028). International Energy Agency (IEA) has mentioned in its report that global demand for energy has risen by 4% (900 TWh).
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Several sectors have witnessed high levels of energy consumption globally, with the industrial segment consuming the highest of about 8945 TWh in the year 2017 as compared to 8699 TWh of energy consumed in 2016. ). Moreover, International Energy Agency (IEA) had also mentioned in its report that in 2018, the average growth rate of energy consumption had almost doubled since 2010 and grew by 2.3% in 2018. Additionally, CO2 emission levels arising from production of energy had recorded an increase of 1.7% reaching about 33 Gigatonnes. Many governments across the world have introduced stringent policies and regulations for reducing carbon emissions that is destroying the environment.
Nations such as China, India and United States are creating a huge demand for energy globally, with at least 70% of total energy demand coming from these nations. Moreover, the awareness on climate change has been increasing which is encouraging many manufacturers to implement sustainable energy strategies to prevent further environment degradation. In 2018, United States of America had recorded the highest demand for oil and gas across the world. High levels of power consumption was reported by China and United States of America which was about 5537 TWh and 3738 TWh of power consumed respectively in 2017. On the other hand, electricity contribution stood at 37.2% from non-OECD countries such as China, India, Russia and Brazil, with China generating 46.7% which is the highest share of power consumed among these nations. These factors are predicted to drive the growth of the market over the forecast period.
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To provide better understanding of internal and external marketing factors, the multi-dimensional analytical tools such as SWOT and PESTEL analysis have been implemented in the global Cryogenic Equipment market report. Moreover, the report consists of market segmentation, CAGR (Compound Annual Growth Rate), BPS analysis, Y-o-Y growth (%), Porter’s five force model, absolute $ opportunity and anticipated cost structure of the market.
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