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There is a tremendous increase in demand for LNG globally. To meet the high demand for LNG, countries are witnessing high investments in infrastructure related to storage and regasification of LNG.
The global cryogenic equipment market is projected to reach USD 17.1 billion by 2025 from an estimated USD 12.6 billion in 2020, at a compound annual growth rate (CAGR) of 6,4% during the forecast period. Increasing demand for industrial gases and investments in LNG infrastructure is driving the cryogenic equipment market.
Source: @ 2021 Markets and Markets Research Private Ltd