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Manufacturing Slump Impacts demand for High Strength Engineering Plastics. UHMWPE Revenues Dip by -6.3%
The global market for Ultra-High Molecular Weight Polyethylene (UHMWPE) is expected to decline by -6.3% in response to the slumping manufacturing activity and thereafter recover and reach US$1.9 billion by the year 2027, trailing a post COVID-19 CAGR of 7.3% over the analysis period 2020 through 2027.
Due to the COVID-19 pandemic, governments across the globe have ordered stay-at-home orders for people and shut-down businesses engaged in the production of non-essential goods. Social distancing is considered to be a potent measure for keeping a check on spread of this pandemic. The economic impact of such restrictions on business activities is expected to be huge. Due to the outbreak, the sentiment across the industrial manufacturing sector has declined drastically during the past few months and indicates
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Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.3 Billion in the year 2020, is projected to reach a revised size of US$7.9 Billion by 2027, growing at a CAGR of 5.8% over the analysis period 2020-2027.Liquid Nitrogen, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$2.8 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Cryogenic Tanks market.
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The global market for Smart Gas is projected to reach US$29.9 billion by 2025, driven by the growing need for efficient utilization of energy and rising awareness over the importance of information management technologies in enabling intelligent metering, monitoring, measurement, and control of gas resources.
Also driving growth in the market are factors such as growing global gas demand from 3,000 Mtoe in 2015 to 4,100 Mtoe by 2035 and the ensuing need for efficient distribution networks and billing system; spiraling shale gas production with technology developments promising to tap into the over 5,770 trillion cubic feet of technically recoverable shale gas reserves worldwide; robust demand for modular & integrated gas meters; increasing adoption of SCADA; increasing integration of cloud computing, IoT & artificial intelligence in advanced metering infrastructure (AMI); and rise of smart cities to over 1
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ResearchAndMarkets.com s offering.
Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.3 Billion in the year 2020, is projected to reach a revised size of US$7.9 Billion by 2027, growing at a CAGR of 5.8% over the analysis period 2020-2027. Liquid Nitrogen, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$2.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Cryogenic Tanks market.
Global Cryogenic Tanks Market to Reach US$7 9 Billion by the Year 2027 - ResearchAndMarkets com - Press Release digitaljournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from digitaljournal.com Daily Mail and Mail on Sunday newspapers.