The Global Cryogenic Pump Market was worth US$ 1.66 billion in 2023 and is projected to reach a valuation of US$ 6.36 billion by 2029 and is predicted to register a CAGR of 30.76% during the foreseen period 2024-2029.
Market Overview:
Cryogenic pumps are employed to create, withstand, and operate at temperatures of -120°C or less. They are employed for refrigeration using cryogenic gases such as nitrogen, helium, and argon, among others. By end-user, the power and energy segment is predicted to dominate the market during the foreseen period. The cryogenic pump is designed to move cryogenic liquids and refrigerants. Cryogenic pumps are employed to circulate refrigerant in a wide variety of applications and are built-in long shaft or submersible designs, depending on the configuration and application of the system. The cryogenic pump is a vacuum pump that captures gases and vapors by condensing them on a surface kept at a very low temperature.
Market Trends:
The expansion of this market is attributed to the growing call for LNG from sectors such as power generation and domestic and commercial fuels, and the call for medicinal gases in sanitary facilities. Furthermore, the worldwide cryogenic pump market is predicted to experience strong expansion due to increased electricity generation from renewable energies leading to lower carbon emissions.
Market Drivers
The rising call for energy and electricity on a worldwide scale is a major factor that is predicted to drive the expansion of the global cryogenic pump market during the foreseen period. Also, the growing adoption of cryogenic pumps in various end-use industries, such as the metallurgical, chemical, and electronics industries, is predicted to drive the expansion of the target market during the outlook period.
Another factor predicted to support the expansion of the worldwide cryogenic pump market during the conjecture period is technological innovations in cryogenic pumps by manufacturers exploiting the target market. The main factor driving the call for cryogenic pumps is the rising expansion of its end-use industries. Furthermore, as increasingly complex industrial processes involving the use of liquid gases evolve, the call for cryogenic pumps is supposed to increase. Escalatingcall for power and electricity is predicted to lead to an increased call for LNG and thus the means to manage its transportation, further boosting the worldwide market for cryogenic pumps. At the same time, the resurgence of the steel industry around the world is also predicted to stimulate the call for cryogenic pumps, as cryogenic gases are employed critically to create durable steel structures.
Market Restraints:
Nevertheless, the high prices related to the installation are predicted to hinder the expansion of the worldwide cryogenic pump industry throughout the foreseen period.
Market Opportunities:
Complex industrial processes would incorporate the use of liquid gases, further driving the expansion of cryogenic pumps. Likewise, the increased call from the energy and electricity sector would stimulate the call for LNG-based power generation and, therefore, the escalating use of tanker trucks for transport in the industry of shipbuilding. Such factors would stimulate the expansion of cryogenic pumps.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
30.76% |
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Segments Covered |
By Type, Gas, End user, and region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Brooks Automation Inc, Linde Group, Ebara Corporation, Nikkiso Co. Ltd, Fives S.A, Flowserve Corporation, Global Tech India Pvt. Ltd, PHPK Technologies Inc, Sumitomo Heavy Industries Ltd, Technex Limited, and Others. |
Market Segmentation:
The positive displacement segment is predicted to grow at the maximum rate during the foreseen period. A positive displacement pump is a device that transfers liquids by retaining a certain volume of liquid and moving it through another pipe.
In 2019, the hydrogen segment accounted for the highest share of the worldwide cryogenic pump market and is predicted to maintain its dominance throughout the outlook period. On the other hand, LNG is likely to be the rapidly expanding segment during the estimated period.
The healthcare segment is predicted to record the maximum expansion rate during the conjecture period. This is mainly due to the fact that gases such as oxygen, nitrogen, hydrogen and nitrous oxide, and gas mixtures are widely employed for medical purposes, biotechnology research, and in drug treatment.
Market Regional Analysis:
The Cryogenic Pump Market Report includes the segmentation of Regions with their respective Countries.
The Asia Pacific region is predicted to increase posting moderate revenue expansion over the next 10 years. Rapidly growing industrialization, especially in countries such as India, China, and Japan, along with a rapidly growing call for oil and gas, are the main factors likely to support market expansion in the area during the foreseen period. The increase in the number of manufacturing plants due to the expansion of public and private investments in the locale added to the growing presence of international and national players is another important factor that is predicted to drive market expansion in the locale during the foreseen period. North America represents the second-highest contribution in terms of revenue share in the worldwide market, followed by the markets of Europe, Latin America, and the Middle East and Africa, respectively. Another important factor that is predicted to drive the expansion of the target market in North America during the conjecture period is the high adoption of technologically advanced products, coupled with the augmenting of cryogenic pumps in the healthcare industry.
Market Key Players:
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