Cryogenic Pump Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Cryogenic Pump Market grew at a CAGR of 5.6% between 2017-2021 and is estimated to be US$ 1,543.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.8% and is expected to reach a valuation of US$ 3,272.0 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for LNG sectors, which offer fuel for homes and businesses, and power generation, which is one of the main contributing factors. In addition, the need for medicinal gases in healthcare institutions is rising, as is the production of electricity from renewable sources.
GROWING INDUSTRIAL SECTOR AND FDI INVESTMENT WILL BOOST THE MARKET
Growing investments from the industrial sector, such as metallurgy, healthcare, food & beverage, and electronics in developing economies, are expected to accelerate the demand. The transportation, storage, and regasification applications of cryogenic gases Such as nitrogen, argon, oxygen, and LNG hold a strong potential for the market’s growth.
RISE IN RAW MATERIAL COSTS HAMPER THE MARKET GROWTH
A cryogenic pump has parts like a drive shaft, an outer pressure containment tube, and an intermediate static support tube of stainless steel. However, the need for improvement in the productivity of the pump is increased by modifying and replacing the material of the components with glass/epoxy composite. The fluctuation in steel prices owing to stringent regulations for greenhouse gas emissions has reduced steel production, increasing the pump’s production cost. Cryogenic liquids or refrigerants are expensive, that usually, only high-speed pump systems can be justified economically, which are costlier. This economic factor is considered to be adversely affecting the market growth rate.
GROWING DEMAND FOR OXYGEN IN THE PHARMACEUTICAL INDUSTRY CREATES AN APPLE OF OPPORTUNITY FOR MARKET
New and innovative technology has propelled the demand for oxygen cylinders. The rising cases in the global COVID-19 pandemic have increased the demand for oxygen cylinders. Oxygen production has grown manifold to support this rush, leading to a growing need for pumps for cryogen-type oxygen. The second wave of the COVID-19 pandemic is seeing a greater demand for oxygen cylinders and is expected to grow the market for these types of pumps worldwide.
Market Segments Covered in Report
By Pump Functionality:
By Application Gas:
By End Use Industry :
By Region and Country:
Why are Centrifugal Cryogenic Pumps projected to ensure the most revenue during the forecast period?
At 45.0% of the market, Centrifugal Cryogenic Pumps had the greatest revenue share. Centrifugal pumps hold the maximum percentage due to technical advantages such as few moving parts, low maintenance costs, and longer life. A centrifugal pump transports fluid by converting rotational energy driven by an external motor or engine into power that moves the fluid. The centrifugal pump can only operate with a two-phase (gas-liquid) fluid during pump priming.
Why does nitrogen liquification hold the largest market share during the forecast period?
Major factors driving growth include the rising end-user industries, the increasing applications of gases in various industries, plus a high potential for international trade. The segment based on liquefied natural gas accounts for more than 90% of the total nitrogen market share. It will continue to be the largest contributor due to its high demand from industries like refractory, welding, and the energy sector.
Why is the Metallurgy and Marine segment expected to expand the fastest during the forecast period?
In 2021, cryogenic gases such as nitrogen and other gases are used in huge quantities during metals manufacturing in the metallurgy industry. Nitrogen is considered the most consumed cryogenic gas in the industry as this gas is used as high-pressure gas for laser cutting steel and metals. The marine industry is primarily used for the transportation & storage of cryogenic liquid from one location to another. Hence, the growing LNG demand from various regional parts brings the demand for cryogenic liquid storage tanks & vessels in the industry.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The major research activities in this market include trial and testing of the pumps, formulation of new products, and development of new designs. Among the present companies, very few have developed viable products for all segments. The market is fragmented and has seen several recent technological advancements to keep pace with the top-performing manufacturers. Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide.
Some of the key developments that have taken place in the Cryogenic Pump Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Pump Functionality Type, Application Gas, End-Use Industry, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.8%.
One of the key factors anticipated to accelerate the Cryogenic Pump Market’s growth over the analysis period is the rising demand for cryogenic gases from the energy & power industry, particularly in the oil & gas sector.
Major global Cryogenic Pump Market players are ACD Cryo AG, Cryostar SAS, Sumitomo Heavy Industries Ltd., Flowserve Corporation, Brooks Automation Inc., Ebara Corporation, Nikkiso Cryo Ltd., PHPK Technologies Inc., Fives S.A, Cryoquip Australia.
One of the main difficulties experienced by cryogenic pump manufacturers is the leakage and loss of cryogens, which is anticipated to restrict the expansion of the cryogenic pump market over the forecast period.
The North America region is expected to account for the largest market revenue share in the Global Cryogenic Pump market.
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