Market Analysis
The global cryogenic pump market size is predicted to develop at a 4.02% CAGR between 2017- 2024, states the recent Market Research Future (MRFR) analysis. Cryogenic pumps, simply put, are vacuum pumps that help to capture gases via condensing the same on cold surfaces that is at low temperature. Positive displacement and centrifugal are its different types that have wide applications in electronics, metallurgy, chemicals, energy and power, and others.
Various factors are propelling the global cryogenic pumps market share. According to the recent MRFR report, such factors include the increasing use of gases across bioscience and healthcare facilities, growing investments in energy and power, rising investments in oil and gas and electrical and electronics segment, growing adoption of such pumps in the metallurgy sector, demand for LNG based power generation, growing use of oil tankers for transportation in the shipbuilding industry, demand for liquid gases, and growth of medical gases to diagnose and treat different respiratory diseases like cardiovascular, asthma, and others.
On the contrary, the impact of the current COVID-19 pandemic and the fall in steel production are factors that may limit the global cryogenic pumps market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global cryogenic pumps market based on type, gas, and end use.
By type, the global cryogenic pumps market is segmented into positive displacement and centrifugal. Of these, the positive displacement type segment that will lead the market over the forecast period.
By gas, the global cryogenic pumps market is segmented into LNG, argon, oxygen, and nitrogen. Of these, the LNG gas segment will dominate the market over the forecast period.
By end use, the global cryogenic pumps market is segmented into electronics, metallurgy, chemicals, energy and power, and others. Of these, energy and power end use segment will spearhead the market over the forecast period.
Regional Analysis
By region, the global cryogenic pumps market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. Of these, the APAC region will spearhead the market over the forecast period. Industrial development in Malaysia, India, China, and other Southeast Asian countries, growing energy need, rapid urbanization, focus on renewable generation, focus on eco-friendly sources of fuel like LNG to reduce carbon emissions, and growing demand in different end use industries such as metallurgy, processing, and manufacturing are adding to the global cryogenic pumps market growth in the region.
In Europe, the global cryogenic pumps market is predicted to hold the second-largest share over the forecast period for the shift in focus towards eco-friendly sources of fuel like LNG to reduce carbon emissions and strong growth in the healthcare and food & beverage industry. Spain, Italy, and France have the utmost share in the market for the growing oil and gas, metallurgy, and petrochemicals industry.
In North America, the global cryogenic pumps market is predicted to have healthy growth over the forecast period for the rising application in the industrial sector and the vast potential of LNG.
In the MEA, the global cryogenic pumps market is predicted to have sound growth over the forecast period for the increasing investments in petrochemical and oil & gas industries.
In South America, the global cryogenic pumps market is predicted to have steady growth over the forecast period.
Key Players
Key contenders profiled in the global cryogenic pump market report include Technex Limited (India), Ruhrpumpen Inc. (Mexico), PHPK Technologies Inc. (US), Nikkiso Cryo Inc. (US), Cryostar SAS (France), Cryoquip Australia, Brooks Automation (US), Fives S.A. (France), Sumitomo Heavy Industries (Japan), Flowserve Corporation (US), and Ebara Corporation (Japan).
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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