Cryogenic Pump Market Size, Share & Growth | Forecast [2030]

Report Description

The global cryogenic pump market size was valued at around USD 3.42 billion in 2021, is estimated to reach around USD 3.65 billion by 2030, expanding at a CAGR of 9.07% of during the forecast period, 2022–2030. The growth of the market is attributed to rising investments from industrial sector including healthcare, metallurgy, food & beverages and electronics.

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Cryogenic pumps are used to operate, create, and withstand in temperatures of -120⁰ C. Cryogenic pumps are utilized to circulate coolant in variety of applications, including as chilling synchrotron beamline crystals, cooling superconducting magnets or cables at high temperatures, and as pumps in prototype slush hydrogen applications. The pump adsorbs and condenses gases on a cryogenic surface mounted in the pump to generate a state ranging from high vacuum to ultra-high vacuum. In addition, compared to other vacuum pumps, cryogenic pumps can produce a clean vacuum that is not polluted by oil and has a faster pumping speed. Cryogenic pumps are necessary for a variety of procedures utilizing mixed and pure industrial gases. LNG maritime, LNG automotive & industrial, and industrial gases may all benefit from cryogenic pumps, which can be incorporated into complicated skid systems that can be modified to meet unique demands. Cryogenic pumps are utilized in semiconductors, liquid crystals, disks, eyeglass lenses, and extra-large space vacuum chambers, among other uses.

COVID-19 pandemic affected the cryogenic pumps market and market saw a slowing of investment development and the closure of facilities by smaller firms with weak financial conditions, lowering overall industrial manufacturing capacity. The demand for oil and gas is directly proportional to cryogenic pump sales. COVID-19 outbreak had a detrimental influence on the oil and gas sector, due to the resumption of overflow production, resulting in a significant drop in crude oil prices in 2020. Moreover, the need for cryogenic pumps was unaffected by the continuous upstream activity.

Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for industrial gases from energy and power industry is expected to drive the market.
• Increasing investments from industrial sector and increasing demand for oxygen in medical sector is projected to propel the market during the forecast period.
• Rising raw material prices is anticipated to hinder the market.
• Cryogen leakage from equipment lead to hazardous and greenhouse emissions and thus it is expected to hamper the market in the coming years.
• Evolving cryogenic electronics applications is projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global cryogenic pump market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Liquefied natural gas segment to expand at a considerable CAGR

On the basis of cryogen types, the cryogenic pump market is segmented into oxygen, argon, nitrogen, liquefied natural gas, and others. The liquefied natural gas segment is projected to expand at a considerable CAGR during the forecast period, due to increasing demand of liquified natural gas and adoption of cleaner energy by several countries. The oxygen segment is anticipated to account for a major market share during the forecast period, owing to rising demand for oxygen in medical sector.

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Centrifugal pump segment to hold a significant share of the market

Based on pump types, the market is bifurcated into centrifugal pump and positive displacement pump. The centrifugal pump segment is expected to hold a significant share of the market in the coming years, due to good operational efficiency and technical advancements. The positive displacement pump segment accounts for a significant market share. Positive displacements pump is used to move the cryogenic liquid from one place to another. These pumps carry fluid by catching a permeant amount of the liquid and compelling fluid inside the discharge pipe.

Power generation segment to expand at a substantial CAGR

On the basis of end-users, the cryogenic pump market is segregated into metallurgy, power generation, oil & gas, chemical & petrochemical, marine, and others. The power generation segment is anticipated to expand at a substantial CAGR during the forecast period, owing to rising urbanization and industrialization. People demand for lot of electrical power due to the rising function of digitization which is not satisfied by using coal and crude oil. The oil & gas segment is expected to hold a significant share of the market, due to increasing demand for power form liquefied natural gas-based power plants.  

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the forecast period, owing to the development of metallurgy and energy & power industries in China and India. The market in North America is anticipated to expand at a rapid pace during the forecast period, due to increasing investments in the oil & gas industry and rising industrial infrastructure.

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