The global cryogenic pumps market size is expected to grow from USD 3.62 billion in 2022 to USD 6.64 billion in 2029 with a CAGR of 9.06% during the forecast period.
/EIN News/ — Pune, India, July 18, 2022 (GLOBE NEWSWIRE) — The world cryogenic pumps market the size was USD 3.41 billion in 2021. The market is expected to grow from USD 3.62 billion in 2022 to USD 6.64 billion in 2029 at a CAGR of 9.06% during the period 2022-2029. This vital information is brought to you by Fortune Business Insights™, in its report titled “Cryogenic Pumps Market, 2022-2029”.
Factors such as the ability to operate and withstand sub-zero temperatures and growing demand from LNG sectors will drive the market growth over the forecast period. Additionally, growing demand from automotive, pharmaceutical, power generation, and manufacturing industries will increase the market footprint.
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Report Scope and Segmentation:
|Forecast Period 2022 To 2029 CAGR||9.06%|
|2029 value projection||$6.64 billion|
|Market size in 2021||$3.41 billion|
|Historical data for||2018-2020|
|Number of pages||246|
|Segments Covered||Type, Cryogen Type, End User, By Region|
|Growth engines||Increase industrial sector investment to foster market momentum|
|Increased Oxygen Demand in Medical Sector During COVID-19 to Drive Market Demand|
Rising Investments and Increasing Oxygen Demand in Medical Sector to Increase Growth
Factors such as rising investment from industrial sector such as metallurgy, healthcare, food & beverage, and electronics and increasing FDI investment from emerging economies will drive the growth of the cryogenic pumps market over the course of of the forecast period. Additionally, the growing demand for oxygen from healthcare sectors amid the ongoing pandemic will significantly increase the market footprint. Additionally, the growing demand for liquefied natural gas will fuel the growth of the market.
Impact of COVID-19
Restrictions on natural gas supply and deteriorating sales are negatively impacting the market during the pandemic
The global pandemic affected all industries globally and the cryopump industry was limited in its growth potential. Various lockdowns imposed by world governments and general population movement restrictions have forced manufacturers to adopt a new method of operation. As the sector is heavily dependent on the natural gas industry, much of the demand has been subdued due to the drastic collapse and flattening of investments. This industry has lagged further by providing excess supply to a less demanding vacuum.
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Asia Pacific to See Dominant Growth Due to Rising Demand for Gas-Fired Power Plants
Asia-Pacific will witness the largest cryogenic pumps market share during the forecast period owing to growing awareness and growing number of government policies promoting clean energy generation, to name a few -ones. Additionally, growing demand from gas-fired power plants and rising investment in healthcare, food & beverage, and steel will further increase market penetration in the region.
North America will hold a considerable market share in terms of global contribution owing to rising investment from various sections including oil & gas and industrial industry and an expanding LPG in the US region. States and Canada.
Europe will occupy a large market share due to the increased focus on developing clean energy source and a decrease in the number of reloading loads at import terminals, not to mention name a few.
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Dominant Players to Gobble Up the Market with Rising R&D Budgets and Extended Consumer Reach
The cryopump sector is occupied by very few viable companies that have the capacity to operate at full capacity for fully developed products. Players such as Ebara Corporation, Nikkiso Co., Ltd and Fives dominate the market. Other players are dependent on equipping products that undergo various testing procedures. For example, in August 2021, CPC Pumps International announced that it had been acquired by Atlas Copco to add complementary assets to the latter’s product portfolio and further strengthen its market position. Other players are focusing on the development and integration of products that are expected to hit the market in the coming year.
- October 2020: The Weir Group PLC has announced that it has completed the sale of its Oil & Gas division to Caterpillar Inc. for a value of $405 million.
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List of key players present in the market
- Nikkiso Co., Ltd (Japan)
- SHI Cryogenics Group (Japan)
- Ebara Corporation (Japan)
- The Weir Group PLC (Scotland)
- Five (France)
- Sulzer (Switzerland)
- Flowserve Corporation (USA)
- INOXCVA (India)
- Cryostar (France)
- Phpk Technologies (USA)
- Vanzetti Engineering (Italy)
Segmentation of the cryogenic pumps market:
- Positive displacement pump
- Centrifugal pump
- By type of cryogen
- Liquefied natural gas
Per end user
- petroleum gas
- energy production
- Chemicals & Petrochemicals
- By geography
North America (by type, by cryogen type, by end user, by country)
- United States (per end user)
- Canada (per end user)
Europe (by type, by cryogen type, by end user, by country)
- UK (per end user)
- Germany (per end user)
- France (per end user)
- Italy (per end user)
- Russia (per end user)
- The rest of Europe
Asia-Pacific (by type, by cryogen type, by end user, by country)
- China (per end user)
- India (per end user)
- Japan (per end user)
- Australia (per end user)
- Southeast Asia (per end user)
- Rest of Asia Pacific (per end user)
Latin America (by type, by cryogen type, by end user, by country)
- Brazil (per end user)
- Mexico (per end user)
- Rest of Latin America (per end user)
- The Middle East and Africa (by type, by cryogen type, by end user, by country)
- GCC (per end user)
- South Africa (per end user)
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