✷ Report Code: A01247 | Pages: 271 | ||
Tables: 127 | Charts: 70 |
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The global cryogenic pump market size was valued at $610.0 million in 2020, and is projected to reach $854.0 million by 2030, growing at a CAGR of 3.4% from 2020 to 2030. A cryogenic pump is an accumulating type vacuum pump.
COVID-19 outbreak negatively impacted oil & gas segment amid the lockdown imposed and recorded a huge decline in crude oil prices in 2020, due to the resumed overflow production, However, the continued upstream activities did not impact the demand for cryogenic pump.
The pump condenses and adsorbs gases on a cryogenic surface installed in pump to develop a condition from high vacuum to ultra-high vacuum. In addition, this pump can obtain clean vacuum, which is not contaminated by oil and has higher pumping speed compared to other vacuum pumps.
Moreover, cryogenic pumps are essential tools to power-up several processes involving pure and mixed industrial gases. Cryogenic pumps can be integrated into complex skid systems, which can be customized according to specific needs, including LNG marine, LNG automotive & industrial, and industrial gases. Cryogenic pumps are used in wide applications of semiconductors, liquid crystals, disks, eyeglass lenses, and extra-large space vacuum chamber.
Moreover, cryogenic pumps are used to circulate coolant in variety of applications, including cooling high temperature superconducting cables or magnets, for cooling synchrotron beamline crystals, and as pumps in prototype slush hydrogen applications.
Increase in demand for cryogenic pumps across multiple end-use industries, including power generation and healthcare is one of the prime factors that drives the growth of the global market. Moreover, complex industrial processes incorporate the use of liquid gases, thus fueling the demand for cryogenic pumps at a rapid pace. In addition, increase in demand for energy and power is expected to drive the overall demand for LNG, thus arrangements to handle its transportation boosts the cryogenic pump market growth. Furthermore, increase in usage of cryogenic pumps to extract the regenerated energy from exhaust gases of an engine and rise in demand for efficient transportation of medical gases are some other aspects expected to supplement the market growth during the forecast period. However, fluctuation in steel production hampers the growth of the market.
The global cryogenic pump market forecast is segmented on the basis of type, application, and end-use industry. According to type, it is classified into positive displacement pumps, kinetic pumps, and entrapment pumps. Depending on application, it is categorized into nitrogen, hydrogen, helium, LNG, and Others. As per end-use industry, it is fragmented into healthcare industry, energy & power generation industry, electricals & electronics industry, metallurgy industry, chemicals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in cryogenic pump industry are Atlas Copco AB, Ebara Corporation, Cryostar, Fives, Flowserve Corporation, Gemmecotti Srl, Nikkiso Co., Ltd., Ruhrpumpen, SHI Cryogenics Group, and Trillium Flow Technologies.
According to type, the kinetic pump segment dominated the global cryogenic pump market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to increase in demand for efficient transportation of gases across several end-use industries.
As per application, the LNG segment dominated the global cryogenic pump market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rise in R&D activities in oil & gas and increase in demand for LNG.
By End-use Industry, the energy & power segment dominated the global cryogenic pump market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to increase in demand for electricity across the globe.
Region wise, North America dominated the global cryogenic pump market in 2020, and is projected to remain fastest-growing segment during the forecast period. This is attributed to numerous factors, including large proved reserves and onshore area.
Key Benefits For Stakeholders
Impact Of Covid-19 On The Global Cryogenic Pump Market
Cryogenic Pump Market Report Highlights
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A cryogenic pump, also known as cryopump, is a vacuum pump that traps vapors and gases by condensing them on a cold surface.. Cryogenic high vacuum pumps provide clean and high speed pumping of all gases. The main function of cryopump is condensation and adsorption of gases & vapors on surfaces held at very low temperatures. Most cryopumps employ sets of surfaces held at two specific temperature ranges by a reciprocating mechanical refrigerator using helium gas as a refrigerant.
According to the perspectives of CXOs of the leading companies, surge in demand for industrial and dry gases, especially from power generation and steel production industries, boosts the growth of the market. Moreover, increase in demand for liquified natural gas from developing countries, including China and India, due to rapid urbanization and rise in demand for low combustion fossil fuel for automobiles, and surge in demand for electricity drives the market growth.
Furthermore, the CXOs are optimistic about adoption of cryogenic pumps in medical and healthcare facilities, due to increase in demand for transportation of natural gases. As per the CXOs, Asia-Pacific occupies more than 38% of global cryogenic pumps market; however, the cryogenic pumps market in LAMEA is expected to grow at a rapid rate in the future.
A. Agreement, business expansion and product launch are the key growth strategy of global Cryogenic pump market players.
A. North America will provide more business opportunities for global Cryogenic pump in future
A. To get latest version of Cryogenic pump market report can be obtained on demand from the website.
A. Kinetic pump segment holds the maximum share of the global Cryogenic pump market
A. Oil & gas, healthcare, power generation and other such heavy industries using gas or related products are the major customers of global Cryogenic pump market.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. Atlas Copco AB, Ebara Corporation, Cryostar, Fives, Flowserve Corporation, Gemmecotti Srl, Nikkiso Co., Ltd., Ruhrpumpen, SHI Cryogenics Group and Trillium Flow Technologies are the leading market players active in the Cryogenic pump market.
A. Expansion of gas-based power generation, soaring demand of liquified and compressed gas in automotive industry and are the major driving factor for the market. In addition, rising demand of gases in healthcare industry may create lucrative opportunities for the market.
A. Rapid increase in industrialization and increase in demand of oil & gas and continuous increase in demand of chemicals and petrochemicals are expected to drive the adoption of Cryogenic pump.
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