According to a new report published by Allied Market Research, titled, Cryogenic Pump Market by Type, Gas and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023, the cryogenic pumps market was valued at $456 million in 2016, and is projected to reach $592 million by 2023, growing at a CAGR of 3.9% from 2017 to 2023. The hydrogen segment accounted for more than one-third share of the global market in 2016.
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A cryogenic pump functions by freezing oil, water vapor, and others gases out of the atmosphere within the vacuum chamber or system. Water and gases are frozen onto several arrays located inside the cryogenic pump. The cryogenic pump operates on the principle of closed cycle refrigeration. These pumps are commonly cooled by compressed helium, although they may also use liquid nitrogen, dry ice, or a built-in cryocooler. Some pumps have multiple stages at several low temperatures. The outer stages shield the coldest inner stages, and condense high boiling point gases such as water and oil, thus saving the surface area and refrigeration capacity of the inner stages for lower boiling point gases such as nitrogen.
Increase in demand for cryogenic pumps across multiple end-use industries such as power generation and healthcare is one of the prime factors that drives the growth of the global cryogenic pumps market. Moreover, complex industrial processes incorporate the use of liquid gases, which fuels the demand for cryogenic pumps at a rapid pace. The rapid growth in demand for energy and power is expected to drive the overall demand for LNG, and thus arrangements to handle its transportation further boosts the market growth. However, fluctuation in steel production is a major factor anticipated to hamper the growth of the market.
The kinetic pumps segment accounted for 52.3% of the global cryogenic pump market, in terms of revenue, in 2016. The demand for cryogenic pumps has increased due to increase in demand for efficient transportation of gases across several end-use industries.
Key Findings of the Cryogenic Pump Market:
- The positive displacement pumps segment is anticipated to grow at the highest CAGR during the analysis period.
- The hydrogen segment accounted for the highest share in the global cryogenic pumps market, and is anticipated to maintain its dominance throughout the forecast period, growing at a CAGR of 3.4%.
- Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 3.3%.
- The power generation industry segment occupied for 27.1% of the total market in 2016.
- China occupied 31.0% of the Asia-Pacific market in 2016.
- France is expected to grow at a significant CAGR of 4.7% during the forecast period.
The major companies profiled in the report include Brooks Automation Inc., Nikkiso Co. Ltd., Linde Group, Ebara Corporation, Fives S.A., Flowserve Corporation, Global Tech India Pvt. Ltd., PHPK Technologies Inc., Sumitomo Heavy Industries Ltd., and Technex Limited.