Cryogenic Pump Market

Market Synopsis:

The Global Cryogenic Pump Market was valued USD 928.5 Million in 2021 and is anticipated to reach a value of USD 1202.2 Million by 2028. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.10% over the forecast period.

The pump creates a condition from high vacuum to ultra-high vacuum by condensing and adsorbing gases on a cryogenic surface mounted in the pump. In addition, this vacuum pump has a more incredible pumping speed than conventional vacuum pumps and can produce a pure vacuum that is not tainted by oil. Cryogenic pumps are also used in prototype slush hydrogen applications and to circulate coolant in many other applications, such as cooling crystals in synchrotron beamlines and high-temperature superconducting cables or magnets. One of the key drivers of the global markets expansion is the rise in demand for cryogenic pumps across various end-use sectors, including power generation and healthcare. Increased need for energy and power is anticipated to raise overall LNG demand; consequently, plans for its transportation spur market expansion for cryogenic pumps.

The Cryogenic Pump Market is expected to see significant growth restraints due to cost restrictions and a lack of technical know-how in developing regions. Also, the markets expansion is, however, hampered by variations in steel production. On the other hand, since cryogenic pumps are primarily employed in producing solar panels, the growing emphasis on solar power generation and the development of the infrastructure for solar PV manufacturing can open enormous prospects in the future.

Market Segmentation:

The Cryogenic Pump Market is segmented based on Orientation, Design, Type, Cryogen, End User, and Region. Based on Orientation, the market is further segmented into Horizontal and Vertical. Furthermore, based on the segment Design, the market is further segmented into Submersible and Non-Submersible. Likewise, based on the Type segment, the market is further segmented into Kinetic Pump, Positive Displacement Pumps, and Entrapment Pumps. In addition, based on Cryogens, the market is further segmented into Nitrogen, Oxygen, Argon, Liquified Natural Gas (LNG), Helium, Hydrogen, and Other Cryogens. Furthermore, on the basis of the segment End User, the market is further segmented into Metallurgy, Energy & Power, Chemicals, Electronics, Healthcare & Pharmaceuticals, and Other End Users.

Based on Type:

The Kinetic Pump segment dominated the worldwide Cryogenic Pump Market by type, and it is anticipated to continue to expand at the quickest rate throughout the forecast period. This dominance is explained by the rise in demand for adequate gas transportation across various end-use sectors. As the gas to liquid activities rises, the other cryogen segments are expected to grow at a high rate.

Based on End User:

During the projected period, the Cryogenic Pump Market is anticipated to be the largest in the energy & electricity sector. The increase in E&P activities, particularly those involving older oil and gas wells, is expected to accelerate market growth. The LNG sector dominated the Global Cryogenic Pump Market and is anticipated to continue expanding at the highest rate over the coming years. This dominance is related to increased LNG demand and R&D activity in the oil and gas industry. For transportation and storage of cryogenic liquid, the marine industry is utilized. In addition, cryogenic gases like nitrogen are used in large quantities to manufacture metals.

Asia Pacific is Forecast to Grow at the highest Compound Annual Growth Rate (CAGR) during the Forecast Period

The Cryogenic Pump Market is anticipated to have its largest market in the Asia Pacific region and the highest expansion rate throughout the forecast period. Because of the rising demand for cryogenic pumps from the metallurgy and Energy & Power industries, particularly from developing economies like China and India, the Asia Pacific region now dominates the Global Cryogenic Pump Market. In addition, growing government initiatives to create gas-based power plants that generate clean energy and increased spending on steel, food and beverage production, and healthcare will spur growth.

Competitive Landscape:

The key players in the Global Cryogenic Pump Market include- AB (Sweden) and others.

Segmentation of the Global Cryogenic Pump Market: