Cryogenic Pump Market
Cryogenic Pump Market - Global Industry Assessment & Forecast
- By Orientation Horizontal, Vertical
- By Design Submersible, Non-Submersible
- By Type Kinetic Pump, Positive Displacement Pump, Entrapment Pump
- By Cryogen Nitrogen, Oxygen, Argon, Liquified Natural Gas (LNG), Helium, Hydrogen, Other Cryogens
- By End User Metallurgy, Energy & Power, Chemicals, Electronics, Healthcare & Pharmaceuticals, Other End Users
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 928.5 Million|
|Revenue 2028:||USD 1202.2 Million|
|Revenue CAGR (2022 - 2028):||4.4%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
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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 4.4% 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 market's 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.
Cryogenic Pump Market Size, 2021 To 2028 (USD Million)
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 market's 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.
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.
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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.
The key players in the Global Cryogenic Pump Market include- AB (Sweden), Ebara Corporation (Japan), SHI Cryogenics Group (Japan), Nikkiso Co. Ltd. (Japan), Fives Group (France), Cryostar (France), TRILLIUM FLOW TECHNOLOGIES (Scotland), Gemmecotti SRL (Italy), PHPK Technologies (US), Barber-Nichols (US), Sulzer Ltd (Switzerland), Technex Limited (China), Vanzetti Engineering S. P. A. (Italy), HSR AG (Liechtenstein), Xinxiang Chengde Energy Technology Equipment Co. Ltd. (China), Ruhrpumpen Group (Mexico), OPTIMEX (France), SEHWA TECH Inc. (South Korea), CS&P Technologies (US), CryoVation LLC (US), PBS Velká Bíteš (Czech Republic), KRYTEM Cryogenic Systems (Germany), Trillium US (US), Sing Swee Bee Enterprise Pte Ltd. (Singapore), EOSgen-Technologies (France) and others.
Segmentation of the Global Cryogenic Pump Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
The global Cryogenic Pump valued at USD 928.5 Million in 2020 and is expected to reach USD 1202.2 Million in 2028 growing at a CAGR of 4.4%.
The prominent players in the market are AB (Sweden), Ebara Corporation (Japan), SHI Cryogenics Group (Japan), Nikkiso Co. Ltd. (Japan), Fives Group (France), Cryostar (France), TRILLIUM FLOW TECHNOLOGIES (Scotland), Gemmecotti SRL (Italy), PHPK Technologies (US), Barber-Nichols (US), Sulzer Ltd (Switzerland), Technex Limited (China), Vanzetti Engineering S. P. A. (Italy), HSR AG (Liechtenstein), Xinxiang Chengde Energy Technology Equipment Co. Ltd. (China), Ruhrpumpen Group (Mexico), OPTIMEX (France), SEHWA TECH Inc. (South Korea), CS&P Technologies (US), CryoVation LLC (US), PBS Velká Bíteš (Czech Republic), KRYTEM Cryogenic Systems (Germany), Trillium US (US), Sing Swee Bee Enterprise Pte Ltd. (Singapore), EOSgen-Technologies (France).
The market is project to grow at a CAGR of 4.4% between 2021 and 2028.
The driving factors of the Cryogenic Pump include
- High demand for industrial gases from energy & power industry
Asia Pacific was the leading regional segment of the Cryogenic Pump in 2020.