Pune, Feb. 18, 2020 (GLOBE NEWSWIRE) -- The global cryogenic pump market is set to gain traction from the rising demand for liquefied natural gas (LNG)- based power plants. Besides, in the developing nations, the investment in food and beverage, as well as healthcare sectors is increasing. It would impact the market positively. This information is published by Fortune Business Insights™ in a recent report, titled, “Cryogenic Pump Market Size, Share & Industry Analysis, By Type (Positive Displacement Pump and Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others) and Regional Forecast, 2019-2026.” The report further mentions that the cryogenic pump market size was USD 3.26 billion in 2018 and is projected to reach USD 5.74 billion by 2026, exhibiting a CAGR of 7.4% during the forecast period.
This Report Answers the Following Questions-
- What are the cryogenic pump market trends?
- Which growth drivers and hindrances would the market face?
- How many regions are expected to grow considerably in the coming years?
- Which segment would dominate in terms of share?
- What are the opportunities and challenges present in the market?
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/cryogenic-pump-market-100824
Driver-
Increasing Storage & Transportation of Cryogenic Gases to Augment Growth
The industries, namely, food & beverage, healthcare, and metallurgy, in the emerging countries are expanding. The persistent regasification, storage, and transportation of cryogenic gases, such as LNG, oxygen, argon, and nitrogen, would contribute to the cryogenic pump market growth in the coming years.
Segment-
Oil & Gas Segment to Grow Rapidly Fueled by Wide Range of Applications
In terms of end user, the market is segregated into marine, chemical & petrochemical, power generation, metallurgy, oil & gas, and others. Out of these, the oil & gas segment held a cryogenic pump market share of 42.2% in 2018 and is considered to be one of the fastest-growing segments. It is likely to occur as these pumps are extensively used for a wide range of applications, namely, LNG regasification, refueling, transportation, refining. The chemical and petrochemical segment, on the other hand, would grow significantly stoked by the usage of these pumps in regenerating catalysts, cool reactors, coal gasification, oxidation processes, and sulfur recovery units.
Regional Analysis-
Asia Pacific to Remain in Forefront: Developments in Oil & Gas Industry to Favor Growth
Geographically, the market is grouped into Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Amongst these, in 2018, Asia Pacific generated USD 1.22 billion in terms of cryogenic pump market share. This growth is attributable to the ongoing development in the oil & gas industry in countries, namely, South Korea, Australia, Japan, India, and China. As per the IGU World LNG report 2019, in terms of import of LNG, Australia and the U.S. ramped up supply of LNG, with South Korea, China, and other Asian countries leading demand growth.
The Middle East & Africa and North America, on the other hand, are expected to grow significantly. In Europe, developed countries would exhibit robust growth owing to the well-established healthcare and food & beverage industries. Brazil in Latin America is constantly investing huge sums in the development of chemical & petrochemical, as well as oil & gas industries, which, in turn, would propel the growth of the market in this region.
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Competitive Landscape-
Elliott Group Buys Property for Pump Testing; Nikkiso Acquires the Cryogenic Industries Group
The market consists of several companies that are engaging in mergers and acquisition strategy to gain competitive edge. Other are striving to expand their facilities by purchasing new properties. Below are a couple of the key industry developments:
- October 2019: Elliott Group, a designer, manufacturer, and installer of turbo-machinery for prime moves, based in the U.S., bought the property of Jeannette Glass company for developing its new cryogenic pump testing facility. At the same time, the company secured an air permit that will feature safety and control systems for the facility. As per the company officials, it has recently added cryogenic pumps in its product offerings. One of the most crucial steps of the manufacturing process is to test these units prior to shipping. It would help the company in broadening its geographic presence.
- April 2017: Nikkiso Co., Ltd., a pump and pumping equipment manufacturing company headquartered in Japan, announced its acquisition of 100% shares in the Cryogenic Industries group that includes Cryogenic Industries AG (“CIS”), Cryoquip LLC, Cosmodyne LLC, and ACD LLC. The Japan-based company is focusing of delivering products and services equipped with state-of-the-art technology.
Fortune Business Insights™ lists out some of the most renowned organizations present in the cryogenic pump market. They are as follows:
- Inoxcva
- Nikkiso, Co. Ltd.
- Brooks Automation
- SHI Cryogenics Group
- Ruhrpumpen Global
- Flowserve Corporation
- Sehwa Tech, Inc.
- Sefco AG
- Sulzer
- Cryostar
- Fives
- Ebara Corporation
- Phpk Technologies
- The Weir Group PLC
- Other key market players
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Positive Displacement Pump
- Centrifugal Pump
- Market Analysis, Insights and Forecast – By Cryogen Type
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas (LNG)
- Other
- Market Analysis, Insights and Forecast – By End-User
- Oil & Gas
- Metallurgy
- Power Generation
- Chemical & Petrochemical
- Marine
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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