Pune, India, July 03, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Cryogenic Pump Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2027 - COVID-19 Impact and by Type, Gases, Industry Vertical, and Geography”, the cryogenic pump market accounted to $1.86 Bn in 2018 and is expected to grow at a CAGR of 4.9% during the forecast period 2019 - 2027, to account to $2.82 Bn by 2027. The growing energy needs, and surge in demand for electricity. However, the increase in the raw material prices is expected hinder the growth of the market.
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Global Cryogenic Pump Market: Segmental Overview
Based on type, the cryogenic pump market is segmented into centrifugal and positive displacement. The centrifugal segment held the largest share of the market in 2018 and is anticipated to register the highest CAGR in the market during the forecast period. Based on gases, is segmented into nitrogen, oxygen, LNG, argon, and others. The oxygen segment held the largest share of the cryogenic pump market in 2018 and is anticipated to register the highest CAGR in the market during the forecast period. Based on industry vertical, the cryogenic pump market is segmented into electronics, healthcare and pharmaceutical, energy and power, metallurgy, and chemical. The energy and power segment held the largest share of the market in 2018 and is estimated to register the highest CAGR in the market during the forecast period.
Cryogenic Infrastructure Expansion Provides Lucrative Opportunities for Cryogenic Pump Market
The opportunity for cryogenic infrastructure expansion presents significant growth prospects for the cryogenic market. As the demand for liquefied natural gas (LNG) continues to rise, expanding the infrastructure required for LNG production, transportation, storage, and regasification is necessary. Cryogenic storage tanks play a vital role in LNG infrastructure. With the increasing volume of LNG being transported and stored, there is a growing demand for larger, more efficient cryogenic storage tanks. These tanks are designed to safely store LNG at extremely low temperatures, typically below -160 degrees Celsius (-260 degrees Fahrenheit). The market can capitalize on this opportunity by supplying cryogenic storage tanks with advanced insulation materials, improved safety features, and a larger capacity to meet the storage requirements of expanding LNG facilities. In addition to storage tanks, cryogenic infrastructure expansion also necessitates the deployment of centrifugal compressors and pumps. Cryogenic centrifugal compressors and pumps are essential for LNG liquefaction and transportation processes. They provide the necessary compression and pressure to convert natural gas into LNG and enable efficient transportation through pipelines, ships, and trucks. As cryogenic infrastructure expands, a growing demand for centrifugal compressors and pumps will present opportunities for the market to supply this crucial equipment. Furthermore, cryogenic valves and vaporizers are integral to the LNG infrastructure's efficient and safe operation. Cryogenic valves regulate the flow and control the temperature of cryogenic fluids in LNG systems, requiring them to withstand extreme temperatures and maintain operational efficiency.
On the other hand, Cryogenic vaporizers are necessary for the regasification process, converting LNG back into its gaseous state. The market can provide high-quality cryogenic valves and vaporizers that meet the stringent requirements of LNG infrastructure expansion. Alongside equipment, comprehensive support and services are essential for successful cryogenic infrastructure projects. This includes engineering, installation, commissioning, maintenance, and training services. The market can offer expertise in cryogenic system design, project management, and ongoing support to ensure the expanded cryogenic infrastructure's smooth operation and optimal performance. By addressing the demand for cryogenic equipment and services in LNG infrastructure expansion, the cryogenic market can experience substantial growth. The increasing global demand for LNG, driven by the need for cleaner energy sources, opens up opportunities for companies specializing in cryogenic solutions. Furthermore, as new markets and regions embrace LNG as an alternative energy source, the demand for cryogenic infrastructure will continue growing. Expanding cryogenic infrastructure supports the growth of the LNG industry and creates a ripple effect on related industries, such as energy, transportation, and petrochemicals. The market can leverage this opportunity by providing innovative and efficient cryogenic solutions that meet the evolving needs of the expanding LNG infrastructure projects. By meeting the demand for cryogenic equipment, storage tanks, compressors, pumps, and valves and providing comprehensive support services, the cryogenic market can thrive in the face of the growing demand for LNG and the expansion of cryogenic infrastructure worldwide.
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China has emerged as a leader in the cryogenic market, exhibiting significant growth and influencing the industry globally. Several factors have contributed to China's growth and dominance in this market. Firstly, China's rapid industrialization and economic growth have increased energy demands across various sectors. This has driven the need for cryogenic technologies, particularly in the energy industry. China is one of the world's largest energy consumers, and the country's focus on clean and efficient energy sources has led to substantial investments in the LNG sector. The development of LNG import terminals, liquefaction plants, and associated infrastructure has created a significant demand for cryogenic equipment and services. Secondly, China's strong focus on healthcare and biomedical research has boosted the demand for cryogenic applications. The country has witnessed significant investments in healthcare infrastructure, including hospitals, research centers, and biotechnology companies. Cryogenic storage systems and cryopreservation technologies are essential for storing and preserving biological samples, stem cells, and genetic material. China's growing healthcare industry and emphasis on advanced medical treatments have fueled the demand for cryogenic solutions. Additionally, China's manufacturing capabilities and technological advancements have contributed to its growth in the cryogenic market. The country has a strong manufacturing base, with established cryogenic equipment and component manufacturers. Chinese companies have developed expertise in producing cryogenic storage tanks, cryocoolers, pumps, and other products. This has resulted in competitive pricing, making China a preferred destination for cryogenic equipment sourcing.
Moreover, government support and favorable policies have played a crucial role in China's growth in the cryogenic market. The Chinese government has recognized the importance of cryogenic technologies in various sectors and has implemented initiatives to promote their development and adoption. This includes incentives for research and development, infrastructure investments, and collaborations between industry and research institutions. The government's support has provided a conducive environment for the growth of the cryogenic market in China. Furthermore, China's domestic market size and population have contributed to its market leadership. The large population provides a substantial customer base for cryogenic products and services, driving the market demand. Moreover, China's presence in the global trade market allows the country to export its cryogenic equipment to other regions, further expanding its influence in the market.
Global Cryogenic Pump Market Analysis: Competitive Landscape and Key Developments
Atlas Copco AB, Elliott Group, Flowserve Corporation, Fives, Linde AG, NIKKISO CO., LTD., PHPK Technologies, Ruhrpumpen Group, SEHWA TECH, INC., and Sumitomo Heavy Industries, Ltd. are a few of the key companies operating in the cryogenic pump market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In In May 2022, Venture Orbital Systems and Fives Group agreed to assess the Navier Mk2 engine used on their orbital launcher.
In January 2020, Ampco Pumps introduced cryo-pump technology for low-temperature processing applications. The ZP3 series positive displacement has been designed with highly specialized internal seals for processing at temperatures as low as -70°F or -56°C.
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