Selbyville, Delaware,, Aug. 06, 2023 (GLOBE NEWSWIRE) -- The cryogenic pumps market is expected to surpass USD 3.5 billion by 2028, as reported in a research study by Global Market Insights Inc.
Rapid industrialization across developed and developing economies, backed by rising entrepreneurial ambitions, favorable government policies, and increasing demand for goods and services, will drive industry growth. Cryogenic pumps find widespread usage in chemical and petrochemical, healthcare, energy sector, and other end-use verticals. In fact, they are utilized in the energy and power industry for handling liquefied natural gas (LNG) during its production, transportation, and regasification while playing a crucial role in LNG terminals, power plants, and LNG-powered vehicles. The broad application scope of cryogenic pumps, therefore, will augment their demand in the forthcoming years.
Based on the product, the submerged cryogenic pumps market size will record a decent valuation by 2032. Submerged cryogenic pumps offer space-saving benefits, improved efficiency, and enhanced safety. Additionally, these pumps are immersed directly in the cryogenic fluid, allowing for efficient heat transfer and cooling. This minimizes heat leakage during the pumping process, which helps maintain the low temperature of the cryogenic fluid. By reducing heat transfer, submerged pumps help preserve the integrity and properties of the cryogenic fluid.
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Based on cryogens, cryogenic pumps market share from the nitrogen segment will grow substantially through 2032. Owing to the versatility of cryogenic pumps, they can handle various applications involving nitrogen, such as filling cryogenic storage vessels, providing cooling in industrial processes, or serving as a coolant in laboratory applications. In addition, these can be used across several end-use industries, including chemical, pharmaceutical, medical, and research due to their ability to provide efficient and reliable transfer of liquid nitrogen, thus, accelerating business growth.
In terms of end-user, cryogenic pumps market share from the chemical segment will depict a notable CAGR from 2023 to 2032. Cryogenic pumps are used to transfer and circulate liquid nitrogen and liquid oxygen in various chemical processes. These fluids are often used as coolants, reactants, or storage media in chemical reactions, cryogenic distillation, and cryogenic storage systems. They are also employed in the chemical industry for the handling and transfer of cryogenic hydrogen. Growing chemical sector will favor the adoption of these pumps.
North America cryogenic pumps market size will register huge gains through 2032. The growing chemical sector and the nitrogen industry are significant contributors to the market growth in this region. Additionally, the rising adoption of LNG as a clean energy source has propelled the demand for submerged cryogenic pumps in North America. Moreover, the robust presence of industry players such as Nikkiso Cryo Inc and others focusing on product innovations is also working in favor of regional expansion.
SMS Pumps & Engineers, SHI Cryogenics Group, Huzhou Baihui Cryogenic Equipment Co., Ltd, Sumitomo Heavy Industries Ltd, Indian Compressors Ltd, Cryomec LLC, The Weir Group PLC, Trillium Flow Technologies, and Flowserve Corporation are some of the major key players operating across the cryogenic pumps market.
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Cryogenic Pumps Industry News:
- In February 2023, Trillium Flow Technologies, a prominent cryogenic pump industry player, completed the acquisition of Coulter Valve Service, a specialty valve field services provider. This move will strengthen Trillium’s aftermarket business in North America.
Partial chapters of report table of contents (TOC):
Chapter 4 Competitive Benchmarking
4.1 Innovation & sustainability landscape
4.2 Competitive landscape, 2022
4.2.1 Strategic dashboard
Chapter 5 Market, By Product
5.1 Key product trends
5.2 Centrifugal
5.3 Reciprocating
5.4 Submerged
Chapter 6 Market, By Cryogens
6.1 Key cryogens trends
6.2 Nitrogen
6.3 Oxygen
6.4 Natural gas
6.5 Argon
6.6 Others
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
