Pune, India, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The global cryogenic pump market size is anticipated to showcase considerable growth by reaching USD 5.57 billion by 2028 while exhibiting a CAGR of 7.8% during the 2021-2028 period. This information is published by Fortune Business Insights™ in its report, titled, “Cryogenic Pump Market, 2021-2028.” The report further mentions that the market stood at USD 3.11 billionin 2020. The extraordinaryexpansion in the assessment and creation of natural gas globally has resulted inthe high demand for liquefied natural gas. Moreover, the pumps assist in transporting the gas to liquid constituents at low temperatures and great pressures. This is expected to boost the market growth during the forecast period.
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List of Key Players Covered in thisMarket:
- Nikkiso Co., Ltd (Japan)
- SHI Cryogenics Group (Japan)
- Ebara Corporation (Japan)
- The Weir Group PLC (Scotland)
- Fives (France)
- Sulzer (Switzerland)
- Flowserve Corporation (United States)
- Brooks Automation (United States)
- INOXCVA (India)
- Cryostar (France)
- Phpk Technologies (United States)
- Ruhrpumpen Global (Mexico)
- SEFCO AG (Switzerland)
- Sehwa Tech, Inc. (South Korea)
- Vanzetti Engineering (Italy)
Report Scope & Segmentation –
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.8 % |
| 2028 Value Projection | USD 5.57 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 3.11 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 140 |
| Segments covered | Type; Cryogen Type; End-User; Regional |
| Growth Drivers | Growing Investment from Industrial Sector to Aid Market Dynamics. Increasing Demand for Oxygen in Medical Sector in the wake of COVID-19 to Drive the Demand. |
| Pitfalls & Challenges | Increase in Raw Material Prices to Restrain Market Growth |
Disrupted Supply Chain amid COVID-19 Led to Excess Supply and Lower Demand for LNG
The worldwide health emergencycaused by the unexpected spread of the novel coronavirus or COVID-19 pandemic has hurtmajor sectors. Industries have sufferedsubstantial losses in terms of revenue and in functioning time due to the infliction of stringentnorms such as regional lockdowns to curb the spread of the COVID-19 virus. Similarly, the virus outbreak has reformed the demand for the product. Seeing that the market is chieflyreliant on the natural gas industry, the largestfailuretackled by the oil and gas industry in a long time has also affected the capitalization in such pumps. The surplus supply and declined demand for natural gas hascompelledimportant gas companies to momentarilydecrease production, which eventuallyresultedininstability in natural gas prices. This has straightawayobstructed the work in the gas industry, which involvesthe utilization of these types of pumps.
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Report Coverage
The report offers a detailedevaluation of the market segments and a thorough analysis of the global market. A thoughtfulassessment of the ongoing market trends and the forthcoming opportunities is published in the report. It further states an exhaustive analysis of the regional insights and how it figures the market growth. The COVID-19 impacts have been recently added to the report to aidstakeholders and corporate owners recognize the risks early anderadicate them. It alsofocuses on the key players and reveals their vital strategies to dominate in the leading position.
Segmentation
On the basis of type, the market is classified into positive displacement pumps and centrifugal pumps. By end-user, the market is segregated into the oil & gas, metallurgy, power generation, chemical &petrochemical, marine, and other segments. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
On the basis of cryogen type, the market is categorized into nitrogen, oxygen, argon, liquefied natural gas, and others. Presently, the maximum share of the cryogenic pumps is invested in the liquefied natural gas sector due to the enormousutilization of the liquefied natural gas in numerous end-user applications.
Drivers and Restraints
Rising Investment from Manufacturing Sector to Support Cryogenic Pump Market Growth
Surging investments from various industrial sectors such as healthcare, metallurgy, food & beverage, and electronics, among others in the emerging economies,shall likelyboost the demand for these pumps. The transport, loading, and regasification uses of cryogenic gases such as argon, nitrogen, oxygen, and LNG, embrace a robustpotential for developing the market. As per thereport by World Investment of the year 2020, issued by United Nations journals, Asia owns the major share for FDI influx, reducing 4.95% to USD 473.8 billion in 2019.
Furthermore, China is the biggestemerging economy,worth USD 141 billion, FDI asset in Asia. Moreover, Africa owns 3% of FDI speculation worth USD 45 billion. Henceforth, growing investment from the industrial sector arisesfromarranging cryogenic pumps in various end-use industries, propelling the market growth during the projected period.
Regional Insights
Asia Pacific to Ace Market Backed by Budding Investment from Industrial Sectors
Asia Pacific dominates the cryogenic pump market sharedue to rising energy demand from gas-based power plants due to thedraining energy resources and rigorousnorms for releases. Increasingconsciousness for evolving clean power generation from the power plants based on gas and budding investment from industries such as metallurgy, healthcare, food & beverage, and steel industries also enhance the demand for the market. The region stood at USD 1.14 billion in 2020.
North America holds the second-highest positiondue to the growing investment in the oil & gas industry. Therising industrial substructuredrives the demand for the market.
In Europe, the surgingattention for developing a clean energy source, which leads to high demand for LNG and a reduction in the number of refillingloads at European import stations, steers the demand for the market.
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Competitive Landscape
Key Companies Expand Business to Broaden their Market Reach
Key players believe in extending their business after a certain period to avoid stagnant behavior. They apply various strategies to bolster their position in the market. For instance,in April 2021, Nikkiso Co., Ltd. made a crucial announcement of introducing a new center, neighboring their main production examination site, of upsurging the proficiency and abilityto manufacture their cryogenic immersed electric motor pumps,particularly for the LNG market. This facility is also projected to simplify customer remote-site spectatoranalysis.
Industry Development
October 2020: The Weir Group PLC announced its planned sale of the Oil & Gas division to Caterpillar Inc. On February 1, 2021, the sale was accomplished for a marketworth USD 405 million.
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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
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Cryogenic Pump Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 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
- Liquified 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
- North America Cryogenic PumpMarket Analysis (USD Billion), Insights and Forecast, 2017-2028
- 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
- Liquified 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 Country
- U.S.
- Canada
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