Farmington, March 01, 2023 (GLOBE NEWSWIRE) -- The Global Cryogenic Pump Market Size Was USD 3.41 Billion In 2021. The Market Is Projected To Grow From USD 3.62 Billion In 2022 To USD 6.64 Billion In 2030, at a CAGR of 9.06% During The Forecast Period. The impact of COVID-19 on the globe has been shocking and unprecedented. For instance, compared to levels prior to the pandemic, demand for cryogenic pumps is lower than anticipated in every area. According to our study, the global market shrank by 3.9% in 2020 compared to 2019.
In order to create, manage, and function in temps as low as -1200 C, cryogenic pumps are used. They can also be used to maintain temperature. The rising demand for LNG, which is used to produce electricity and fuel for homes and companies, is one of the major factors. In addition, there is a rising demand for renewable energy-based electricity as well as medical gases for use in clinics.
Request Sample Copy of Report “Cryogenic Pump Market Size, Share & Trends Estimation Report By Type (Positive Displacement Pump, Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- January 2022 – Cryostar, specialist in cryogenic solutions, announces the receipt of NeoVP vertical pumps for the Chinese market. This pump is installed in an air separation unit. NeoVP vertical pumps are designed to be easy to install and maintain, and are also hydraulically efficient, reducing the unit's carbon footprint and energy costs.
- April 2021 - Nikkiso Co., Ltd. announced a new facility adjacent to its primary production test site to increase production efficiency and functionality of cryogenic submersible electric motor pumps specifically for the LNG market. The facility is also expected to facilitate customers' remote site witness testing.
Segment Overview
Type Insights
Because they have fewer moving components, require less maintenance, and have a longer lifespan, centrifugal pumps currently hold the largest market share. By converting the rotational energy from an external motor or engine into the energy required to move the fluid, centrifugal pumps transport liquid. The only fluid that the centrifugal pump can operate with during pump starting is one that has both a gas phase and a liquid phase. They perform the same amount of work as a positive displacement pump and are simple to build. Its head is low and it has a big volume. It can be made to suit the requirements out of a variety of materials, including plastic, cast iron, and stainless steel. Centrifugal pumps are increasingly used in the oil and gas industry, the food and beverage industry, the steel industry, and the metal and mining industries as a result of these advantages.
Cryogen Type Insights
Due to its extensive use in numerous end-user applications, liquefied natural gas currently accounts for the majority of the industry.
However, the argon market is expected to expand because more argon is required for energy in sectors like welding and refractories.
Because it is used in so many different sectors, including plastics, food and beverage, and others, nitrogen is also in high demand. Additionally, LNG is created using nitrogen.
The other cryogen-type segments should experience rapid growth given the rise in gas-to-liquid initiatives around the globe.
End-User Insights
Because these pumps are used in every gas-to-liquid process in the oil and gas industry, the oil and gas segment, which includes pumps for oil and gas activities that use cryogenic liquefied natural gas, holds the biggest share of the market.
When producing metals, the metalworking industry uses a lot of cryogenic gases, including nitrogen and other gases. Because it can be used as a high-pressure gas to use lasers to cut steel and other metals, nitrogen is the most commonly used cryogenic gas in the corporate world.
Regional Outlook:
The majority of the global industry is in the Asia-Pacific region. These pumps are necessary for gas-powered power plants because they must adhere to stringent emission regulations and because their energy sources are depleting. Additionally, the need for clean energy production from gas-based power plants is becoming more widely recognized, and the government is working harder to make this happen. Steel, food and beverage, and healthcare businesses are all increasing their investments, which will aid in the expansion of the area.
Additionally, a sizable portion of the global market for cryogenic compressors is in North America. More investment in the oil and gas business as well as expansion in the industrial infrastructure sector will fuel demand. In addition, shipments of LNG from the region may go to the United States and Canada. More LNG-based power facilities are required as coal resources become depleted, which increases market demand.
The market is required because Europe is putting more emphasis on creating a clean energy supply. As a result, there is a greater demand for LNG and fewer reloading cargoes at European import ports.
Due to new investment strategies and technological advancements, as well as the fact that governments and businesses are investing in the construction, development, and modernization of LNG regasification and LNG production facilities, Latin America's LNG consumption may increase.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 9.06% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 6.64 Billion |
| By Cryogen Type | Positive Displacement Pump, Centrifugal Pump, Others |
| By Application | Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Others |
| By End-User | Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others |
| By Companies | Nikkiso Co., Ltd (Japan), SHI Cryogenics Group (Japan), Ebara Corporation (Japan), The Weir Group PLC (Scotland), Fives (France), Sulzer (Switzerland), Flowserve Corporation (U.S.), INOXCVA (India), Cryostar (France), Phpk Technologies (U.S.), Vanzetti Engineering (Italy) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
The increase in demand for liquefied natural gas will accelerate market development.
Because it is secure and convenient to transport, liquefied natural gas is regarded as a resource for the future. Liquefied natural gas is gaining popularity due to the quick construction of pipes, favorable government regulations, and rising demand for LNG produced from natural gas. These gases can be kept in liquid form for times when energy consumption is low. Liquid natural gas can be converted into gas and used when there is a strong demand for energy. The market for liquefied natural gas is being driven even further by recent increases in output.
Driving Factors:
The market will advance better with more industrial sector investment.
The demand is anticipated to increase as a result of rising investments in sectors like electronics, healthcare, food and beverage, and metallurgy in developing countries. Nitrogen, argon, oxygen, and LNG are examples of cryogenic gases that can be transported, stored, and re-gasified. The industry has a lot of room for expansion with these uses. According to the United Nations' World Investment Report 2020, Asia receives the most foreign direct investment (FDI), which will decline by 4.95% to USD 473.8 billion in 2019.
Restraining Factors:
Increased raw material costs will stifle market expansion.
Stainless steel is used to construct the drive shaft, outer pressure containment tube, and middle static support tube of the cryogenic pump. However, substituting the component materials with a glass/epoxy composite makes it more crucial to increase the pump's effectiveness. Due to stringent regulations regarding greenhouse gas emissions, steel costs have fluctuated, which has reduced the amount of steel produced and raised the cost of producing the pump.
Key Segments Covered:
Top Market Players:
Nikkiso Co., Ltd (Japan), SHI Cryogenics Group (Japan), Ebara Corporation (Japan), The Weir Group PLC (Scotland), Fives (France), Sulzer (Switzerland), Flowserve Corporation (U.S.), INOXCVA (India), Cryostar (France), Phpk Technologies (U.S.), Vanzetti Engineering (Italy), and others.
By Chemical Type
- Positive Displacement Pump
- Centrifugal Pump
- Others
By Cryogen Type
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas
- Others
By End-User
- Oil & Gas
- Metallurgy
- Power Generation
- Chemical & Petrochemical
- Marine
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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