New York, United States , July 16, 2024 (GLOBE NEWSWIRE) -- The Global Cryogenic Pump Market Size is to Grow from USD 3.82 Billion in 2023 to USD 10.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.67% during the projected period.
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Cryogenic pumps are vacuum pumps that accumulate vacuum. On a cryogenic surface that is installed inside the pump, the pump condenses and absorbs gases to create a scenario from high vacuum to ultra-high vacuum. In addition, this vacuum pump can generate a cleaner, oil-free vacuum and runs at a higher pumping speed than other vacuum pumps. Low at -1200 C is the operating temperature at which cryogenic pumps produce, maintain, and operate. Devices can also be used for refrigeration. Cryogenic pumps are widely used in semiconductor manufacturing and testing. Cryogenic pumps contribute to increased electronics reliability by decreasing operating power and enhancing electrical and thermal conductivity. The primary driver of the global cryogenic pump market's expansion is the improvement in gas-based power-generating efficiency, which uses less gas to produce the same amount of power while lowering greenhouse gas emissions. International government initiatives also faster the growth of the cryogenic pump sector and promote the generation of gas-based energy while taking the environment into account. The market for cryogenic pumps is going to grow due to the increasing usage of LNG (liquefied natural gas). However, stainless steel and other premium raw materials are required in the production of cryogenic pumps. Major cryogenic pump manufacturers are under active pricing competition due to the rising cost of raw materials.
Browse key industry insights spread across 230 pages with 120 Market data tables and figures & charts from the report on the "Global Cryogenic Pump Market Size, Share, and COVID-19 Impact Analysis, By Type (Positive Displacement Pump and Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Other), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The centrifugal pump segment is anticipated to hold the greatest share of the global cryogenic pump market during the projected timeframe.
On the basis of type, the global cryogenic pump market is divided into positive displacement and centrifugal pumps. Among these, the centrifugal pump segment is anticipated to hold the greatest share of the global cryogenic pump market during the projected timeframe. A centrifugal pump transports fluid by converting the rotational energy from an external motor or engine into fluid-moving energy. Pump priming can only be done with centrifugal pumps operating on a two-phase (gas-liquid) fluid.
The nitrogen segment is anticipated to grow at the fastest pace in the global cryogenic pump market during the projected timeframe.
On the basis of cryogen type, the global cryogenic pump market is divided into nitrogen, oxygen, argon, liquefied natural gas, and others. Among these, the nitrogen segment is anticipated to grow at the fastest pace in the global cryogenic pump market during the projected timeframe. These gases are used in many different industries, such as polymers, food and beverage, and others, where nitrogen is becoming more and more necessary. Nitrogen is also used to make liquefied natural gas.
The oil & gas segment is predicted to hold the greatest share of the global cryogenic pump market during the estimated period.
On the basis of end-users, the global cryogenic pump market is divided into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and other. Among these, the oil & gas segment is predicted to hold the greatest share of the global cryogenic pump market during the estimated period. The oil and gas category, which includes pumps for cryogenic liquefied natural gas-related oil and gas activities, holds the largest market share because these pumps are used most frequently in gas-to-liquid operations within the oil and gas industry.
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Asia Pacific is expected to hold the largest share of the global cryogenic pump market over the forecast period.
Asia Pacific is expected to hold the largest share of the global cryogenic pump market over the forecast period. The primary driver propelling the cryogenic pump market in the Asia Pacific region is the growth of the energy electricity and metallurgy sectors in China and India. The Asia Pacific because of the increase in demand in several end-user industries, such as metallurgy and chemicals. The region's rapid growth can be attributed to the growing focus on renewable energy sources and the region's increasing energy needs.
North America is predicted to grow at the fastest pace in the global cryogenic pump market during the projected timeframe. Growing industrial infrastructure and increased investment in the oil and gas industry will be the main drivers of the market. Considering that the region's need for LNG-based power plants is driven by the depletion of coal resources, the US and Canada also constitute a potential market for LNG exports.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global cryogenic pump market include Linde PLC, Chart Industries, Nikkiso, Vanzetti Engineering, Sumitomo Heavy Industries, Ltd., EBARA CORPORATION, SHI Cryogenics Group, Ebara Corporation, The Weir Group PLC, Sulzer, Atlas Copco, Flowserve Corporation, INOXCVA, Cryostar, and others.
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Recent Developments
- In January 2024, To generate thermal electricity, Nikkiso announced that a liquid ammonia pump would be launched in 2026. The purpose of the pump is to gradually convert fuel for coal-fired power generation to minimize CO2 emissions and guarantee a steady supply of electricity.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cryogenic pump market based on the below-mentioned segments:
Global Cryogenic Pump Market, By Type
- Positive Displacement Pump
- Centrifugal Pumps
Global Cryogenic Pump Market, By Cryogen Type
- Nitrogen
- Oxygen
- Argon
- Liquefied Natural Gas
- Others
Global Cryogenic Pump Market, By End User
- Oil & Gas
- Metallurgy
- Power Generation
- Chemical & Petrochemicals
- Marine
- Others
Global Cryogenic Pump Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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