Growing Demand from Energy and Power, Healthcare Industries to Drive Cryogenic Pump Market
The global cryogenic pump market is expected to exhibit a solid 4.02% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). The global cryogenic pump market is assessed in great detail in the report, which provides a detailed insight into the historical movement of the market in order to make studied projections about the market’s future. The leading drivers and restraints affecting the global cryogenic pump market are profiled in the report in order to give readers a clear picture of what is making the market tick. The leading players in the global cryogenic pump market are also profiled in the report in order to give readers a clear overview of the market’s competitive landscape. Moreover, the impact of the global COVID-19 pandemic on the global cryogenic pump market is also assessed in the report.
Cryogenic pumps are vacuum pumps that capture and store gases by condensing them on a low-temperature surface. Due to this, cryogenic pumps have widespread application in the handling and transportation of various cryogenic fluids, including gases such as argon, nitrogen, oxygen, and hydrogen, as well as liquefied hydrocarbons. The growing demand for liquid gases in various end use sectors is likely to be the major driver for the global cryogenic pump market over the forecast period. The range of end use industries using cryogenic pumps is the major driver for the global cryogenic pump market, as cryogenic pumps are widely used in numerous end use industries, such as medical and healthcare, energy and power, and metallurgy. The growing demand for liquefied gasses in the medical and healthcare industry is likely to be a major driver for the global cryogenic pump market. Liquefied gasses are used in various types of diagnostic devices in the healthcare industry for cooling and other purposes. This has driven the demand from the cryogenic pump market.
The energy and power industry is also likely to be a major end user of cryogenic pumps over the forecast period, due to the growing demand for liquefied natural gas (LNG). LNG-based power generation is one of the most common types of energy generation mechanisms used around the world, leading to a growing demand for LNG.
Segmentation:
The global cryogenic pump market is segmented on the basis of type, gas, end use, and region.
By type, the global cryogenic pump market is segmented into centrifugal and positive displacement. Positive displacement cryogenic pumps dominate the global cryogenic pump market and are likely to dominate the global market over the forecast period. Positive displacement pumps provide constant flow at various viscosities and pressures. This is the major driver for the positive displacement pumps segment of the global cryogenic pump market.
By gas, the global cryogenic pump market is segmented into nitrogen, oxygen, argon, LNG, and others.
By end use, the global cryogenic pump market analysis is segmented into energy and power, chemicals, metallurgy, electronics, and others. The energy and power segment is expected to exhibit the fastest growth over the forecast period due to the growing demand for LNG in the industry.
Competitive Leaderboard:
Leaidng players in the global cryogenic pump market include Technex Ltd., Ruhrpumpen Inc., PHPK Technologies Inc., Nikkiso Cryo Inc., Cryostar SAS, Cryoquip Australia, Brooks Automation, Fives SA, Sumitomo Heavy Industries, Flowserve Corporation, and Ebara Corporation.
Regional Analysis:
Asia Pacific is expected to exhibit the highest growth rate in the global cryogenic pump market over the forecast period due to the growing energy and power and healthcare industries in the region. The growing demand for power from urban consumers has led to steady growth of the energy and power industry in the region in recent years. This is likely to lead to a growing demand for LNG in the region, leading to a growing demand from the cryogenic pump market. The growing healthcare sector in Asia Pacific countries such as Japan, China, South Korea, and India is also likely to be a major driver for the cryogenic pump market in the region over the forecast period.
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