The global cryogenic pump market is projected to reach a valuation of US$ 1,979.6 Mn in 2032, with sales growing at a healthy CAGR of 6.7% over the forecast period of 2022 to 2032. Rising from an average growth rate of 4.6% from 2016 to 2021, the cryogenic pump market is likely to reach an estimated US$ 1,035 Mn by the end of 2022. Elevated emphasis on solar power generation and focus on the development of solar PV manufacturing have resulted in the market expansion of cryogenic pumps over the forecast period.
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A vacuum pump that captures gases via condensation on a much cooled surface at a very low temperature of around 120K is categorized as a cryogenic pump. These pumps are used on a large scale for the transportation, handling, and transfer of cryogenic fluids and liquefied hydrocarbons. The market for cryogenic pumps looks at multiple lucrative opportunities as there is a notable swell in the demand for the product from various end-use industry verticals such as power generation, healthcare, and many others. With many industries operating complex procedures involving liquid gases adopting cryogenic pumps, the future prospects of the product look bright during the assessment period.
In the oil industry, oil and gas refining and other downstream processes include the consumption of industrial gases such as hydrogen, carbon dioxide, nitrogen, oxygen, and others for chemical synthesis. Nitrogen and carbon dioxide are further utilized as injection fluids for enhanced oil recovery (EOR) as well as in oil field processes for gas cycling, gas lift, and reservoir pressure maintenance. Thus, the oil and gas industry is a prime consumer of cryogenic pumps and is likely to boost the market possibilities for the product over the projected period.
Though the future looks bright for the cryogenic pump market, there are certain factors that may restrain its upward climb. The efficiency of these pumps is largely dependent on the boiling and freezing temperatures of the gases involved. This factor coupled with leakages and loss of cryogens are elements that may hinder the market growth of the cryogenic pumps over the forecast period.
“Rising demand for energy and power is driving the demand for liquified natural gas (LNG) which in turn fuels the demand for its efficient handling and transportation. This will stimulate the market prospects for cryogenic pump over the forecast period,” says an FMI analyst.
- Large-scale application of cryogenic electronics to facilitate market growth.
- High cost of raw materials may hinder the production of cryogenic pumps.
- In 2022, the cryogenic pump market in North America will hold around 35.7% of the overall market share.
- Europe is predicted to generate several profitable opportunities for the market.
- Asia Pacific cryogenic pump market is set to account for 15.5% of the total market share.
ACD Cryo AG, Cryostar SAS, Sumitomo Heavy Industries Ltd., Flowserve Corporation, Brooks Automation Inc., Ebara Corporation, Nikkiso Cryo Ltd., PHPK Technologies Inc., Fives S.A., Cryoquip Australia and others are some of the major players in the cryogenic pump market that are profiled in the full version of the report.
In a highly competitive market, major players are concentrating on product development and new releases. These organizations are also engaged in strategies like facility expansions, partnerships and collaborations to enhance their market presence.
More Insights into the Cryogenic Pump Market Report
In its latest report, FMI offers an unbiased analysis of the global cryogenic pump market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on pump functionality (centrifugal cryogenic pumps, positive displacement cryogenic pumps), type (bath cryopumps, refrigerator cooled cryopumps, supercritical helium cooled cryopumps, others), application gas (nitrogen-based cryogenic pump, oxygen-based cryogenic pump, LNG-based cryogenic pump, argon-based cryogenic pump, other gases-based cryogenic pumps), end-use (energy and power, metallurgy and mining, chemicals, others), and region.
According to the latest FMI reports, based on region, the cryogenic pump market in North America is anticipated to exhibit impressive growth over the forecast period. Accounting for more than 35.7% of the global market share, this regional market is driven by the expanding industrial infrastructure and the growing investments in the oil and gas sector.
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