Cryogenic Pump Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Cryogenic Pump Market grew at a CAGR of 5.6% between 2017-2021 and is estimated to be US$ 1,543.9 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.8% and is expected to reach a valuation of US$ 3,272.0 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to rising demand for LNG sectors, which offer fuel for homes and businesses, and power generation, which is one of the main contributing factors. In addition, the need for medicinal gases in healthcare institutions is rising, as is the production of electricity from renewable sources.
ChemView Consulting has analyzed That cryogenic pumps are a type of vacuum pump that exploits the use of cold temperatures to force liquids and gases to flow or to be compressed. Cryogenic pumps find a wide range of applications in the handling and transferring of cryogenic fluids such as oxygen, hydrogen, argon, nitrogen, and other liquefied hydrocarbons.
Because the use of cryogenic pumps is becoming important & inevitable, moreover increase in demand for liquid gases at a rapid pace across several end-user industries accelerates the market growth.
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Segments Covered in Report
By Pump Functionality:
- Centrifugal Cryogenic Pumps
- Positive Displacement Cryogenic Pumps
- Cryogenic Pump Market by Type:
- Bath Cryopumps
- Refrigerator Cooled Cryopumps
- Supercritical Helium Cooled Cryopumps
By Application Gas:
- Nitrogen-based Cryogenic Pump
- Oxygen-based Cryogenic Pump
- LNG-based Cryogenic Pump
- Argon-based Cryogenic Pump
- Other Gases-based Cryogenic Pump
By End Use Industry:
- Energy & Power
- Metallurgy and Mining
- Other End-Use Industries
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Cryogenic Pump Market
- Based on the Pump Functionality, At 45.0% of the market, Centrifugal Cryogenic Pumps had the greatest revenue share. Centrifugal pumps hold the maximum percentage due to technical advantages such as few moving parts, low maintenance costs, and longer life. A centrifugal pump transports fluid by converting rotational energy driven by an external motor or engine into power that moves the fluid.
- Based on the End Use Industry, cryogenic gases such as nitrogen and other gases are used in huge quantities during metal manufacturing in the metallurgy industry. Nitrogen is considered the most consumed cryogenic gas in the industry as this gas is used as high-pressure gas for laser cutting steel and metals.
- Based on Region, In 2021, the North American market held a sizeable revenue share of 38.4%. North America is one of the largest growing markets for cryogenic pumps. North America contributes roughly 15.0% to global cryogenic pump demand due to improved industrial infrastructure, increasing oil & gas investments, and growing energy consumption.
Key companies covered in the market study are 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.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
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