Cryogenic Pump Market

Cryogenic Pump Market Size Analysis

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.

Market Dynamic

GROWING INDUSTRIAL SECTOR AND FDI INVESTMENT WILL BOOST THE MARKET

Growing investments from the industrial sector, such as metallurgy, healthcare, food & beverage, and electronics in developing economies, are expected to accelerate the demand. The transportation, storage, and regasification applications of cryogenic gases Such as nitrogen, argon, oxygen, and LNG hold a strong potential for the market’s growth.

RISE IN RAW MATERIAL COSTS HAMPER THE MARKET GROWTH

A cryogenic pump has parts like a drive shaft, an outer pressure containment tube, and an intermediate static support tube of stainless steel. However, the need for improvement in the productivity of the pump is increased by modifying and replacing the material of the components with glass/epoxy composite. The fluctuation in steel prices owing to stringent regulations for greenhouse gas emissions has reduced steel production, increasing the pump’s production cost. Cryogenic liquids or refrigerants are expensive, that usually, only high-speed pump systems can be justified economically, which are costlier. This economic factor is considered to be adversely affecting the market growth rate.

GROWING DEMAND FOR OXYGEN IN THE PHARMACEUTICAL INDUSTRY CREATES AN APPLE OF OPPORTUNITY FOR MARKET

New and innovative technology has propelled the demand for oxygen cylinders. The rising cases in the global COVID-19 pandemic have increased the demand for oxygen cylinders. Oxygen production has grown manifold to support this rush, leading to a growing need for pumps for cryogen-type oxygen. The second wave of the COVID-19 pandemic is seeing a greater demand for oxygen cylinders and is expected to grow the market for these types of pumps worldwide.

Market 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
• Others

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
• Marine
• Chemicals
• 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)

Segment-Wise Analysis

Why are Centrifugal Cryogenic Pumps projected to ensure the most revenue during the forecast period?

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. The centrifugal pump can only operate with a two-phase (gas-liquid) fluid during pump priming.

Why does nitrogen liquification hold the largest market share during the forecast period?

Major factors driving growth include the rising end-user industries, the increasing applications of gases in various industries, plus a high potential for international trade. The segment based on liquefied natural gas accounts for more than 90% of the total nitrogen market share. It will continue to be the largest contributor due to its high demand from industries like refractory, welding, and the energy sector.

Why is the Metallurgy and Marine segment expected to expand the fastest during the forecast period?

In 2021, cryogenic gases such as nitrogen and other gases are used in huge quantities during metals 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. The marine industry is primarily used for the transportation & storage of cryogenic liquid from one location to another. Hence, the growing LNG demand from various regional parts brings the demand for cryogenic liquid storage tanks & vessels in the industry.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• 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. High-quality energy resources are sourced from the US, Canada, and Mexico. The region’s need for sustainable energy resources is high, and this drives market growth.
• The Asia Pacific is one of the fastest-growing regions in the world. The demand for these types of pumps is rising from gas-based power plants owing to depleting energy resources and stringent regulations for emissions. Furthermore, the growing awareness and increasing government policies to develop clean power generation from the gas-based power plant and the increasing investment.

Competition Analysis

The major research activities in this market include trial and testing of the pumps, formulation of new products, and development of new designs. Among the present companies, very few have developed viable products for all segments. The market is fragmented and has seen several recent technological advancements to keep pace with the top-performing manufacturers. Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide.

Some of the key developments that have taken place in the Cryogenic Pump Market include:

• In April 2021, To improve the effectiveness and capacity of manufacturing cryogenic submerged electric motor pumps, particularly for the LNG industry, Nikkiso Co., Ltd. announced the construction of a new facility next to their core production test site. Additionally, it is anticipated that this facility will make customer remote witness testing easier.
• In January 2022, Cryostar, an expert in cryogenic solutions, reported receiving NeoVP vertical pumps for the Chinese market. Air separation units will have these pumps installed. NeoVP vertical pumps provide hydraulic efficiency that lowers the unit’s carbon footprint and energy expenses. They are also designed for simple installation and maintenance.

A list of some of the key suppliers present in the market 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

Report Coverage and Highlights

• 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.