Cryogenic Pump Market Overview - 2030
The global cryogenic pump market size was valued at $610.0 million in 2020, and is projected to reach $854.0 million by 2030, growing at a CAGR of 3.4% from 2020 to 2030. A cryogenic pump is an accumulating type vacuum pump.
The pump condenses and adsorbs gases on a cryogenic surface installed in pump to develop a condition from high vacuum to ultra-high vacuum. In addition, this pump can obtain clean vacuum, which is not contaminated by oil and has higher pumping speed compared to other vacuum pumps.
Moreover, cryogenic pumps are essential tools to power-up several processes involving pure and mixed industrial gases. Cryogenic pumps can be integrated into complex skid systems, which can be customized according to specific needs, including LNG marine, LNG automotive & industrial, and industrial gases. Cryogenic pumps are used in wide applications of semiconductors, liquid crystals, disks, eyeglass lenses, and extra-large space vacuum chamber.
Moreover, cryogenic pumps are used to circulate coolant in variety of applications, including cooling high temperature superconducting cables or magnets, for cooling synchrotron beamline crystals, and as pumps in prototype slush hydrogen applications.
Increase in demand for cryogenic pumps across multiple end-use industries, including power generation and healthcare is one of the prime factors that drives the growth of the global market. Moreover, complex industrial processes incorporate the use of liquid gases, thus fueling the demand for cryogenic pumps at a rapid pace. In addition, increase in demand for energy and power is expected to drive the overall demand for LNG, thus arrangements to handle its transportation boosts the cryogenic pump market growth. Furthermore, increase in usage of cryogenic pumps to extract the regenerated energy from exhaust gases of an engine and rise in demand for efficient transportation of medical gases are some other aspects expected to supplement the market growth during the forecast period. However, fluctuation in steel production hampers the growth of the market.
The global cryogenic pump market forecast is segmented on the basis of type, application, and end-use industry. According to type, it is classified into positive displacement pumps, kinetic pumps, and entrapment pumps. Depending on application, it is categorized into nitrogen, hydrogen, helium, LNG, and Others. As per end-use industry, it is fragmented into healthcare industry, energy & power generation industry, electricals & electronics industry, metallurgy industry, chemicals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in cryogenic pump industry are Atlas Copco AB, Ebara Corporation, Cryostar, Fives, Flowserve Corporation, Gemmecotti Srl, Nikkiso Co., Ltd., Ruhrpumpen, SHI Cryogenics Group, and Trillium Flow Technologies.
By Type
Kinetic Pumps is projected to create abundant $ opportunity till 2030
Global Cryogenic Pump Market, By Type
According to type, the kinetic pump segment dominated the global cryogenic pump market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to increase in demand for efficient transportation of gases across several end-use industries.
By Application
LNG segment is projected as the most lucrative segment.
Global Cryogenic Pump Market, By Application
As per application, the LNG segment dominated the global cryogenic pump market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to rise in R&D activities in oil & gas and increase in demand for LNG.
By End-user
Energy & Power Generation Industry is projected as the most lucrative segment.
Global Cryogenic Pump Market, By End-use Industry
By End-use Industry, the energy & power segment dominated the global cryogenic pump market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to increase in demand for electricity across the globe.
By Region
North America is projected to create abundant $ opportunity till 2030
Global Cryogenic Pump Market, By Region
Region wise, North America dominated the global cryogenic pump market in 2020, and is projected to remain fastest-growing segment during the forecast period. This is attributed to numerous factors, including large proved reserves and onshore area.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the global cryogenic pump market trends along with the current and future market forecast.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global cryopump market for strategy building.
- A comprehensive global cryogenic pump market analysis covers factors that drive and restrain the market growth.
- The qualitative data in this report aims on market dynamics, trends, and developments.
Impact Of Covid-19 On The Global Cryogenic Pump Market
- The COVID-19 pandemic curtailed the movement of people, goods, and services across the globe, including most of the regions in which production of cryogenic pump is on large scale. As part of intensifying efforts to limit the spread of COVID-19, a number of local, state, and national governments imposed various restrictions on the conduct of business and travel, including stay-at-home orders and quarantines that led to significant number of business slowdowns and closures. The COVID-19 pandemic negatively impacted the market and is expected to continue to result in a substantial curtailment of business activities, including decrease in demand for variety of goods & services, weakened economic conditions, supply chain disruptions, significant economic uncertainty & volatility in the financial & commodity markets, including the reduction in global demand for oil & gas along with excessive supply of crude oil , due to disagreements between Organization of the Petroleum Exporting Countries(OPEC), both in the U.S. and abroad. Furthermore, aforementioned activities led to decrease the demand of cryogenic pump and negatively impacted the whole market.
- Manufacturing of cryogenic pump stopped for a specific period, due to high peak of COVID-19, which highly impacted the sales of cryogenic pump.
- Sales of cryogenic pump are directly proportional to demand for oil & gas. COVID-19 outbreak negatively impacted oil & gas segment amid the lockdown imposed and recorded a huge decline in crude oil prices in 2020, due to the resumed overflow production, However, the continued upstream activities did not impact the demand for cryogenic pump.
- COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation, due to less workforce. Furthermore, there is a sluggish decline in the global cryogenic pump market due to impact of COVID-19.
- Furthermore, import & export activities were significantly impacted, which, in turn, adversely affected the industries using cryogenic pump, thereby affecting the global cryogenic pump market share.
- According to the (United Nations Industrial Development Organization(UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries, including electrical and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in cryogenic pump. This is expected to hamper the growth of the market during the forecast period.
Cryogenic Pump Market Report Highlights
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Analyst Review
A cryogenic pump, also known as cryopump, is a vacuum pump that traps vapors and gases by condensing them on a cold surface.. Cryogenic high vacuum pumps provide clean and high speed pumping of all gases. The main function of cryopump is condensation and adsorption of gases & vapors on surfaces held at very low temperatures. Most cryopumps employ sets of surfaces held at two specific temperature ranges by a reciprocating mechanical refrigerator using helium gas as a refrigerant.
According to the perspectives of CXOs of the leading companies, surge in demand for industrial and dry gases, especially from power generation and steel production industries, boosts the growth of the market. Moreover, increase in demand for liquified natural gas from developing countries, including China and India, due to rapid urbanization and rise in demand for low combustion fossil fuel for automobiles, and surge in demand for electricity drives the market growth.
Furthermore, the CXOs are optimistic about adoption of cryogenic pumps in medical and healthcare facilities, due to increase in demand for transportation of natural gases. As per the CXOs, Asia-Pacific occupies more than 38% of global cryogenic pumps market; however, the cryogenic pumps market in LAMEA is expected to grow at a rapid rate in the future.
Agreement, business expansion and product launch are the key growth strategy of global Cryogenic pump market players.
North America will provide more business opportunities for global Cryogenic pump in future
To get latest version of Cryogenic pump market report can be obtained on demand from the website.
Kinetic pump segment holds the maximum share of the global Cryogenic pump market
Oil & gas, healthcare, power generation and other such heavy industries using gas or related products are the major customers of global Cryogenic pump market.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Atlas Copco AB, Ebara Corporation, Cryostar, Fives, Flowserve Corporation, Gemmecotti Srl, Nikkiso Co., Ltd., Ruhrpumpen, SHI Cryogenics Group and Trillium Flow Technologies are the leading market players active in the Cryogenic pump market.
Expansion of gas-based power generation, soaring demand of liquified and compressed gas in automotive industry and are the major driving factor for the market. In addition, rising demand of gases in healthcare industry may create lucrative opportunities for the market.
Rapid increase in industrialization and increase in demand of oil & gas and continuous increase in demand of chemicals and petrochemicals are expected to drive the adoption of Cryogenic pump.
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