Cryogenic Pumps Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Energy & Power
Report Code - OMR-EP-251
Format: PDF, PPT, and Excel
Cryogenic Pumps Market to Display Dominance with a Growth Rate of 5.3%, Factors such as Increasing Reliance on LNG as a Fuel to Extort Growth
A cryogenic vacuum pump condenses gases at exceedingly low temperatures on a surface. However, the boiling and freezing temperatures of the involved gases significantly impact the pump's efficacy. These compressors have multiple applications for cryogenic fluids, such as hydrogen, oxygen, nitrogen, argon, and liquid hydrocarbons, including the handling, transporting, and transferring these substances.
The COVID-19 pandemic affected the global cryogenic pump industry and associated opportunities due to the reduced availability of crude oil and deteriorating economic conditions. In addition, travel restrictions hampered the supply chain. In addition, the production of these cryogenic varieties decreased due to the global closure, exacerbating the negative impact of COVID-19 on the market for cryogenic pumps.
Key Takeaways of the Cryogenic Pumps Market
By Type
Due to technical advantages such as few moving parts, minimal maintenance costs, and prolonged life, centrifugal pumps are anticipated to maintain their dominant position through 2022. A centrifugal pump is rotated by an external motor or engine, transferring kinetic energy into a fluid motion.
By Cryogen
During the anticipated period, liquefied natural gas (LNG) will experience the highest growth rate. Cryogenic compressors are utilized in fuel gas systems, LNG or CNG stations, vehicle loading and trailer unloading, cargo transport, and bunkering.
By End User
Since these compressors are used exclusively in gas-to-liquid processes throughout the oil & gas industry, the oil & gas category claims the largest market share. This section contains compressors used in oil and gas operations that involve cryogenic liquefied natural gas.
By Region
The expansion of Asia-Pacific's industrial infrastructure is primarily responsible for the region's economic growth. The rising demand for LNG transportation and storage in energy-starved economies such as China, India, and others is boosting cryogenic compressor sales in Asia.
Increasing Demand for Transportation Worldwide to Account for Maximized Revenue
Liquefied natural gas is commonly viewed as a future fuel due to its minimal environmental impact and simplicity of delivery. The rapid expansion of pipeline infrastructures, favorable government regulations, and the escalating demand for LNG derived from natural gas are crucial factors driving the adoption of liquefied natural gas. These gases can be stored in liquid form during periods of low energy demand, then gasified and used during periods of high energy demand.
To support the expanding capabilities of the digital world, there is a growing electricity demand, which cannot be met by crude oil and coal alone. For the continued use of nonrenewable energy sources in future electricity generation, a suitable replacement must be identified expeditiously. Despite the transition toward renewable energy sources such as hydro and solar, liquefied natural gas remains a competitive fuel option due to its high potential and low switching costs.
Widening Applications Across Various End Use Industries to Fuel Sales
The rise in demand for cryogenic pumps in several end-use industries, such as power generation and healthcare, is anticipated to be one of the main factors driving the growth of the cryogenic pump market over the forecast period. The use of liquid gases in complex industrial processes has increased the demand for cryogenic compressors.
Increasing financial commitments in the renewable energy sector will necessitate cryogenic signal processing systems and sensors in wind tunnel apparatus. As cryogenic electronics become more prevalent in scientific investigations, superconducting magnet systems, low-temperature detection systems, and infrared array systems, the market for cryogenic pumps is anticipated to expand.
Global Cryogenic Pumps Market Prominent Players
• Sulzer (Switzerland)
• Nikkiso Co., Ltd (Japan)
• Cryostar (France)
• Ebara Corporation (Japan)
• The Weir Group PLC (Scotland)
• SHI Cryogenics Group (Japan)
• Flowserve Corporation (U.S.)
• INOXCVA (India)
• Phpk Technologies (U.S.)
• Vanzetti Engineering (Italy)
• Fives (France)
Report Scope for Cryogenic Pumps Market
Type
• Positive Displacement
• Centrifugal
Cryogen
• Nitrogen
• Oxygen
• Argon
• Liquified Natural Gas
• Others
Design
• Submersible
• Non-Submersible
End User
• Oil & Gas
• Metallurgy
• Power Generation
• Chemical
• Healthcare
• Others
Cryogenic Pumps Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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