Cryogenic Pump Market Size [2022-2029] Worth USD 6.64 Billion | Industry Trends, Share, Growth and Revenue Forecast Analysis
Fortune Business Insights
5 min read
Fortune Business Insights
Rising Demand from Manufacturing, Pharmaceutical, Automobile and Power Generation to boost the Growth of Global Cryogenic Pump Market
Pune, India, May 11, 2022 (GLOBE NEWSWIRE) -- The cryogenic pump market size was USD 3.41 billion in 2021. The market is projected to grow from USD 3.62 billion in 2022 to USD 6.64 billion in 2029 at a CAGR of 9.06% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Cryogenic Pump Market, 2022-2029.”
Factors such as the ability to operate and withstand negative temperatures and rising demand from LNG sectors will boost the growth of the market during the forecast period. Additionally, increasing demand from the automobile, pharmaceutical, power generation, and manufacturing sectors will increase the footprint of the market.
Growing Investment from Industrial Sector to Aid Market Dynamics
Increasing Demand for Oxygen in Medical Sector during COVID-19 to Drive Market Demand
Drivers & Restraints
Rising Investments & Increasing Demand for Oxygen in Medical Sector to Augment Growth
Factors such as rising investments from the industrial sector such as metallurgy, healthcare, food & beverage, and electronics and increasing FDI investments from emerging economies will boost the cryogenic pump market growth during the forecast period. Additionally, the rising demand for oxygen from healthcare sectors amid the ongoing pandemic will drastically increase the footprint of the market. Also, the rising demand for liquified natural gas will fuel the growth of the market.
However, an increase in raw material prices is expected to hinder the growth of the market during the forecast period.
COVID-19 Impact
Restrictions on Natural Gas Supply and Downgrading Sales Impact Market Negatively During Pandemic
The global pandemic affected every sector globally and the sector of the cryogenic pump were limited in its growth potential. Various lockdowns imposed by world governments and restrictions on the movement of the general population have forced manufacturers to adopt a new method of operation. As the sector is heavily dependent on the natural gas industry, a heavy part of the demand was subdued due to the drastic collapse and flattened investments. This industry further trailed on providing excess supply towards a less demanding vacuum.
Based on type, the market can be divided into positive displacement pumps and centrifugal pumps.
By cryogen type, the market can be broken down into nitrogen, oxygen, argon, liquefied natural gas, and others.
With respect to end-user, the market can be segmented across oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and others.
In terms of geography, the market can be categorized into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
Report Coverage
The market report for cryogenic pump contains various highlights into the market by providing key insights to equip our users with a better understanding of the market. The report contains an analytical view of the market in terms of the ongoing technological advancements in the sector and the latest industry trends. Additionally, factors that are expected to impact the market in a noteworthy manner are also noted in the report.
Regional Insights
Asia Pacific to Witness Dominant Growth due to Rising Demand from Gas-Based Power Plants
The Asia Pacific will witness the largest cryogenic pump market share during the forecast period owing to increasing awareness and the rising number of government policies promoting clean energy power generation to name a few. Additionally, rising demand from gas-based power plants and rising investments from healthcare, food & beverage, and steel will further increase the penetration of the market in the region.
North America will hold a considerable market share in terms of global contribution owing to rising investments from various sections including the oil & gas industry & industrial and an expanding LPG in the region of the U.S and Canada.
Europe will occupy a significant market share due to increased focus on developing a clean source of energy and a decrease in the number of reloading cargoes at import terminals to name a few.
Dominant Players to Engulf Market with Increasing R&D Budgets & Extending Consumer Outreach
The sector of the cryogenic pump is occupied by a very few viable companies that have the ability to function at full capacity catering to completely developed products. Players such as Ebara Corporation, Nikkiso Co., Ltd, and Fives are leading the market. Other players are dependent on equipping products that are undergoing various testing procedures. For example, in August 2021, CPC pumps international announced that they were acquired by Atlas Copco to add complementary assets for the latter’s product portfolio and further strengthen its market position. Other players are focused on developing and integrating products that are expected to hit the market space in the upcoming year.
Industry Development
October 2020: The Weir Group PLC announced that they completed the sales of their Oil & Gas division to Caterpillar Inc. for a value of USD 405 million.
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