Market Analysis
The global cryogenic pump market is predicted to grow at a 4.02% CAGR over the forecast period, states the new Market Research Future (MRFR) report. A cryogenic pump or cryopump is a vacuum pump which traps vapors and gases by condensing the same on a cold surface. However, these pumps are effective only on some gases; the effectiveness of the pump depends on the boiling and freezing points of the gas, which are relative to the temperature of the cryogenic pump.
These pumps offer high-speed, clean pumping of gases. They function through adsorption and condensation of vapors and gases on surfaces held at low temperatures. Positive displacement and centrifugal are the two types of cryogenic pumps. Such pumps offer high pumping speeds and are widely used in the healthcare, electronics, and energy and power industries.
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Various factors are propelling the cryogenic pump market growth. Some of these factors according to the Market Research Future (MRFR) report, include increasing demand from numerous end use industries including healthcare, chemicals, metallurgy, and energy and power, rising LNG production, and burgeoning demand for medical gases in the healthcare industry for diagnosis as well as treatment of different respiratory diseases such as asthma and others.
On the contrary, lack of expertise to handle such devices across various developing nations, cost constraints, and reduction in the production of steel are factors that may impede the cryogenic pump market growth over the forecast period.
Market Segmentation
The MRFR report provides a complete segmental analysis of the cryogenic pump market on the basis of type, gas, and end use.
Based on type, the cryogenic pump market is segmented into positive displacement and centrifugal. Among these, the positive displacement segment will have the largest share in the market over the forecast period. This is due to its increasing adoption in numerous end use industries including electricals and electronics, healthcare, and others. Positive displacement pumps possess high viscosity and thus cater to applications, which need high pressure.
Based on gas, the cryogenic pump market is segmented into LNG, argon, oxygen, nitrogen, and others. Among these, the LNG segment will dominate the market over the forecast period.
Based on end use, the cryogenic pump market is segmented into electronics, metallurgy, chemicals, energy and power, and others. Among these, the energy and power segment will have the maximum share in the market over the forecast period.
Regional Analysis
Based on region, the cryogenic pump market report covers latest trends and growth opportunities across North America, South America, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, the APAC region will spearhead the market over the forecast period. This is owing to the industrial development in Malaysia, India, China, and other Southeast Asian countries. The APAC region is predicted to grow at the fastest pace owing to the burgeoning energy need, rapid urbanization, and increasing focus on renewable energy generation.
The cryogenic pump market in North America will have a favourable growth over the forecast period. This is due to the increasing demand for cryogenic pumps in the healthcare sector and increasing adoption of products that are technologically advanced.
Key Players
Leading players profiled in the cryogenic pump market report include Technex Limited (India), Ruhrpumpen Inc. (Mexico), PHPK Technologies Inc. (US), Nikkiso Cryo Inc. (US), Cryostar SAS (France), Cryoquip Australia, Brooks Automation (US), Fives S.A. (France), Sumitomo Heavy Industries (Japan), Flowserve Corporation (US), and Ebara Corporation (Japan), among others. The key players have used numerous strategies to create a foothold in this market. These include product innovation, partnership, acquisitions, mergers, research and development and much more.
Industry Related News
July 2019: JSC Atomenergomash and Pao Novatek have signed a memorandum both on strategic partnership and also localizing the fabrication of equipment for production of LNG. Both parties intend in pursuing long-term cooperation for localizing the fabrication of heat exchangers, pumps, and other forms of equipment for LNG projects of Novatek at the facility of Atomenergomash.
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