Due to the rising demand for liquefied natural gas (LNG) and the increased usage of cryogenic technology in the healthcare and food industries, the cryogenic pump industry is expected to experience considerable expansion over the next few years. The rise in demand for cryogenic pumps from the energy & power industry, especially the oil & gas sector, is the primary driver of market growth. On the contrary, the volatility in raw material prices and interference from gray market players restrain the growth of the market.
According to latest research report, the global cryogenic pump market is projected to reach USD 1.5 billion by 2027 from an estimated market size of USD 1.2 billion in 2022, at a CAGR of 4.6% during the forecast period.
Cryogenic pumps are anticipated to have a significant market in the Asia Pacific region because to the rising demand for LNG in nations like China, Japan, and South Korea. The area is also home to a number of sizable food and healthcare sectors, which are predicted to fuel demand for cryogenic pumps.
Key Market Players
The cryogenic pump market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global cryogenic pump market include Atlas Copco AB (Sweden), EBARA CORPORATION (Japan), SHI Cryogenics Group (Japan), Nikkiso Co., Ltd. (Japan) And Fives Group (France).
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This research report categorizes the cryogenic pump market by Orientation, Design, Type, Cryogen, End User and Region.
On the basis of by Orientation:
- Horizontal
- Vertical
On the basis of by Design:
- Submersible
- Non-Submersible
On the basis of by Type:
- Centrifugal
- Positive displacement
On the basis of by Cryogen:
- Nitrogen
- Oxygen
- Argon
- LNG
- Helium
- Hydrogen
- Other Cryogens
On the basis of by end user:
- Metallurgy
- Energy & Power
- Chemicals
- Electronics
- Healthcare & Pharmaceuticals
- Others
On the basis of Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East
- Africa
The cryogenic pump market, by cryogen, is segmented into nitrogen, argon, oxygen, LNG, helium, hydrogen, and other cryogens. Other cryogenic gases include nitrous oxide, ethylene, and carbon dioxide. The high growth rate of the LNG segment can be attributed to the rising demand for LNG, owing to the transition towards adoption of cleaner energy by various economies of the world.
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The rising demand for LNG is one of the main factors driving the cryogenic pump industry. LNG is a fuel that may be used for heating, electricity generation, and transportation, and it is anticipated that its importance will grow as nations work to cut their carbon emissions.
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