Cryogenic Pump Market to Witness Robust Expansion throughout the Forecast 2016 – 2026 | Future Market Insights
A cryogenic pump is a vacuum pump which captures gases by condensing them on a cooled surface which is at a very low temperature of about 120 K. However, the efficiency of the pump is largely dependent upon the boiling and freezing temperature of the gases involved. These pumps finds wide application in the handling, transportation and transfer of cryogenic fluids such as hydrogen, oxygen, nitrogen, argon and liquefied hydrocarbons. As the demand for liquid gases increases across various industries, usage of cryogenic pumps becomes inevitable. The global demand for cryogenic pumps is anticipated to expand with a decent CAGR throughout the forecast period.
Global Cryogenic Pump Market: Drivers and Restraints
The prime factor driving demand for cryogenic pumps is the increasing growth across its end use industries. Moreover, as more and more complex industrial processes evolve which incorporates the usage of liquid gases, demand for cryogenic pumps is bound to increase. The rapidly growing demand for energy and power is expected to drive more demand for LNG and thus, ways to handle its transportation, further fuelling more revenues to the global cryogenic pumps market. Along with, reviving steel industry across the globe, is also anticipated to drive demand for cryogenic pumps, as cryogenic gases are indispensably used to create durable steel structures. Noteworthy, is the usage of cryogenic pumps extracting the regenerated energy from exhaust gases from an engine; though this is at very niche stage, but is expected to fuel the demand for cryogenic pumps over the forecast period. In a nutshell, the global growing demand for cryogenic pump is directly proportional to growing economic development across all nations.
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Global Cryogenic Pump Market: Segmentation
On the basis of pump functionality,
- Positive Displacement
On the basis of type (based on cooling),
- Bath Cryopumps
- Refrigerator Cooled Cryopumps
- Supercritical Helium Cooled Cryopumps
On the basis of application gas,
On the basis of end use industry,
- Energy & Power
- Metallurgy and Mining
Global Cryogenic Pump Market: Region Wise Outlook
The global Cryogenic Pump market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The APEJ region is projected to be the largest market for Cryogenic Pump demand, and is anticipated to remain its dominance throughout the forecast period. This can be directly attributed to rapid development activities across China and India, and rising need for energy across all nations of the Asia Pacific. Western Europe and North America are next in line considering the demand for cryogenic pumps and demand for the latter is expected to expand moderately throughout the forecast period. Moreover, growing oil and gas industry and the need to handle LNG across, has let MEA to also account for a prominent market share in the global cryogenic pumps market.
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Global Cryogenic Pump Market: Key Players
- ACD Cryo AG
- Cryostar SAS
- Sumitomo Heavy Industries Ltd.
- Flowserve Corporation
- Brooks Automation Inc.
- Ebara Corporation