The global cryogenic pumps market size is predicted to develop at a 4.02% CAGR between 2022- 2030, states the recent Market Research Future (MRFR) analysis. Cryogenic pumps, simply put, are vacuum pumps that help to capture gases via condensing the same on cold surfaces that is at low temperature. Positive displacement and centrifugal are its different types that have wide applications in electronics, metallurgy, chemicals, energy and power, and others.
Various
factors are propelling the global cryogenic pumps market share.
According to the recent MRFR report, such factors include the increasing
use of gases across bioscience and healthcare facilities, growing
investments in energy and power, rising investments in oil and gas and
electrical and electronics segment, growing adoption of such pumps in
the metallurgy sector, demand for LNG based power generation, growing
use of oil tankers for transportation in the shipbuilding industry,
demand for liquid gases, and growth of medical gases to diagnose and
treat different respiratory diseases like cardiovascular, asthma, and
others.
On
the contrary, the impact of the current COVID-19 pandemic and the fall
in steel production are factors that may limit the global cryogenic
pumps market growth over the forecast period.
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Key Players
Key contenders profiled in the global 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).
Market Segmentation
The
MRFR report highlights an inclusive segmental analysis of the global
cryogenic pumps market based on type, gas, and end use.
By
type, the global cryogenic pumps market is segmented into positive
displacement and centrifugal. Of these, the positive displacement type
segment that will lead the market over the forecast period.
By
gas, the global cryogenic pumps market is segmented into LNG, argon,
oxygen, and nitrogen. Of these, the LNG gas segment will dominate the
market over the forecast period.
By
end use, the global cryogenic pumps market is segmented into
electronics, metallurgy, chemicals, energy and power, and others. Of
these, energy and power end use segment will spearhead the market over
the forecast period.
Regional Analysis
By region, the global cryogenic pumps market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. Of these, the APAC region will spearhead the market over the forecast period. Industrial development in Malaysia, India, China, and other Southeast Asian countries, growing energy need, rapid urbanization, focus on renewable generation, focus on eco-friendly sources of fuel like LNG to reduce carbon emissions, and growing demand in different end use industries such as metallurgy, processing, and manufacturing are adding to the global cryogenic pumps market growth in the region.
In
Europe, the global cryogenic pumps market is predicted to hold the
second-largest share over the forecast period for the shift in focus
towards eco-friendly sources of fuel like LNG to reduce carbon emissions
and strong growth in the healthcare and food & beverage industry.
Spain, Italy, and France have the utmost share in the market for the
growing oil and gas, metallurgy, and petrochemicals industry.
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In
North America, the global cryogenic pumps market is predicted to have
healthy growth over the forecast period for the rising application in
the industrial sector and the vast potential of LNG.
In
the MEA, the global cryogenic pumps market is predicted to have sound
growth over the forecast period for the increasing investments in
petrochemical and oil & gas industries.
In South America, the global cryogenic pumps market is predicted to have steady growth over the forecast period.
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