Press Release: April 21, 2020
Global Cryogenic Pump Market was valued US$ 460 Mn in 2017 and is anticipated to reach US$ 600 Mn by 2026 at a CAGR of about 3.38 % during a forecast.
The report on â€œCryogenic Pump Market is segmented by type, by gas, and by End-user industry. Based on type cryogenic pump market is classified into positive displacement pumps, kinetic pumps, and entrapment pump. In terms of application cryogenic pump market is segmented into nitrogen, hydrogen, helium, argon, LNG, and others. Healthcare industry, power generation industry, electrical & electronics industry, metallurgy industry, and others are end-user segments of the cryogenic pump market. Geographically Cryogenic Pump market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Increasing usage among multiple end-use industries such as power generation and healthcare owing more and more complex industrial processes evolve which incorporates the usage of liquid gases. Rising investment across power generation sector coupled with an inclination toward electricity production from natural gas to reduce carbon footprint will further impel more revenues to the global cryogenic pumps market. Cryogenic gases are indispensably used to create durable steel structures thus reviving steel industry across the globe is predicted to stimulate demand for cryogenic pumps. Fluctuation in steel production is seen to be hampering the growth of the market. Positive displacement pumps segment promises the highest growth during the forecast period due to a surge in its adoption in various end-use industries, such as healthcare, electrical & electronics, and others. Kinetic pump follows the positive displacement pumps market. Positive displacement pumps have constant flow at various viscosities and pressures.
Hydrogen segment is dominating the global cryogenic pumps market and will continue its dominance throughout the forecast period. Whereas LNG cryogenic gas market is expected to grow at the highest CAGR during the forecast. The growth of LNG cryogenic gas market is attributed to increased demand for LNG owed to environmental concerns.
Power generation industry segment holds one-third share of the cryogenic pumps market in 2017. Metallurgy segment followed the power generation industry. Whereas healthcare industry is found to be a most lucrative one. Growing economies are drawn towards eco-friendly fuel sources such as LNG in order to reduce carbon emissions, which is likely to boost the power generation segment in cryogenic pump market.
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Asia-Pacific is projected to maintain its leadership position during forecast period growing at a CAGR of 3.5%. China occupied 30 % of the Asia-Pacific market in 2017. Developments in growing economies such as China, India and other Southeast Asian countries. These developments are due to growing energy need, focus on renewable generation, and rapid urbanization.
Technex Limited, Sumitomo Heavy Industries Ltd., Sehwa Tech Inc., Ruhrpumpen Inc., PHPK Technologies Inc., Nikkiso Cryo Inc., Global Technologies, Flowserve Corporation, Fives S.A., Ebara Corporation, Cryostar SAS, Cryoquip Australia, Brooks Automation Inc., and ACD LLC are the key players operating in the Cryogenic Pump Market.
Global Cryogenic Pump Market by Product Type:
Positive Displacement Pumps
Global Cryogenic Pump Market by Gas Type:
Global Cryogenic Pump Market by End-user Industry Type:
Power Generation Industry
Electricals & Electronics Industry
Global Cryogenic Pump Market by Region:
Middle East & Africa
Key Players analyzed in the Global Cryogenic Pump Market:
Sumitomo Heavy Industries Ltd.
Sehwa Tech Inc.
PHPK Technologies Inc.
Nikkiso Cryo Inc.
Brooks Automation Inc.
Austin Cryogenics Company
Helix Technology Corp.
Polycold Systems, Ruhrpumpen In
SHI Cryogenics Group.
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