The global cryogenic pump market is expected to reach US$ 2.82 Bn in 2027, registering a CAGR of 4.9% during the forecast period 2019-2027.
With increasing focus of various countries on reducing carbon emissions and pollution, the demand for clean energy fuels and renewables is growing at an unprecedented rate. The growth in the production of natural gas, majorly due to shale reserves in the US and rise in the production of LNG, is expected to boost the gas based generation capacity worldwide. Nitrogen, oxygen, argon, LNG/LPG, hydrogen, and helium are some of the most common gas that are transported through the use of cryogenic pumps. These pumps are widely employed in industries such as electronics, healthcare & pharmaceutical, energy & power, metallurgy, chemical, and others.
With increasing focus of various countries on reducing carbon emissions and pollution, the demand for clean energy fuels and renewables is growing at an unprecedented rate. The investments in the renewables is anticipated to reach US$ 2.6 trillion mark since 2009. The prices of the solar panels have fallen drastically, that has driven the investments in the solar power energy generation over the years. Despite of the increasing investments in the renewable energy, a significant rise in the greenhouse emissions has been observed over the years. This has led to further innovations and tool development with respect to finding equipment that would reduce carbon footprints. The encouraging investments in the solar energy sector would lay a strong platform for the use of cryogenic pump as they are majorly used in the manufacturing of solar panels. The trend is predicted to pitch over the period leading to a huge opportunity for the cryogenic pump players.
The cryogenic pump market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The Asia Pacific region holds the highest market share, and is projected to be the fastest-growing region as well in the coming years. The APAC region consists of many developing countries which experiences continuous growth in the electronics industry. The Asia Pacific region has become a global manufacturing hub with the presence of diverse manufacturing industries. Some of the market players operating in the Asia Pacific region includes Sumitomo Heavy Industries, Ltd., Sehwa Tech Inc., Heavy Industries Ltd., Ebara Corporation, and Nikkiso Co. Ltd. among others. China is one of the major countries which has a significant market share in electronics and semiconductor industry. The Chinese manufacturers are highly focused on strengthening their capabilities in the fields of materials, components, and equipment. This would ultimately boost the business of cryogenic pump market.
The cryogenic pump market by gas is segmented into nitrogen, oxygen, LNG, argon, and others. The oxygen by gas held highest market share in 2018, whereas LNG is expected to be the fastest-growing end user during the forecast period. Oxygen is also utilized as a plasma cutting gas and an assist gas for the process of laser cutting. The demand from the chemical industry is proliferating the growth of the market. In this industry, oxygen is utilized for increasing the production capacity of the oxidation processes. O the other hand, growth in the production of natural gas, majorly due to shale reserves in the US and rise in the production of LNG is expected to boost the generation capacity worldwide. The prominent applications of cryogenic pumps in the LNG market include storage and transportation of the liquefied gases. With favorable government policies worldwide and falling costs of clean energy sources, the natural gas capacity is set to surge during the forecast period.
The major players operating in the market for cryogenic pump market are Atlas Copco AB, Elliott Group, Flowserve Corporation, Fives, Linde AG, NIKKISO CO., LTD., PHPK Technologies, Ruhrpumpen Group, SEHWA TECH, INC., and Sumitomo Heavy Industries, Ltd. among others.
Cryogenic Pump Market - Geographic Breakdown, 2018
Global Cryogenic Pump Market – ByType
The report segments the global cryogenic pump market as follows:
Global Cryogenic pump Market – By Geography
Contact Person: Sameer Joshi
Email Id: email@example.com