Cryogenic Pump Market Size Report and Growth Analysis 2027

Cryogenic Pump Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Centrifugal, Positive Displacement); Gases (Nitrogen, Hydrogen, Helium, Argon, Others); Industry Vertical (Electronics, Healthcare and Pharmaceutical, Energy and Power, Metallurgy, Chemical, Others)

Publication Month : Oct 2019

  • Report Code : TIPRE00006217
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 180
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[Research Report] The cryogenic pump market accounted to US$ 1.86 Bn in 2018 and is expected to grow at a CAGR of 4.9% during the forecast period 2019 - 2027, to account to US$ 2.82 Bn by 2027.

Analyst Perspective:

Cryogenic pumps can be integrated into sophisticated skid systems, which can be tailored to meet various needs, including those for industrial gases, LNG maritime, and LNG for automotive and other applications. Applications for cryogenic pumps include liquid crystal displays, discs, eyeglass lenses, and extra-large vacuum chambers. Rising efficiencies for gas-based power generation primarily drive the development of the global cryogenic pump market, as reduced fuel is required to produce greater power while decreasing emissions of greenhouse gases. Moreover, global government initiatives encourage gas-based power generation by considering environmental concerns and spurring cryogenic pump market growth. In addition, an improved market for liquefied natural gas (LNG) will also boost the growth of the cryogenic pump market. Natural gas is widely preferred as an efficient fuel across several domestic applications. Along with energy efficiency investments and renewable energy technologies, natural gas delivers a domestic source of cost-effective and clean energy. It is a clean fuel used in heaters for residential and commercial applications. Rising efficiencies for gas-based power generation primarily drive the growth of the market, as reduced fuel is required to produce greater power while decreasing emissions of greenhouse gases. Moreover, global government initiatives encourage gas-based power generation by considering environmental concerns and spurring cryogenic pump market growth.

Market Overview:

A vacuum pump, called a cryogenic pump, also called a cryopump, captures vapors and gases by causing them to condense on a cold surface. All gases are pumped at high speeds and with great cleanliness using cryogenic high vacuum pumps. The cryopump's primary uses are condensation and the adsorption of gases and vapors on surfaces kept at extremely low temperatures. Most cryopumps use a reciprocating mechanical refrigerator that uses helium gas as a refrigerant to maintain sets of surfaces at two distinct temperature ranges.

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Cryogenic Pump Market: Strategic Insights

cryogenic-pump-market
Market Size Value inUS$ 1.86 Billion in 2018
Market Size Value byUS$ 2.82 Billion by 2027
Growth rateCAGR of 4.9% from 2019-2027
Forecast Period2019-2027
Base Year2019
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Market Driver:

Growing Energy Needs to Drive Growth of Cryogenic Pump Market

The growing energy needs worldwide play a significant role in driving the growth of the cryogenic market. As energy needs continue to rise, there is an increasing focus on cleaner and more efficient energy sources. This is where cryogenic technology comes into play. One key application of cryogenics in the energy sector is the liquefied natural gas (LNG) industry. When cooled to cryogenic temperatures, natural gas can be liquefied, significantly reducing its volume and making it easier and more cost-effective to transport and store. Cryogenic technology enables the liquefaction process, where natural gas is cooled to around -162 degrees Celsius (-260 degrees Fahrenheit), converting it into LNG. This liquefied form allows for efficient long-distance transportation, especially for regions where pipelines are not feasible or economically viable. The growth of the cryogenic market in the energy sector is closely linked to the increasing demand for LNG. As countries seek to diversify their energy sources and reduce dependence on traditional fossil fuels, LNG has emerged as a cleaner and more versatile alternative. It is used for power generation, heating, and as a feedstock for various industrial processes. Significant investments are being made in LNG infrastructure to meet this demand, including liquefaction plants, storage facilities, and regasification terminals. This infrastructure requires a range of cryogenic equipment, such as cryogenic storage tanks, pumps, valves, and vaporizers. As a result, the cryogenic market experiences growth and expansion to cater to the increasing needs of the energy industry. Furthermore, the global shift towards renewable energy sources has also contributed to the growth of the cryogenic market. Cryogenic technologies are used to produce and store renewable fuels, such as hydrogen. Hydrogen can be stored in a cryogenic liquid state, allowing for efficient transportation and distribution. Cryogenic technology facilitates hydrogen production, storage, and handling, which is increasingly being explored as a sustainable energy source for various applications, including transportation, power generation, and industrial processes.

Segmental Analysis:

Based on type, the cryogenic pump market is segmented into centrifugal and positive displacement. The centrifugal segment held the largest share of the market in 2018 and is anticipated to register the highest CAGR in the market during the forecast period. The centrifugal segment holds the largest share of the cryogenic market due to its high efficiency, versatility, and safety features. Centrifugal compressors and pumps can handle a wide range of cryogenic fluids and find applications in healthcare, energy, aerospace, and research industries. The demand for centrifugal systems is particularly strong in the liquefied natural gas (LNG) industry, where they play a crucial role in the compression and transportation of natural gas. Technological advancements have further bolstered the performance and reliability of centrifugal cryogenic systems. These factors have propelled the centrifugal segment to its leading position in the cryogenic market.

Regional Analysis:

The Asia-Pacific cryogenic pump market was valued at US$ 0.69 billion in 2018 and is projected to reach US$ 1.20 billion by 2027; it is expected to grow at a CAGR of 6.4% during the forecast period. The Asia Pacific region has emerged as the dominant force in the cryogenic market, exhibiting strong growth and capturing a significant market share. Several factors contribute to the region's dominance in this market. Firstly, the Asia Pacific region is home to some of the world's largest and fastest-growing economies, including China, India, Japan, South Korea, and Australia. These countries have been experiencing rapid industrialization and urbanization, resulting in increased energy demands and the need for advanced cryogenic technologies. The expanding industrial sectors, such as chemicals, healthcare, energy, and aerospace, drive the demand for cryogenic equipment and services. Secondly, the region's strong presence in the LNG industry has significantly contributed to its dominance in the cryogenic market. Countries like Japan, South Korea, and China are major importers and consumers of LNG, with a growing focus on cleaner and more efficient energy sources. The development of LNG import terminals, liquefaction plants, and associated infrastructure requires a range of cryogenic equipment, providing opportunities for the cryogenic market to thrive. The Asia Pacific region has also witnessed significant investments in healthcare infrastructure, research and development, and technological advancements. The region's demand for cryogenic storage systems, cryosurgery equipment, and cryogenic gases for medical applications is increasing. The rising healthcare expenditure and a growing emphasis on advanced medical treatments have propelled the demand for cryogenic solutions, further driving market dominance. Furthermore, established and emerging players in the cryogenic market within the Asia Pacific region contribute to its leadership position. Countries like Japan and South Korea have a strong manufacturing base and expertise in cryogenic technologies, including centrifugal compressors, storage systems, and associated components. This availability of local manufacturers and suppliers offers a competitive advantage and drives regional market growth. Moreover, favorable government policies, investments in research and development, and collaborations between industry players and research institutions further support the growth of the cryogenic market in the Asia Pacific region. Governments are recognizing the importance of cryogenic technologies in various sectors and actively promoting their adoption, providing incentives and support for developing cryogenic infrastructure and applications.

Key Player Analysis:

The cryogenic pump market analysis consists of the players such as 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 the players in the cryogenic pump Atlas Copco AB and Sumitomo Heavy Industries, Ltd. are the top two players owing to the diversified product portfolio offered.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the cryogenic pump market. A few recent key market developments are listed below: 

  • In November 2021, Elliot Group (Elliott), a wholly-owned subsidiary of Ebara Corporation (Ebara), completed its new USD 60 million state-of-the-art cryogenic pumps testing facility in Jeannette, Pennsylvania, US.
  • In January 2021, Fives Group was awarded a contract for the supply of 13 Cryomec® cryogenic centrifugal pumps for a new Air Separation Unit (ASU) in China. The new ASU, with an oxygen production capacity of more than 2,000 ton per day, will be built in the Lingang Economic District, Tianjin Port Free Trade Zone. It is expected to become operational by the end of 2022.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Gases, Industry Vertical, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List Companies - Cryogenic Pump Market

  1. Atlas Copco AB
  2. Elliott Group
  3. Flowserve Corporation
  4. Fives
  5. Linde AG
  6. NIKKISO CO., LTD.
  7. PHPK Technologies
  8. Ruhrpumpen Group
  9. SEHWA TECH, INC.
  10. Sumitomo Heavy Industries, Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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