Publishing: September 2021 | Report Code: SE11662 | Available Format: PDF
Cryogenic Pump Market Overview
Major trend identified in the global cryogenic pump market is the rising deployment of these pumps in metallurgy, electronics, and chemicals industries. Besides this, the factor trending in the market is rising investment across power generation sector coupled with inclination toward electricity production from natural gas and renewable resources to cut carbon footprint. According to the U.S. Energy Information Administration (EIA), the share of power generation using natural gas will rise from 34% in 2018 to 39% by 2050, and the share of renewable power generation increases from 18% in 2018 to 31% by 2050.
Furthermore, identification of new application areas of these pumps along with the technological advancement will also demonstrate huge opportunities for the cryogenic pump market growth during the forecast period.
Cryogenic pumps are submersible motor pumps used at cryogenic temperatures to transfer cryogenic liquids. These pumps operate on the principle of closed cycle refrigeration and capture gas through surfaces, which are cooled to temperatures below 120 K. These pumps are commonly cooled by compressed helium, although they may also use liquid nitrogen, dry ice, or a built-in cryocooler and can drive off practically all the gases, including noble gases at lower temperatures. The number of molecules that can be accumulated in a cryogenic pump depend upon a number of physical factors, including temperature of gas and surface, and microscopic roughness of the surface.
On the basis of type, the cryogenic pump market can be categorized into positive displacement pumps, kinetic pumps, and entrapment pumps. Among these, the market for positive displacement pumps is expected to witness the highest growth during the forecast period, owing to their superior properties, including constant flow at various viscosities and pressures. Furthermore, surge in demand from energy and power, shipbuilding, and healthcare industries would further support the growth of their market. However, kinetic pumps accounted for the highest revenue share in the market during the historical period.
Based on cryogenic gas, the market can be classified into nitrogen, liquefied natural gas (LNG), oxygen, and argon. Among these, LNG category accounted for the highest revenue share in the cryogenic pump market in 2018, and is projected to maintain its dominance throughout the forecast period. This growth can be associated with the increasing demand for LNG pertaining to environmental concerns. Apart from this, nitrogen-based category is expected to register the highest growth in the upcoming years, on account of the predominant use of the gas during plant maintenance, and shutdown and start-up preparations of refineries and petrochemical companies.
When segmented by end-user industry, the cryogenic pump market can be categorized into healthcare, energy and power, electronics, metallurgy, and chemicals. Among various end-user industries for which these pumps are employed, the energy and power category is expected to hold the largest market during the forecast period. While, the healthcare industry is expected to exhibit the highest CAGR during the forecast period, as gases such as oxygen, nitrogen, hydrogen, nitrous oxide, and gas mixtures are widely utilized for medical purposes, research in biotechnology, and drug processing. Additionally, these pumps are also used for cancer treatment to irradiate diseased tissues, which in turn, would also present a positive growth prospect for the market.
On the basis of region, the cryogenic pump market is categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). Among these, APAC is projected to have the largest revenue share followed by Europe and North America. This is due to rapid urbanization, focus on renewable energy across China and India, and rising need for energy across all nations of the region. Furthermore, North America is also a huge market for these pumps, owing to high adoption of technologically advanced products, coupled with rising demand for these pumps in the healthcare industry.
Cryogenic Pump Market Dynamics
Robust demand of these pumps across multiple end-use industries such as power generation and healthcare is the prime factor fueling the growth of the cryogenic pump market. Moreover, rising investment for infrastructure development across various developing nations is also driving the demand for these pumps. The rapid growth in demand for energy and power is expected to drive the overall demand for LNG, and thus arrangement to handle its transportation further boosts the market growth.
Cost constraints as well as lack of expertise in handling these devices across the developing nations is expected to serve as a major restraining factor in the growth of the cryogenic pump market. Furthermore, reduction in steel production globally would also hinders the growth of the market. As these pumps are used for the transportation of gases such as argon, helium, oxygen, and nitrogen, which are involved in the manufacturing process of steel.
Cryogenic Pump Market Competitive Landscape
Some of the major companies operating in the global cryogenic pump market are Sumitomo Heavy Industries Ltd., Sehwa Tech, Inc., Ruhrpumpen Inc., PHPK Technologies, Nikkiso Cryo Inc., Flowserve Corporation, Austin Cryogenics Company, Helix Technology Corporation, and Cryostar SAS.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, U.K., Italy, Spain, Australia, Japan, China, India, Brazil, Saudi Arabia, Iran, Turkey, South Africa, and Nigeria.
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