Cryogenic Pump Market Size by Type, Cryogen Type, End-Use Industry and Region – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
Cryogenic Pump Market size is expected to reach US $ 2.30 Bn by 2030, at a CAGR of 5.8% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Cryogenic Pumps Market Dynamics
Growing investments from the industrial sector to support market dynamics and increasing investments in metallurgy, healthcare, electronics, food & beverage in the emerging economies are likely to boost the demand for cryogenic pumps over the forecast period. e.g., in 2019, China was ranked the world's second-largest FDI recipient after the United States and before Singapore. However, the decline in steel production in the world and decreasing capital expenditure in the semiconductor manufacturing industry may hamper the market growth at a global level. Growing focus on solar power generation and increasing infrastructure spending, which provides beneficial growth opportunities in the cryogenics pump market during the forecast period. Technological advancements in turbomolecular pumps and downturn in Oil & Gas industry are the major challenges in the market growth in the near future.
Cryogenic Pumps Market Segment Analysis
The LNG segment has led the global cryogenic market in 2019
Based on cryogen type, the LNG segment has led the global cryogenic market in 2023 and is expected to reach US$ xx Mn by 2030 thanks to its wide range of application areas like transportation, fueling, storage, processing, and others. The increasing use of LNG for power generation in the energy and power industry and the rising usage of oil tankers for transportation in the shipbuilding industry are fuelling the segment growth in the market. The nitrogen segment is expected to grow at a CAGR of xx % during the forecast period owing to the growing demand from various applications in food & beverage, healthcare, oil & gas, metallurgy, and chemical industries.
Cryogenic Pumps Market Regional Insight
Geographically, Asia Pacific held the dominant market share of xx% in 2023 and is expected to reach US$ xx Mn by the end of 2030, with a CAGR of xx%. This growth is attributed to the increasing power demand because of the development of industrial infrastructure. The demand for shipping and storing liquefied natural gas (LNG) is increasing from energy-famished economies such as China, Japan, India, and other Asian countries are driving the market growth in the coming years. High investments in the infrastructure sector and a rising focus towards renewable-based electricity generation in the region, are expected to create growth opportunities for the global cryogenic pumps market expansion over the forecasted period. China, India, Japan, and South Korea are the leading contributors to the regional market growth.
North America held the second-largest market share of xx% in 2023 and is expected to hold the reach US$ xx Mn by 2030. This is attributed to the high adoption of technologically advanced products, coupled with rising demand for these pumps in the healthcare industry.
Cryogenic Pumps Market, Key Highlights:
• Global Cryogenic Pumps Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Cryogenic Pumps Market
• Global Cryogenic Pumps Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Cryogenic Pumps Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Cryogenic Pumps Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the global market are also profiled.
Cryogenic Pumps Market Scope: Inquire before buying
| Cryogenic Pumps Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 1.55 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 5.8% | Market Size in 2030: | US $ 2.30 Bn. |
| Segments Covered: | by Type | Positive Displacement Pumps Centrifugal Pumps |
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| by Cryogen Type | Nitrogen Oxygen Argon LNG Others |
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| by End-Use Industry | Oil & Gas Healthcare Power Generation Electrical & Electronics Metallurgy Others |
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Cryogenic Pumps Market by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Cryogenic Pumps Market Key Players:
1. Nikkiso Co., Ltd
2. Sumitomo Heavy Industries, Ltd.
3. Ebara Corporation
4. The Weir Group PLC
5. Fives S.A.
6. Sulzer
7. Technex Limited
8. Flowserve Corporation
9. Brooks Automation Inc.
10. INOXCVA
11. Cryostar
12. Phpk Technologies Inc.
13. Sehwa Tech, Inc.
14. Vanzetti Engineering
15. Ruhrpumpen Inc.
16. Fives S.A. (France)
17. Linde Group
18. Global Tech India Pvt. Ltd.
19. Atlas Copco AB
20. Elliott Group
Frequently Asked Questions:
1. What is the growth rate of Global Cryogenic Pumps Market?
Ans: The Global Cryogenic Pumps Market is growing at a CAGR of 5.8% during forecasting period 2024-2030.
2. What is scope of the Global Cryogenic Pumps market report?
Ans: Global Cryogenic Pumps Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
3. Who are the key players in Global Cryogenic Pumps market?
Ans: The important key players in the Global Cryogenic Pumps Market are – Nikkiso Co., Ltd, Sumitomo Heavy Industries, Ltd., Ebara Corporation, The Weir Group PLC, Fives S.A., Sulzer, Technex Limited, Flowserve Corporation, Brooks Automation Inc., INOXCVA, Cryostar, Phpk Technologies Inc., Sehwa Tech, Inc., Vanzetti Engineering, Ruhrpumpen Inc., Fives S.A. (France), Linde Group, Global Tech India Pvt. Ltd., Atlas Copco AB, and Elliott Group
4. What is the study period of this market?
Ans: The Global Cryogenic Pumps Market is studied from 2023 to 2030.