Cryogenic Pump Market to hit US$ 854 million by 2030
WILMINGTON, DELAWARE, UNITED STATES, September 14, 2023/EINPresswire.com/ —
The global cryogenic pump market size was valued at $610.0 million in 2020, and is projected to reach $854.0 million by 2030, with expected CAGR of 3.4% from 2021 to 2030.
A cryogenic pump is a specialized type of pump designed to handle extremely low-temperature fluids, typically in the range of -150 degrees Celsius (-238 degrees Fahrenheit) or lower. These pumps are crucial in various industries and scientific applications where the transfer, storage, and handling of cryogenic fluids, such as liquefied natural gas (LNG), liquid oxygen, liquid nitrogen, and liquid helium, are required.
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North America region registered the highest market share and is projected to maintain the same during the forecast period.
The key players profiled in this report include
Atlas Copco AB
Nikkiso Co., Ltd.
SHI Cryogenics Group
Trillium Flow Technologies
Applications: Cryogenic pumps are used in various industries and research fields, including:
Energy Industry: They are employed in LNG production and distribution, providing a means to transfer and load LNG onto ships and transport vehicles.
Medical and Healthcare: Cryogenic pumps are used to transfer and store medical gases like liquid oxygen and nitrogen used in healthcare facilities.
Aerospace and Defense: They play a critical role in rocket propulsion systems and spacecraft for delivering liquid fuels and oxidizers.
Research and Laboratories: Cryogenic pumps are essential for experimental setups in fields like physics, chemistry, and material science where cryogenic temperatures are required.
Industrial and Manufacturing: They are used in processes that involve cryogenic fluids for cooling or cryopreservation.
Depending on type, the kinetic pump segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
As per application, LNG segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
According to end-use industry, energy & power segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
Rise in demand for oil & gas and growth in expansion of energy infrastructure led to increase in demand for cryogenic pumps which, in turn, drives the cryogenic pump market growth.
Cryogenic pump is a vacuum pump that seize gases by condensation on a relatively cooler surface, which is at a low temperature. The efficiency of the pump majorly depends on the freezing and boiling points of the gases, which are to be transported.
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Materials and Insulation: Cryogenic pumps are typically constructed from materials that can withstand extreme cold temperatures, such as stainless steel and specialized alloys. They may also be insulated to minimize heat transfer from the environment to the cryogenic fluid being pumped.
Safety: Safety features are crucial in cryogenic pump design to prevent leaks or equipment failures that could lead to potentially hazardous situations. This includes proper seals, relief valves, and monitoring systems.
Maintenance: Regular maintenance is essential to ensure the continued reliability and efficiency of cryogenic pumps. This may involve checking seals, lubrication, and other components, as well as monitoring for wear and tear.
Efficiency: Cryogenic pumps are engineered for high efficiency to minimize heat input and maximize the transfer of cryogenic fluids, which is critical for applications where energy conservation is a priority.
The global cryogenic pumps market is projected to grow at a CAGR of 3.9% during the forecast period, owing to the fact that the use of cryogenic pumps is becoming important & inevitable.
Cryogenic pumps find a wide range of applications in handling and transfer of cryogenic fluids such as oxygen, hydrogen, argon, nitrogen, and other liquefied hydrocarbons.
Increase in demand for liquid gases at rapid pace across several end-user industries accelerates the market growth.
Impact Of Covid-19 On The Global Cryogenic Pump Market Industry
Manufacturing of cryogenic pump stopped for a specific period due to high peak of COVID-19, which highly impacted the sales of cryogenic pump.
Sales of cryogenic pump are directly proportional to the demand for oil & gas. COVID-19 outbreak negatively impacted oil & gas segment amid the lockdown imposed and recorded a huge decline in crude oil prices in 2020, due to the resumed overflow production, However, the continued upstream activities did not impact the demand for cryogenic pump.
Furthermore, import & export activities were significantly impacted, which, in turn, adversely affected the industries using cryogenic pump, thereby affecting the global cryogenic pump market share.
The COVID-19 pandemic has curtailed the movement of people, goods, and services across the globe, including most of the regions in which production of cryogenic pump is on large scale.
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According to the United Nations Industrial Development Organization (UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries, including electrical and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown.
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