Cryogenic Pump Market Size to Grow USD 854.0 Million by 2030 at a CAGR of 3.4% | Valuates Reports
BANGALORE, India, Feb. 8, 2024 /PRNewswire/ -- Cryogenic Pump Market is Segmented by Type (Positive Displacement Pumps, Kinetic Pumps, and Entrapment Pumps), Application (Nitrogen, Hydrogen, Helium, Liquefied Natural Gas(LNG), and Others), and End-use Industry (Healthcare Industry, Energy & Power Generation Industry, Electricals & Electronics Industry, Metallurgy Industry, Chemicals, and Others)
The Global Cryogenic Pump Market size was valued at USD 610.0 Million in 2020, and is projected to reach USD 854.0 Million by 2030, growing at a CAGR of 3.4% from 2020 to 2030. A cryogenic pump is an accumulating type vacuum pump.
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Major Factors Driving the Growth of Cryogenic Pump Market
High flow rates, dependability, and a low chance of thermal losses make kinetic pumps the ideal option for transporting liquefied gasses in cryogenic settings.
The market for cryogenic pumps is expanding due to a number of important considerations. Among these are the growing need for effective cooling solutions and technological breakthroughs in industries like electronics, energy, healthcare, and aerospace, which are driving the need for cryogenic applications. Further driving the market's rise are the building of LNG infrastructure, the aerospace industry's explosive growth, and the growing investments in the industrial gas and renewable energy sectors. Tight safety and environmental laws are also a major factor in the uptake of cryogenic pumps as they guarantee compliance and encourage the creation of cutting-edge pumping technologies.
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TRENDS INFLUENCING THE GROWTH OF CRYOGENIC PUMP MARKET
The primary reason kinetic pumps are used in the cryogenic pump industry is their capacity to handle low-temperature fluids and gasses with efficiency. These pumps are ideal for situations where maintaining low temperatures is essential because they use kinetic energy to impart velocity to the cryogenic fluid. Infrastructure for renewable energy, such as facilities for producing and storing hydrogen, is seeing large expenditures as a result of the continuous worldwide shift towards sustainable energy sources. In order to support the developing hydrogen economy, cryogenic pumps are essential to the liquefaction and transportation of hydrogen. The need for cryogenic pumps in hydrogen applications is predicted to rise as governments and businesses prioritize decarbonisation initiatives.
The growing use of cryogenic technology in healthcare applications is a major factor propelling the cryogenic pump market's expansion. Cryogenic pumps play a crucial role in the cooling of superconducting magnets in medical imaging systems like MRI and PET scanners. The market is being driven ahead by the growing requirement for dependable cryogenic infrastructure due to the increased demand for cutting-edge medical diagnostics and treatments. The rising demand for greener energy sources is fueling a vigorous rise of the worldwide liquefied natural gas (LNG) industry. For LNG to be handled and transported efficiently throughout the supply chain from liquefaction terminals to storage facilities and distribution networks—cryogenic pumps are necessary. The global LNG infrastructure expansion is attracting significant investments, which is expected to drive up demand for cryogenic pumps.
The fast development of the aerospace sector is a noteworthy catalyst for the cryogenic pump market. Space simulation chambers, satellite propulsion, rocket propulsion systems, and other aerospace applications all depend on cryogenic pumps. The need for cryogenic pumps for aerospace applications is expected to rise significantly as governments and private enterprises step up their space exploration endeavors. When producing semiconductors, superconductors, and other electronics components that need exact temperature control, cryogenic pumps are essential. The need for cryogenic pumps in the electronics manufacturing industry is growing due to the widespread use of electronics devices and the growing complexity of semiconductor technology. The necessity for effective cooling solutions to preserve ideal process conditions and guarantee product quality and performance is what's driving this development.
Cryogenic technology plays a major role in the industrial gas sector, which includes the production, storage, and transport of gasses including argon, oxygen, and nitrogen. The handling and transmission of these gasses at very low temperatures is made possible by cryogenic pumps, which are essential for many industrial operations such as the manufacturing of chemicals, the processing of food, and the manufacture of metal. The industrial gas industry is witnessing a consistent increase in demand for cryogenic pumps due to the global expansion of industrial activity.
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CRYOGENIC PUMP MARKET SHARE ANALYSIS
In 2020, North America had a dominant position in the global cryogenic pump market and is expected to continue expanding at the quickest rate throughout the forecast period. Many factors, such as the size of the proven reserves and the onshore area, are responsible for this.
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Key Players:
- Atlas Copco AB
- Ebara Corporation
- Cryostar
- Fives
- Flowserve Corporation
- GemmeCotti
- NIKKISO
- Ruhrpumpen
- SHI Cryogenics Group
- Trillium Flow Technologies
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