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Cryogenic Pump Market Size, Share & Industry Analysis, By Type (Positive Displacement Pump and Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others) and Regional Forecast, 2019-2026

Region : Global | Published Date: Feb, 2020 | Report ID: FBI100824

 

KEY MARKET INSIGHTS

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The growth in the demand for LNG from the oil & gas sector & petrochemical industry, coupled with the increasing investment in the healthcare and food & beverage industry from developing economies, are the major factors driving the demand for cryogenic pump in the global market. Additionally, increasing investments in LNG based power plants and growing demand for transportation & storage industries have also emerged the demand for cryogenic pumps. Hence, significant growth in manufacturing and processing industries where inert gases are used extensively, and rising demand for LNG based power plants would propel the cryogenic pump market growth during the projected period.


Asia-Pacific is one of the fastest-growing regions owing to the significant growth in the oil & gas, healthcare, and food & beverage industries. Increasing investments in metallurgy and chemical & petrochemical industries are also leveraging the market growth for cryogenic pumps due to the extensive application of liquid gases during the forecast period. The increase in LNG trading has also increased globally, which would propel the demand for the cryogenic pumps. According to the IGU World LNG report 2019, there has been an abrupt increase in the global liquefaction capacity and international LNG trade with a share of 10.7% of total gas consumption in 2017. Hence, the growing demand for LNG and significant growth in consumption rate has increased the demand for the cryogenic pump market during the projected period.


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Additionally, an increase in investment in chemical, metallurgy, food & beverage, and healthcare industry from developing countries such as China, India, Japan, and South Korea would increase the demand for the cryogenic pumps, which would boost the growth of the market during the forecast period. According to the IGU World LNG report 2019, South Korea increased its LNG import demand in 2018, exhibiting an incremental growth of 4.2 MT in 2017, respectively, with an increased growth of 6.4 MT in 2018, which is approximately 80% of net trade. Hence, the growing demand for LNG and its transportation and storage would leverage the demand for the cryogen pump market in the coming years.


MARKET DRIVERS


 “Increasing Demand For LNG to Augment the Market Growth”


There has been an abrupt increase in the demand for LNG owing to the rise in gas-based power plants, moving trends for adopting LNG for residential and commercial sectors, and growing need for energy from the industrial sector. These factors would drive the demand for the cryogenic pump market. The growing demand for generating power from LNG based power plants is one of the major factors attributed to the growth of the cryogenic pump market. There has been an increase in the application of cryogenic pumps in the combined refrigerator, thermonuclear fusion process, and storage & transportation of liquefied hydrocarbons such as methane or natural gas. Hence, the growing demand for LNG is likely to upsurge the cryogenic pump growth during the forecast period.


“Growing Investment From Industrial Sector to Aid Market Dynamics”


Growing investments from the industrial sector such as metallurgy, healthcare, food & beverage, and electronics in the developing economies would accelerate the demand for cryogenic pumps. The transportation, storage, and regasification applications of cryogenic gases such as nitrogen, argon, oxygen, and LNG, hold a strong potential for the growth of the cryogenic pump market. Hence, increasing investment from the industrial sector emerges the need for deploying cryogenic pumps in various end-use industries, which includes power generation, metallurgy, healthcare, food & beverage industry propelling the market growth during the projected period.


SEGMENTATION


By Type Analysis


“Centrifugal Pumps Segment to Generate Highest Share Backed by Increasing Application”


Based on type, the market is segmented into positive displacement pumps and centrifugal pumps. The centrifugal pumps segment is estimated to hold the largest cryogenic pump market share owing to its wide application in the petrochemical and oil & gas industry for storage, iso-containers loading, and unloading of oxygen, hydrogen nitrogen, argon, and LNG cryogens. It is also preferable for a low power range (less than 55kW), where the pumped liquid itself carries cooling. Centrifugal pumps are available in a variety of configurations and are meant for heavy-duty operations. Hence, these centrifugal pumps would drive the growth of the cryogenic pump market during the projected period. The positive displacement pump segment is also growing owing to the increasing demand for many high and ultra-high vacuum applications from oil & gas, metallurgy, and chemical industry. Hence, the rising use of cryogenic pumps in vertical industries is set to accelerate the demand for cryogenic pumps during the forecast period.


By Cryogen Type Analysis


“LNG Segment to Grow Significantly Owing to Heavy Usage in Transportation & Fueling”


Based on cryogen type, the market is segmented into nitrogen, oxygen, argon, liquefied natural gas (LNG), and others. The LNG segment is anticipated to generate the largest market share owing to its wide range of application areas such as transportation, fueling, storage, processing, and others. It is also used in LNG boilers, power generation, mining, metallurgy, manufacturing, locomotives, ships, and other industries on a large scale. Nitrogen segment is also estimated to hold the second-largest market share owing to its various applications in food & beverage, healthcare, electronics, oil & gas, metallurgy, and chemical industries. The argon & oxygen segments are also showcasing steady growth due to numerous applications, such as arc welding, cutting, and production of titanium in the healthcare and steel industry. Hence, the growing demand for LNG and a wide range of applications in various industries would augment the growth of the market during the projected period.


By End-User Analysis


“Oil & Gas Segment to Dominate Stoked by Usage of Vacuum Pumps”


Based on end-user, the cryogenic pump market is segmented into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and others. The oil & gas segment is one of the largest and fastest-growing segments in the global market owing to its usage in a wide range of applications, namely, refining, LNG transportation, refueling, regasification, and others. Vertical, horizontal, and vacuum pump are some of the major pumps used in this industry, which in turn, would drive the growth of the market. The chemical & petrochemical industry is likely to propel the demand for cryogenic pumps due to its application in sulfur recovery units, oxidation processes, coal gasification, cool reactors, regenerate catalysts, and others.


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The wide range of application of argon and nitrogen gases in the metallurgy and marine industry would also drive the demand for cryogenic pumps during the forecast period. LNG based power plant is one of the cleanest burning fossil fuels releasing 40% less greenhouse gases in the environment. Hence, it led to an increase in transportation and storage of LNG at a large scale, thereby accelerates the demand for cryogenic pumps during the projected period. Hence, an increase in the application of cryogenic pumps from the chemical & petrochemical and oil & gas industries would uptick the demand for the cryogenic pump market during the forecast period.


REGIONAL ANALYSIS


Asia Pacific is one of the fastest-growing regions worldwide subject to growing investments and building infrastructure, which helps to drive the industrial sector which in turn increases the demand for cryogenic pump applications in industries. The industrial sector includes various industries, such as manufacturing, processing, and metallurgy industries where cryogenic pumps are deployed for regasification, storage and transportation at a large scale. The growing demand for LNG from Asia Pacific would drive the demand for cryogenic pumps during the projected period. According to the IGU World LNG report 2019, China surpassed the LNG import by 15.8 MT which is an increase of 41% as compared to the previous year. Hence, the growing energy demand in Asia Pacific would propel the growth of the market during the forecasted period. The substantial potential of LNG and the increasing application of cryogenic pumps in the industrial sector in North America and the Middle East & Africa would hold a significant growth prospectus to boost the market during the projected period. Countries in Europe are also exhibiting strong growth in the food & beverage and healthcare industry, which is likely to contribute to the growth of the cryogenic pump market revenue in this region. France, Italy, and Spain are the major countries involved in the growth of petrochemicals, metallurgy, and oil & gas sector in Europe. In Latin America, Brazil is investing more in the oil & gas and chemical & petrochemical industry, which would help to propel the growth of the market in this region during the forecast period.


Asia-Pacific Cryogenic Pump Market Size, 2018

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Currently, Asia-Pacific is showcasing a robust economic growth due to the rapid development in the oil & gas industry, as well as the growing application of cryogenic pumps in metallurgy, food & beverage, and healthcare industry in China, India, Japan, Australia, and South Korea. China is continuously looking forward to increasing its significance in the global economy. According to the IGU World LNG report 2019, Asia Pacific is leading the import of LNG across the globe, followed by Japan and South Korea by 83.2 MT and 44.5 MT respectively, which upholds the demand for the cryogenic pumps. The growing demand for LNG based power generation and increasing investments from the industrial sector are some of the primary factors attributable to the growth of the cryogenic pump market in Asia-Pacific during the forecast period.


INDUSTRY KEY PLAYERS


“Effective Business Strategies by Leading Companies to Accelerate Market Growth”


The market is highly dominated by companies, such as Nikkiso, Co. Ltd., SHI Cryogenics Group, Cryostar, Flowserve Corporation, and Inoxcva. Manufacturers are looking forward to expanding their business by adopting diverse business strategies, including mergers and acquisitions and collaborations. For instance, In April 2017, Nikkiso Co., Ltd. acquired 100% shares of the Cryogenic Industries group which includes ACD LLC, Cosmodyne LLC, Cryoquip LLC, and Cryogenic Industries AG. Hence, the adoption of effective business strategies would uphold intense competition among the manufacturers, which would further accelerate the demand for cryogenic pumps during the projected period.


List Of key COMPANIES Covered:



REPORT COVERAGE


The increasing demand for LNG and its application in several industries are the major factors that would fuel the demand for cryogenic pumps during the forecast period. Additionally, significant investment from developing economies in the metallurgy and petrochemical industry would also propel the demand for cryogenic pumps. The growth in the cryogenic pump market is primarily attributed to the increase in demand for these pumps across various end-users such as oil & gas, healthcare, shipbuilding, electronics, and others. Increasing investments in building automation and the development of infrastructure holds a strong growth opportunity for the market. In the forecasted period, the global outlook of cryogenic pumps seems to be more lucrative as competing players are investing and incorporating new developments in technology. It is likely to drive the market growth.


The cryogenic pump market report provides qualitative and quantitative insights on the market and detailed analysis of the market size & growth rate for all possible segments. The market is segmented by type, cryogen type, end-user, and region. By type, the market is divided into positive displacement pumps and centrifugal pumps. Based on the cryogen type, it is categorized into nitrogen, oxygen, argon, and liquefied natural gas. Based on end-user, it is segmented into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and others. Geographically, the global cryogenic pump market has been analyzed into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.


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Along with this, the report provides an elaborative analysis of the cryogenic pump market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments in this market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro and microeconomic factors, SWOT analysis, key industry trends, competitive landscape, and company profiles.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Type



  • Positive Displacement Pump

  • Centrifugal Pump



By Cryogen Type



  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas (LNG)

  • Others



By End-User



  • Oil & Gas

  • Metallurgy

  • Power Generation

  • Chemical & Petrochemical

  • Marine

  • Others



By Region



  • North America (U.S. and Canada)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Europe (UK, Germany, France, Italy, Spain, The Netherlands, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia-Pacific)

  • Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)



INDUSTRY DEVELOPMENT:



  • In December 2019, Elliott Group, a manufacturer and service provider for critical turbomachinery, had expanded its production test facility for cryodynamic products worth USD 60 million in Jeannette, Pennsylvania.

  • In April 2018, Sefco AG expanded its operation in Asia by establishing a new business unit in Shanghai, China. This enabled the company to offer its products in Asia Pacific, resulting in growth in the competitive market.

  • In April 2017, Nikkiso Co., Ltd. announced the acquisition of the 100% shares of the Cryogenic Industries group which includes ACD LLC, Cosmodyne LLC, Cryoquip LLC, and Cryogenic Industries AG. This acquisition aims to leverage the cryogenic equipment business of the company.


Frequently Asked Questions

Fortune Business Insights says that the cryogenic pump market was valued at USD 3.26 billion in 2018.

The global cryogenic pump market is projected to reach USD 5.74 billion in 2026.

The cryogenic pump market is projected to grow at a CAGR of 7.4% in the forecast period.

The market in Asia-Pacific was valued at USD 1.22 billion in 2018.

Based on the cryogen type, the liquefied natural gas (LNG) segment will lead the market during the forecast period.

The market is growing significantly due to the rising demand for LNG from the oil & gas sector and the petrochemical industry coupled with the increasing investments in the metallurgy industry. However, a significant rise in the prices of raw material may act as a restraint.

Nikkiso, Co. Ltd., SHI Cryogenics Group, Flowserve Corporation, Inoxcva, Sulzer, Fives, the Weir Group PLC, Brooks Automation, Cryostar, Phpk Technologies, and Sehwa Tech, Inc. are the top companies in the market.

A cryogenic pump is a vacuum pump that traps gases and vapors by condensing them on a cold surface. It is used in cryogenic temperatures to transfer liquids such as hydrogen, oxygen, argon, nitrogen, and liquefied hydrocarbons, such as methane and natural gas. It is used to circulate coolants in a wide range of applications, including cooling high-temperature superconducting cables or magnets, and as pumps in prototype slush hydrogen applications.

Cryogenic Pump Market Size, Share and Global Industry Trend Forecast till 2026
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