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The cryogenic pump market size is projected to grow from USD 3.90 billion in 2023 to USD 7.51 billion by 2030. As per a report by Fortune Business Insights™ titled, “Cryogenic Pump Market Size, Share & COVID-19 Impact Analysis, By Type (Positive Displacement Pump and Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, and Other), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and Regional Forecast, 2023-2030”, the market stood at USD 3.65 billion in 2022. It is set to exhibit a CAGR of 9.81% during 2023-2030.
Cryogenic pumps are capable of producing, maintaining, and operating in temperatures as low as -1200 C. Moreover, they are commonly used for refrigeration applications. This market is primarily driven by the increasing demand for Liquefied Natural Gas (LNG) in the power generation and domestic and commercial fuel sectors. Also, the increasing demand for medical gases within healthcare settings and the generation of electricity from renewable energy sources are set to augment market growth.
Stringent Restrictions Hindered the Market Growth during Pandemic
The coronavirus pandemic had a devastating impact on all sectors of the global economy. Industries experienced considerable losses in productivity due to the implementation of stringent regulations, such as national restrictions, in order to contain the virus. Consequently, the pandemic impacted the demand for pumps.
Atlas Copco Acquired CPC Pumps International to Strengthen the Its Product Portfolio
In August 2021, CPC Pumps International was acquired by the Atlas Copco. The acquisition strengthened the product portfolio of the Atlas Copco. The acquisition also helped in the enhancing the market position of the company.
Increasing Rate Of Industrialization And Urbanization To Augment Market Growth
Increasing rate of industrialization and urbanization has given rise to the need for power. With the depletion of non-renewable sources, there has been a need for substitute which is equally able to provide power generation in the future. The growing demand for power generation from LNG-based power plants is also one of the key factors impacting the market growth positively.
On the other hand, high prices of the raw materials to hamper the market growth.
Leading Market Players Have Been Investing in R&DC Activities To Increase the Customer Reach
The market has been experiencing numerous technological advancements. Ebara Corporation, Nikkiso Co., Ltd, and Fives are the leading manufacturers which have been investing highly in the research and development activities of pumps and to have widening customer reach.
Notable Industry Development:
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List of the Companies Profiled in the Report:
Further Report Findings:
Table of Segmentation:
CAGR of 9.81% from 2023 to 2030
Value (USD Billion)
By Type, By Cryogen Type, By End-user, and By Regio
By Cryogen Type