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The global cryogenic pump market size is expected to experience exponential growth by reaching USD 5.57 billion by 2028. This information is presented by Fortune Business Insights™, in its report, titled, “Cryogenic Pump Market Size, Share & COVID-19 Impact Analysis, By Type (Positive Displacement Pump, Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others), and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 3.11 billion in 2020 and is likely to exhibit a CAGR of 7.8% between 2021 and 2028. The increasing development in various fields, especially the medical industry, gives rise to the demand for these pumps and is further expected to bolster market growth during the forecast period.
COVID-19 Impact: Requirement for Liquefied Oxygen to Boost Market Growth
The COVID-19 pandemic bestowed upon the world has affected all the industries majorly. However, the medical industry observed a reverse effect of the pandemic and was seen with booming profit. For instance, as per an article published by The Hindu, on May 2021, Reliance Industries Ltd (RIL) stated that they escalated their production of liquid medical oxygen ranging from 0 to 1000 metric tonnes every single day, which establishes over 11% of the total medically approved liquid oxygen generation of the country. Since the start of the COVID-19 pandemic in India, RIL has supplied more than 55,000 MT of pharmaceutical liquid oxygen to several State governments without any charges. They also transformed nitrogen tankers into transportation trucks to deliver medically approved oxygen through advanced and harmless procedures sanctioned by the regulatory body, Petroleum and Explosives Safety Organization (PESO).
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Caterpillar Inc. Secures Oil & Gas Division of Weir to Brighten its Market Prospects
In February 2021, Weir Group PLC announced that it completed the sales of its oil & gas division to Caterpillar Inc. As per the company, the sale is worth USD 405 million. This marks an exciting strategic step by Caterpillar Inc. to strengthen its position in the lucrative oil & gas industry. The company aims to gain a competitive edge over its rivals and further expand its product portfolio that includes advanced cryogenic pumps across the globe. These initiatives by the companies are expected to bode well for the growth of the market during the foreseeable future.
Rising Demand for Liquefied Natural Gas to Propel Cryogenic Pump Market Growth
Liquefied natural gas is measured as fuel for the future due to its proficiency in transportation and security. It can be suitably deposited during non-demanding times in liquid form and can be used later when there is a spike in demand for energy by the gasification of LNG. It offers a multitude of uses along with advantages, which has resulted in an upsurge in demand for liquefied natural gas. Recently, an enormous escalation in liquefied natural gas production has been observed, which further accelerates the demand for gas. This has resulted in the high demand for equipment to regulate, transport, and manage liquefied natural gas. As per a report of World LNG in 2020, which the International Gas Union issues, the global trade of LNG surged by 13% in 2019 and was valued at 354.7 million tonnes, compared to last year. The growing trade of LNG across numerous industries drives the demand for the market.
Product Launches by Major Companies to Strengthen Their Market Positions
The market comprises small, medium, and large companies striving to maintain their position by introducing innovative cryogenic pumps to cater to the growing consumer demands across the oil and gas sector. Moreover, adopting strategies such as merger and acquisition, facility expansion, and partnership by other key players will contribute to the market growth.
List of Key Players Covered in the Market Report
Further report findings
Table of Segmentation
Value (USD Billion)
By Type; By Cryogen Type; By End-User and By Region
By Cryogen Type