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Cryogenic Pump Market to Display a Steady CAGR of 7.8% by 2028; Increasing Development in the Power Generation Sector and Medical Industry to Propel Growth

July 28, 2021 | Energy & Power

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).


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/cryogenic-pump-market-100824


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. 


Industry Development



  • December 2019: Ebara Corporation seized a groundbreaking ceremony for a novel cryogenic pump analyzing center situated in Jeannette, Pennsylvania. This will deliver extremely dependable pumps to customers around the globe. The building of the new testing center will globally augment the research & development, manufacturing, and supply functions.


List of Key Players Covered in the Market Report



  • Nikkiso Co., Ltd (Japan)

  • SHI Cryogenics Group (Japan)

  • Ebara Corporation (Japan)

  • The Weir Group PLC (Scotland)

  • Fives (France)

  • Sulzer (Switzerland)

  • Flowserve Corporation (United States)

  • Brooks Automation (United States)

  • INOXCVA (India)

  • Cryostar (France)

  • Phpk Technologies (United States)

  • Ruhrpumpen Global (Mexico)

  • SEFCO AG (Switzerland)

  • Sehwa Tech, Inc. (South Korea)

  • Vanzetti Engineering (Italy)


Further report findings



  • The majority of the cryogenic pump market shares are held in the liquefied natural gas sector on account of the enormous usage of the (LNG) liquefied natural gas in several end-user applications. It held a significant share of 43.4% as of 2020.

  • The market is dominated by the Asia Pacific owing to increasing energy demand from gas-based power plants owing to depleting energy resources and stringent regulations for emissions. Asia Pacific stood at USD 1.14 billion in terms of revenue in 2020.


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  By Type; By Cryogen Type; By End-User and By Region



By Type




  • Positive Displacement Pump

  • Centrifugal Pump



By Cryogen Type




  • Nitrogen

  • Oxygen

  • Argon

  • Liquefied Natural Gas

  • Others



By End-User




  • Oil & Gas

  • Metallurgy

  • Power Generation

  • Chemical & Petrochemical

  • Marine

  • Others



By Region




  • North America (By Type, By Cryogen Type, By End-user, By Country)





    • The U.S.

    • Canada





  • Europe (By Type, By Cryogen Type, By End-user, By Country)





    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Netherlands

    • Rest of Europe





  • Asia Pacific (By Type, By Cryogen Type, By End-user, By Country)





    • China

    • India

    • Japan

    • Australia

    • Southeast Asia

    • Rest of Asia Pacific





  • The Middle East & Africa (By Type, By Cryogen Type, By End-user, By Country)





    • GCC

    • South Africa

    • Rest of the Middle East & Africa





  • Latin America (By Type, By Cryogen Type, By End-user, By Country)





    • Brazil

    • Mexico

    • Rest of Latin America




Cryogenic Pump Market
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  • 2017-2019
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