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Cryogenic Pump Market

Cryogenic Pump Market Size, Share & Trends Analysis Report

Cryogenic Pump Market Size, Share, Companies & Trends Analysis by Type (Positive Displacement, Centrifugal) By Application (Nitrogen, LNG, Hydrogen, Oxygen, Argon, Helium, Others) By End-User (Healthcare & Pharmaceuticals, Metallurgy, Energy & Power, Electronics, Chemicals, Others) Based on Region, And Segment Forecasts, 2022- 2028

Published
Report ID : BMRC 881
Number of pages : 300
Published Date : Nov 2022
Category : Heavy Industry
Delivery Timeline : 48 hrs

Global Cryogenic Pump Market is valued at USD 1240.6 Million in 2021 and expected to reach USD 1688.3 Million by 2028 with the CAGR of 4.5% over the forecast period.

Scope of Global Cryogenic Pump Market

A cryopump or "cryogenic pump" is a vacuum pump that condenses and traps gases and vapors on a cold surface but is only effective on certain gases. Effectiveness depends on the freezing and boiling points of the gas relative to the temperature of the cryogenic pump. They are sometimes used to trap certain contaminants, for example in front of a diffusion pump to trap backstreaming oil or in front of a McLeod gauge to keep water out. In this work, they are called cryotraps, water pumps, or cold traps, although the physical mechanisms are similar to cryogenic pumps.

The Covid-19 pandemic has negatively impacted the growth of the global cryogenic pump market. Due to the high peak of Covid-19, the production of cryogenic pumps stopped for a certain period of time, which greatly affected the sales of cryogenic pumps. Sales of cryogenic pumps are directly proportional to oil and gas demand. The outbreak of Covid-19 negatively impacted the oil and gas sector during the lockdown and crude oil prices recorded a sharp fall in 2020, as overflow production resumed, however, the ongoing upstream activities did not affect the demand for cryogenic pumps.

The global cryogenic pump market is segmented on the basis of pump functionality, type, application, end-user and region & country level. Based on type, the global cryogenic pump market is classified into positive displacement, and centrifugal. By application, the global cryogenic pump market is classified into nitrogen, LNG, hydrogen, oxygen, argon, helium, and others. By end user, the global cryogenic pump market is classified into healthcare & pharmaceuticals, metallurgy, energy & power, electronics, chemicals, and others.

The regions covered in the global cryogenic pump market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global cryogenic pump is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Key Players of Global Cryogenic Pump Market

Some major key players for the global cryogenic pump market report cover prominent players like

  • Ebara Corporation
  • Sumitomo Heavy Industries Ltd
  • Weir Group PLC
  • Flowserve Corporation
  • Nikkiso Co. Ltd
  • Trillium Flow Technologies
  • Inoxcva
  • Fives Group
  • SHI Cryogenics Group
  • Dover Corporation
  • PHPK Technologies Inc
  • others.

Global Cryogenic Pump Segmentation

By Type

  • Positive Displacement
  • Centrifugal

By Application

  • Nitrogen
  • LNG
  • Hydrogen
  • Oxygen
  • Argon
  • Helium
  • Others

By End-User

  • Healthcare & Pharmaceuticals
  • Metallurgy
  • Energy & Power
  • Electronics
  • Chemicals
  • Others

News

Nikkiso Appointed New Cryogenic Pump Business Development Manager

On August 10th, 2022; Nikkiso Cryogenic Industries' Clean Energy and Industrial Gases Group (NCEIG) announced the appointment of Konstantinos Fakiolas as the new Business Development Manager for the group's Cryogenic Pumps unit, strengthening its range. Bringing with him 24 years of specialization in ship technological applications, Fakiolas' new role will see him manage and implement a global business development strategy to grow and expand the Nikkiso Clean Energy Products portfolio, solutions, and services in the marine market segment.

Edwards Launched New Cryopump

On December 7th, 2021; Edwards Vacuum launched the CTI-Cryogenics On-Board IS 320F XVS Cryopump, a new cryopump for semiconductor applications, aimed at providing the most reliable and best-performing cryopump on the market. The new cryopump was designed to maintain a stable consistent vacuum performance during regeneration and throughout the life of the pump. Providing a constant process vacuum is consistent with improved process yield. With its high hydrogen pumping speed, it is suitable for demanding ion implant applications.

Elliott Invested in New Cryogenic Pump Testing Facility

On December 20th, 2019; Ebara Corp's Elliott Group is building a US$60 million cryogenic pump test facility in Jeannette, Pennsylvania, USA. Elliott held a groundbreaking ceremony for the new facility, located less than a mile from the company's headquarters and main manufacturing complex in Jeannette. This is the largest capital project in Elliott's history. It will consist of six buildings, with a built-up area of about 30,000 square feet on a 13-acre site.

Increasing Demand for Cryogenic Pumps from Chemical and Petrochemical Industries, Rising Investments from Industrial Sector, and Favorable Government Policies are Some Major Factors Driving the Market Growth

One of the major factors driving the growth of the cryogenic pump market is the increasing demand for cryogenic pumps from the chemical and petrochemical industries. Cryogenic pumps are widely used in chemical and petrochemical industries. They have numerous applications such as sulfur recovery units, coal gasification, oxidation processes, cold reactors, and regeneration catalysts. For a long time, the global chemical industry has maintained a steady growth rate, and current market conditions and future projections indicate that this trend will continue for centuries. This is due to the increasing demand for chemicals and chemical solutions from major economies around the world. In addition, the global petrochemical industry is expected to grow at an exceptional rate in the coming years due to increasing demand for petrochemical products such as rubber, dyes, pesticides, etc. According to some reports, the production of petrochemicals is expected to increase.

In addition, the rising investments in the industrial sector are boosting the growth of the cryogenic pump market. Rising investment in metallurgy, healthcare, food and beverage, and electronics industry sectors in developing economies is expected to accelerate demand. Transportation, storage, and reconstitution applications of cryogenic gases, such as nitrogen, argon, oxygen, and LNG, hold a strong potential for market growth. For instance; according to Press Information Bureau, on March 16th, 2022; the Government of India has also undertaken various industrial corridor projects as part of the National Industrial Corridor Program aimed at developing greenfield industrial nodes/regions that can compete with the world's best manufacturing and investment destinations. Hence, along with increasing investment in the industrial sector, there is a need to deploy pumps in various end-use industries, thereby fuelling market growth over the forecast period.

Moreover, favorable government policies are also supplementing the cryogenic pump market growth. Due to favorable government policies aimed at reducing the carbon footprint, global LNG consumption has increased dramatically over the past several years. Moreover, in response to increasing carbon emissions, governments around the world have issued numerous guidelines for the development and use of LNG infrastructure. The policies are significantly driving the expansion of the global LNG market, which is likely to boost the cryogenic pump industry. For instance; on June 29th, 2022; there are more than 170 LNG facilities operating in the US that perform a variety of services.

However, the volatile raw material prices associated with cryogenic pumps may hinder the growth of the global cryogenic pump market. Despite that, increasing use of cryogenic electronics in research studies, superconducting magnet systems, low-temperature detector systems, and infrared array systems may create more opportunities for the further growth of the global cryogenic pump market.

Asia Pacific is Expected to Show a Significant Growth in the Global Cryogenic Pump Market

Geographically, Asia Pacific is expected to show a significant growth in the global cryogenic pump market within the forecast period due to the increasing investments in the oil & gas industry, rising consumption of LPG, and growing development of metallurgy and energy & power industries in this region. Increasing investments in the oil & gas industry are driving the growth of the market. For instance; according to India Brand Equity Foundation, in August 2022; the government adopted many policies to meet the growing demand. 100% Foreign Direct Investment (FDI) is allowed in several sectors including natural gas, petroleum products, and refineries among others. In addition, the rising consumption of LPG is another factor supplementing the market growth in this region. Cryogenic pumps are used to convert gasoline to LPG for transportation, storage, and use of natural fuels in liquid form. For instance; according to International Institute for Sustainable Development, LPG production has almost doubled in the last decade, from 10.6 million tonnes (MT) in FY 2008/09 to 20.4 MT in FY 2017/18.

North America is the fastest-growing region in the global cryogenic pump market due to the increasing industrial infrastructure sector, rising investments in the oil & gas industry, and growing demand for LNG in this region. For instance; on June 29th, 2022; there are more than 170 LNG facilities operating in the US that perform a variety of services.

By Regional & Country Level

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • France
  • Germany
  • Italy

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

Latin America

  • Brazil
  • Mexico

Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa
Report Analysis Details
Historical data 2018 - 2021
Forecast Period 2021 - 2028
Market Size in 2021: USD 1240.6 Million
Base year considered 2021
Forecast Period CAGR %: 4.5%
Market Size Expected in 2028: USD 1688.3 Million
Tables, Charts & Figures: 175
Pages 300
Key Players/Companies Ebara Corporation, Sumitomo Heavy Industries Ltd., Weir Group PLC, Flowserve Corporation, Nikkiso Co. Ltd., Trillium Flow Technologies, Inoxcva, Fives Group, SHI Cryogenics Group, Dover Corporation, PHPK Technologies Inc., and others.
Segments Covered By Type, By Application, By End-User.
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
SUMMARY
VishalSawant
Vishal Sawant
Business Development
vishal@brandessenceresearch.com
+91 8830 254 358
Segmentation
Segments

By Type:

  • Positive Displacement
  • Centrifugal

By Application:

  • Nitrogen
  • LNG
  • Hydrogen
  • Oxygen
  • Argon
  • Helium
  • Others

By End-User:

  • Healthcare & Pharmaceuticals
  • Metallurgy
  • Energy & Power
  • Electronics
  • Chemicals
  • Others
Country
Regions and Country

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherlands
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of MEA
Company
Key Players
  • Ebara Corporation
  • Sumitomo Heavy Industries Ltd
  • Weir Group PLC
  • Flowserve Corporation
  • Nikkiso Co. Ltd
  • Trillium Flow Technologies
  • Inoxcva
  • Fives Group
  • SHI Cryogenics Group
  • Dover Corporation
  • PHPK Technologies Inc.
  • others.

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