Cryogenic Pump Market Segmentation By type Positive Displacement Pumps, Kinetic Pumps, and Entrapment Pumps; By end user Industry, Power Generation Industry, Electricals & Electronics Industry, Metallurgy Industry, and Others
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The Cryogenic Pump Market was valued at $456 million in 2016, and is expected to reach $592 million by 2023, registering a CAGR of 3.9 % from 2017 to 2023. Cryogenic pump can be defined as a vacuum pump that captures gas through surfaces, which are cooled to temperatures below 120 K. These pumps are vacuum pumping methods of choice for various ultra- and high-vacuum applications due to their high pumping speeds, cleanliness, and reliability. They can pump almost all the gases, including noble gases at lower temperatures. The number of molecules, which can be accumulated in a cryogenic pump depend upon a number of physical factors, including the temperature of gas & surface, microscopic roughness of surface, and physiochemical properties of gas & surface.
Cryogenic pumps are increasingly being utilized in production of semiconductor devices, flat-panel display devices, and LED/OLED lighting. Semiconductor devices are produced using number of process steps, including high-k/metal gate physical vapor deposition (PVD), chemical vapor deposition (CVD), rapid thermal processing (RTP), ion implantation, epitaxy, planarization, etch, defect inspection, and patterning/photolithography. Most of these processes need either low temperature or high vacuum, which can be provided by the cryogenic pumps.
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Increase in demand for cryogenic pumps across multiple end-use industries such as power generation and healthcare is one of the prime factors that drives the growth of the global cryogenic pumps market. Moreover, complex industrial processes incorporate the use of liquid gases, which fuels the demand for cryogenic pumps at a rapid pace. The rapid growth in demand for energy and power is expected to drive the overall demand for LNG, and thus arrangements to handle its transportation further boosts the market growth. However, fluctuation in steel production is a major factor anticipated to hamper the growth of the market.
ncrease in usage of cryogenic pumps to extract the regenerated energy from exhaust gases of an engine and rise in demand for efficient transportation of medical gases are some aspects expected to supplement the market growth during the forecast period.
The kinetic pumps segment accounted for 52.3% of the global cryogenic pump market, in terms of revenue, in 2016. The demand for cryogenic pumps has increased due to increase in demand for efficient transportation of gases across several end-use industries.
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The cost of natural gas that was delivered to power generators decline from $5.00 per million Btu in 2014 to $3.23 per million Btu in 2015, which boost the use of natural gas for power generation. Increase in gas-based electricity generation drives the demand for cryogenic pumps, as these pumps are utilized in transferring or exchanging natural gas. According to the U.S. Energy Information Administration, power generation industry is planning to increase natural gas-based electricity generation capacity by 11.2 gigawatts in 2017 and 25.4 gigawatts in 2018. Due to increased capacity more pumps need to be transferred, which is expected to accelerate the growth of the market.
Key Findings of the Cryogenic Pump Market:
The positive displacement pumps segment is anticipated to grow at the highest CAGR during the analysis period.
The hydrogen segment accounted for the highest share in the global cryogenic pumps market, and is anticipated to maintain its dominance throughout the forecast period, growing at a CAGR of 3.4%.
Asia-Pacific is projected to maintain its lead position from 2017 to 2023, growing at a CAGR of 3.3%.
The power generation industry segment occupied for 27.1% of the total market in 2016.
China occupied 31.0% of the Asia-Pacific market in 2016.
France is expected to grow at a significant CAGR of 4.7% during the forecast period.
The major companies profiled in the report include Brooks Automation Inc., Nikkiso Co. Ltd., Linde Group, Ebara Corporation, Fives S.A., Flowserve Corporation, Global Tech India Pvt. Ltd., PHPK Technologies Inc., Sumitomo Heavy Industries Ltd., and Technex Limited.
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