Cryogenic Pump Market Analysis, Business Insights, Top Players, COVID-19 Impact, Growth Factor, Scope, Demand and Forecast by 2023

Global Cryogenic Pump Market Analysis

The global cryogenic pump market is predicted to grow at a 4.02% CAGR over the forecast period, states the new Market Research Future (MRFR) report. A cryogenic pump or cryopump is a vacuum pump which traps vapors and gases by condensing the same on a cold surface. However, these pumps are effective only on some gases; the effectiveness of the pump depends on the boiling and freezing points of the gas, which are relative to the temperature of the cryogenic pump.

Cryogenic pump is a type of vacuum pump that captures gases by condensing them on a cold surface which is at low temperature. Centrifugal and positive displacement are the two types of cryogenic pumps. These pumps provide high pumping speeds for all the gases and store gases as ice. Increased investment in industries such as energy & power, electronics, and healthcare, among others would drive the demand for cryogenic pumps market.

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Various factors are propelling the cryogenic pump market growth. Some of these factors according to the Market Research Future (MRFR) report, include increasing demand from numerous end use industries including healthcare, chemicals, metallurgy, and energy and power, rising LNG production, and burgeoning demand for medical gases in the healthcare industry for diagnosis as well as treatment of different respiratory diseases such as asthma and others.

Cryogenic pump is a vacuum pump used in cryogenic temperatures to transfer cryogenic liquids. These pumps are also used to transfer such cryogenic fluids between containers or from one container to a point of use. The major types of cryogenic pumps, i.e., long shaft cryogenic pumps efficiently transfer liquids cryogens while minimizing heat leak. The applications of these pumps include the circulation of liquid nitrogen for high temperature superconductors and for synchrotron beamline crystal cooling. The main components of cryogenic pumps include a thermal shield, a condensing array, a cold head cylinder, and a low temperature array.

Market Segmentation

The MRFR report provides a complete segmental analysis of the cryogenic pump market on the basis of type, gas, and end use.

Based on type, the cryogenic pump market is segmented into positive displacement and centrifugal. Among these, the positive displacement segment will have the largest share in the market over the forecast period. This is due to its increasing adoption in numerous end use industries including electricals and electronics, healthcare, and others. Positive displacement pumps possess high viscosity and thus cater to applications, which need high pressure.

Based on gas, the cryogenic pump market is segmented into LNG, argon, oxygen, nitrogen, and others. Among these, the LNG segment will dominate the market over the forecast period.

Based on end use, the cryogenic pump market is segmented into electronics, metallurgy, chemicals, energy and power, and others. Among these, the energy and power segment will have the maximum share in the market over the forecast period.

Key Players

Leading players profiled in the cryogenic pump market report include Technex Limited (India), Ruhrpumpen Inc. (Mexico), PHPK Technologies Inc. (US), Nikkiso Cryo Inc. (US), Cryostar SAS (France), Cryoquip Australia, Brooks Automation (US), Fives S.A. (France), Sumitomo Heavy Industries (Japan), Flowserve Corporation (US), and Ebara Corporation (Japan), among others. The key players have used numerous strategies to create a foothold in this market. These include product innovation, partnership, acquisitions, mergers, research and development and much more.

Regional Analysis

Based on region, the cryogenic pump market report covers latest trends and growth opportunities across North America, South America, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA).

Of these, the APAC region will spearhead the market over the forecast period. This is owing to the industrial development in Malaysia, India, China, and other Southeast Asian countries. The APAC region is predicted to grow at the fastest pace owing to the burgeoning energy need, rapid urbanization, and increasing focus on renewable energy generation.

The cryogenic pump market in North America will have a favourable growth over the forecast period. This is due to the increasing demand for cryogenic pumps in the healthcare sector and increasing adoption of products that are technologically advanced.

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This release was published on openPR.