Press release
Cryogenic Pump Market to Hit USD 6.03 Billion by 2027; Vanzetti Engineering (Italy), SEFCO (Switzerland), Phpk Technologies (United States), INOXCVA (India), Flowserve Corporation (United States), Fives (France), Ebara Corporation (Japan), Nikkiso Co., Lt
Recent data from the International Renewable Energy Agency (IRENA) showed that in 2018, global capacity additions of renewables increased by 171 GW, reflecting an annual growth of 7.9% from 2017 levels. Moreover, renewables accounted for nearly 67% of new power generation capacity added in 2018, spearheaded by developing economies of Asia. However, storing surplus power has been a persistent issue in the energy industry. Cryogenic pumps provide an efficient solution for this. Research by the University of Birmingham found that cryogenic storage systems can be easily scaled according to the inflow of electricity from renewables by manipulating the size of the liquefaction unit. The total energy can be captured and stored in larger or smaller containers as per requirement.
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The COVID-19 pandemic has gravely affected industries and businesses around the world. Lockdowns, social distancing, and fear of getting infected have stalled economic activities, disrupting supply chain networks and pushing down demand for goods and services globally. Governments and private sector entities are taking multiple efforts to mitigate the damage caused by this pandemic, but uncertainty is widespread. However, collective strength and unity will help us tide over these hard times. At Fortune Business Insights, we are constantly endeavoring to provide you with comprehensive research on various markets so as to equip your business with the necessary intelligence to emerge victorious on the other side of this crisis.
To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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The report finds that the global market value was at USD 3.49 billion in 2019 and also shares the following:
Detailed analysis of the market drivers, trends, and restraints;
Microscopic examination of the various segments of the market;
Thorough research into the regional developments and prospects influencing the market; and
Exhaustive study of the major market players and their key strategies.
Market Driver
Emergence of “Cold Economy” to Favor Market Growth
Concerns surrounding energy security across various countries have led to a spurt in trade in Liquefied Natural Gas (LNG) worldwide. However, the cold energy stored in refrigerated LNG is usually wasted during the re-gasification process. Recycling this cold waste, according to the University of Birmingham, could give birth to a billion-dollar market by 2025, resulting in the formation of a “cold economy”. Recognizing its vast potential, countries are already taking steps to commercialize this cold waste. For example, the UK is researching and developing next-gen energy technologies with the potential to exploit LNG cold waste – cryogenic expansion engines that are powered by liquid nitrogen or air, providing cold as well as power; and liquid air energy storage systems that can store large amounts of surplus electricity and ensure grid stability. In this developing scenario, cryogenic pumps will find a unique place in the energy industry and the fuel the global market growth.
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Regional Insights
Growing Investments in Renewable Energy to Feed Market Growth in Asia Pacific
Asia Pacific is expected to dominate the cryogenic pump market share during the forecast period on account of rising intensity of investments in renewable energy sources. India and China have made some of the largest capacity additions in renewables in the past few years. In China, LNG imports rose by 41% in 2019 and the country is making remarkable strides in cryogenic technology.
In North America and the Middle East & Africa, widening applications of these pumps for industrial operations is boosting the market. The market in Europe, on the other hand, is being driven by growth of the petrochemicals and oil & gas industries, particularly in France, Italy, and Spain.
Competitive Landscape
Strong Governmental Support to Innovative Projects to Spur Competition
The cryogenic pump market growth is being characterized by the increasing governmental support to novel ventures in the energy & power sector. Companies are exploring avenues to expand and diversify their operations and strengthen their position in the market through groundbreaking innovations.
Industry Developments:
March 2020: China-based Yantai LNG Group secured clearance from the National Development and Reform Commission to construct an LNG terminal in Shandong province. The facility will also be linked to a national pipeline spanning 530kms, which will be built alongside the terminal.
December 2019: US-based Elliott Group inaugurated the site for its new, state-of-the-art cryogenic pump testing facility in Pennsylvania, which will be completed in the next 18 months. The plant will be dedicated to enhanced R&D activities and aid in supplying superior cryogenic pumps to the company’s global clients.
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Detailed Table of Content
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Cryogenic Pump Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Positive Displacement Pump
Centrifugal Pump
Market Analysis, Insights and Forecast – By Cryogen Type
Nitrogen
Oxygen
Argon
Liquefied Natural Gas (LNG)
Others
Market Analysis, Insights and Forecast – By End-User
Oil & Gas
Metallurgy
Power Generation
Chemical & Petrochemical
Marine
Others
Market Analysis, Insights and Forecast – By Region
North America
Latin America
Europe
Asia Pacific
Middle East and Africa
TOC Continued...!!!
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