Cryogenic Pumps Market Expecting An Outstanding Growth of $854 million By 2030

The global cryogenic pump market is projected to reach $854.0 million by 2030, with expected CAGR of 3.4% from 2021 to 2030. Cryogenic pump is a vacuum pump that seize gases by condensation on a relatively cooler surface, which is at a low temperature. The efficiency of the pump majorly depends on the freezing and boiling points of the gases, which are to be transported. Cryogenic pumps find a wide range of applications in handling and transfer of cryogenic fluids such as oxygen, hydrogen, argon, nitrogen, and other liquefied hydrocarbons. The global cryogenic pumps market is projected to grow at a CAGR of 3.9% during the forecast period, owing to the fact that the use of cryogenic pumps is becoming important & inevitable. Moreover, increase in demand for liquid gases at rapid pace across several end-user industries accelerates the market growth.

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The global cryogenic pump market forecast is segmented on the basis of type, application, and end-use industry. As per type, it is classified into positive displacement pumps, kinetic pumps, and entrapment pumps. According to application, it is categorized into nitrogen, hydrogen, helium, Liquefied natural gas (LNG), and others. Depending on end-use industry, it is fragmented into healthcare industry, energy & power generation industry, electricals & electronics industry, metallurgy industry, chemicals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include Atlas Copco AB, Ebara Corporation, Cryostar, Fives, Flowserve Corporation, Gemmecotti Srl, Nikkiso Co., Ltd., Ruhrpumpen, SHI Cryogenics Group, and Trillium Flow Technologies.

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The report focuses on the global cryogenic pump market analyis and the major types, gases, and applications where cryogenic pumps are deployed. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for cryogenic pumps in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

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Covid-19 Scenario:
• Due to the high peak of Covid-19, cryogenic pump manufacturing was temporarily halted, negatively impacting cryogenic pump sales.
• Covid-19 hampered different industrial activities and disrupted the supply chain, affecting all industries. Due to a lack of workers, most businesses have ceased operations. Furthermore, due to the influence of COVID-19, the worldwide cryogenic pump industry is sluggishly declining.
• Furthermore, import and export activities were severely hampered, thereby impacting industries that use cryogenic pumps, thus affecting the global cryogenic pump market share.

Key Findings Of The Study
• Depending on type, the kinetic pump segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• As per application, LNG segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• According to end-use industry, energy & power segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• Region wise, North America region registered the highest market share and is projected to maintain the same during the forecast period.

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