Press release
Cryogenic Pump Market is Rapidly Growing with Huge Application Scope by 2021-2030
Surge in demand for cryogenic pumps across various end-use industries, including healthcare and power generation drives the growth of the global cryogenic pump market. Furthermore, increase in demand for energy and power is predicted to boost the overall demand for LNG, thus driving the cryogenic pump market growth. However, fluctuations in steel manufacturing hinder the market growth. Additionally, an increase in the use of cryogenic pumps to obtain the regenerated energy from an engine's exhaust gases, as well as a rise in the demand for efficient medical gas transportation, is likely to complement market expansion during the forecast period.
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The global cryogenic pump market forecast is segmented on the basis of type, application, and end-use industry, and region.
Based on type, the kinetic pumps segment held the highest market share in 2020, accounting for nearly half of the total share, and is projected to maintain its leadership status during the forecast period. However, the positive displacement pumps segment is estimated to grow at the fastest CAGR of 3.6% from 2021 to 2030.
Based on application, the LNG segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global cryogenic pump market, and is expected to maintain its lead position during the forecast period. However, the hydrogen segment is projected to portray the highest CAGR of 3.7% from 2021 to 2030.
Based on region, North America contributed the highest share in 2020, accounting for nearly two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 3.7% during the forecast period.
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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.
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.
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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