The Cryogenic Submerged Motor Pumps Market Is Expected To Reach Nearly US$ 2,476.8 Mn By 2032

As per Fact.MR's report, from 2017 to 2021, the global sales of cryogenic submerged motor pumps surpassed US$ 1,762.4 Mn. High application scope of cryogenic gases into marine industry has contributed significantly to the market growth.
During the COVID-19 pandemic, prospects declined significantly, as oil & gas exploration and distribution activities were drastically hampered amid the imposition of lockdowns. Cessation of drilling projects and logistical disruptions led to shortage of supply of natural gas, prompting reduced usage of these pumps. However, as restrictions began easing, exploration activities resumed, prompting a resurgence in market demand.

Additionally, high pump efficiency, easy maintenance, and reliable pump performance with reduced internal leakage are working to the advantage of end users and subsequently raising the share of manufacturers' bottom lines. Thus, the global sales of cryogenic submerged motor pumps are expected to exceed US$ 2,476.8 Mn by registering a CAGR of 3.5% in the assessment period 2022-2032

𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞 𝐓𝐨 𝐠𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐓𝐚𝐛𝐥𝐞 & 𝐅𝐢𝐠𝐮𝐫𝐞𝐬):https://www.factmr.com/connectus/sample?flag=S&rep_id=4836

𝐇𝐨𝐰 𝐡𝐚𝐬 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭𝐞𝐝 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐫𝐲𝐨𝐠𝐞𝐧𝐢𝐜 𝐒𝐮𝐛𝐦𝐞𝐫𝐠𝐞𝐝 𝐌𝐨𝐭𝐨𝐫 𝐏𝐮𝐦𝐩𝐬 𝐌𝐚𝐫𝐤𝐞𝐭?

The global outbreak of coronavirus has caused a devastating impact on the global economy. The cryogenic submerged motor pumps market has also been witnessing major downfall due to uncertainty in end use industries. Key players in end use industries are either cancelling or postponing investments due to economic volatility which may cause global cryogenic submerged motor pumps market to witness sluggish growth.
According to a report from 'The Guardian', investments worth US$ 80 billion are being delayed in the LNG industry due to the COVID-19 pandemic. For instance, in May 2020, Sempara Energy, an energy infrastructure company, announced that it has postponed its plan to build a LNG export terminal in Texas, US until 2021. Such downtrend in the end use industries is poised to hinder adoption of cryogenic submerged motor pumps globally.

𝗞𝗲𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱 𝗶𝗻 𝗖𝗿𝘆𝗼𝗴𝗲𝗻𝗶𝗰 𝗦𝘂𝗯𝗺𝗲𝗿𝗴𝗲𝗱 𝗠𝗼𝘁𝗼𝗿 𝗣𝘂𝗺𝗽𝘀 𝗥𝗲𝗽𝗼𝗿𝘁

By Product
• Centrifugal Cryogenic Submerged Motor Pumps
• Reciprocating Cryogenic Submerged Motor Pumps

By End Use
• Cryogenic Submerged Motor Pumps for Power Generation
• Cryogenic Submerged Motor Pumps for Oil & Gas
• Cryogenic Submerged Motor Pumps for Automotive Industry
• Cryogenic Submerged Motor Pumps for Mining
• Cryogenic Submerged Motor f Pumps or Other End Uses

By Application
• LNG-based Cryogenic Submerged Motor Pumps
• LPG-based Cryogenic Submerged Motor Pumps
• Industrial Gases-based Cryogenic Submerged Motor Pumps

𝐂𝐚𝐭𝐞𝐠𝐨𝐫𝐲-𝐖𝐢𝐬𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬
𝐔𝐬𝐞 𝐨𝐟 𝐋𝐍𝐆 𝐢𝐧 𝐒𝐮𝐫𝐠𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐂𝐫𝐲𝐨𝐠𝐞𝐧𝐢𝐜 𝐒𝐮𝐛𝐦𝐞𝐫𝐠𝐞𝐝 𝐌𝐨𝐭𝐨𝐫 𝐏𝐮𝐦𝐩𝐬 𝐢𝐧 𝐎𝐢𝐥 & 𝐆𝐚𝐬 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲?

Use of cryogenic submerged motor pumps in oil & gas industry is expected to account for majority of the market share. This is attributed to the increased use of LNG and other natural gases, especially in marine industry.
According to Fact.MR's report, adoption by the oil & gas industry is poised to grow at a CAGR of 3.1% during the forecast period. However, current downfall in global oil & gas industry in line with worsening pandemic crisis has caused latency in the global cryogenic submerged motor pumps market.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐂𝐨𝐮𝐧𝐭𝐫𝐲 -https://www.factmr.com/connectus/sample?flag=RC&rep_id=4836

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐔𝐬𝐞 𝐨𝐟 𝐋𝐍𝐆 𝐢𝐧 𝐞𝐧𝐝 𝐮𝐬𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 𝐒𝐮𝐫𝐠𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐂𝐫𝐲𝐨𝐠𝐞𝐧𝐢𝐜 𝐒𝐮𝐛𝐦𝐞𝐫𝐠𝐞𝐝 𝐌𝐨𝐭𝐨𝐫 𝐏𝐮𝐦𝐩𝐬?

Increasing use of liquefied natural gas (LNG) in automotive and marine industry has created significant opportunities for cryogenic submerged motor pump manufacturers, as these pumps are widely used in transportation, loading, and unloading of LNG.
Increased investment in LNG bunker stations across the globe has created huge demand for cryogenic submerged motor pumps. In addition, governments of several countries are encouraging leading LNG market players to invest in their region.
For instance, In July 2018, Japanese government granted subsidy for a LNG bunkering project. The project was launched to conduct a study on LNG bunkering services for ships on the basis of ship-to-ship (STS) transfer model in Tokyo Bay by three companies i.e. Uyeno, Sumitomo, and Yokohama-Kawasaki International Port (YKIP) by signing a MoU.
Such efforts and initiatives are poised to create substantial demand for cryogenic submerged motor pumps. However, halted business operations in LNG industry due to lockdowns triggered by COVID-19 pandemic have caused havoc in the market. Prior to the pandemic, application of cryogenic submerged motor pumps in LNG transportation was projected to grow at a CAGR of 3.8% during the forecast period.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

• In April 2021, Vanzetti Engineering launched VT 3 reciprocating pump. The pump is designed and manufactured in compliance with marine classification standard. Furthermore, the pump is available in triple configuration.

𝐊𝐞𝐲 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐏𝐫𝐨𝐟𝐢𝐥𝐞𝐝:

• Ebara Corporation
• Vanzetti Engineering
• Hunan Neptune Pump Co., Ltd
• Shinko IND., Ltd.
• Cryostar
• CYY Energy
• HuzhouBrightwayCryogenic Equipment Co., Ltd
• Beijing Long March Tianmin Hi-Tech Co., Ltd

𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐀𝐜𝐜𝐞𝐬𝐬 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐨𝐮𝐫 𝐏𝐚𝐲𝐏𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐎𝐩𝐭𝐢𝐨𝐧https://www.factmr.com/checkout/4836

𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐮𝐦𝐦𝐚𝐫𝐲

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of aircraft pumps across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of aircraft pumps during the forecast period. Price point comparison by region with global average price is also considered in the study.

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:

https://www.prnewswire.com/news-releases/peer-to-peer-electric-vehicle-charging-market-to-register-20-cagr-amid-growing-electric-vehicle-sales-301490421.html

https://www.prnewswire.com/news-releases/electronic-shelf-label-market-to-reach-usd-5-2-bn-by-2032--latest-factmr-study-301490430.html

https://www.prnewswire.com/news-releases/burgeoning-pet-ownership-positions-pet-insurance-market-to-exceed-us-45-6-bn-by-2032--301490477.html

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