Global Cryogenic Pump Market Anticipates Sustained Growth - Propelled by Renewable Energy and Rising LNG Demand

The cryogenic pump market has exhibited robust growth, escalating from $2.27 billion in 2023 to an estimated $2.42 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 6.4%. This upward trajectory is poised to continue, with projections reaching $3.07 billion by 2028, sustaining a CAGR of 6.2%.

Key Growth Drivers:

Renewable Energy's Ascendance: The surge in electricity generation from renewable sources emerges as a pivotal driver propelling the cryogenic pump market. The utilization of cryogenic pumps in the depressurization of high-pressure gases during power production, a key element in generating electricity from renewable sources, underscores the market's growth. In 2023, the UK witnessed 42.1% of power produced by renewable sources, surpassing both fossil fuels and the previous year's share, showcasing the market's response to the rise in renewable electricity generation.

LNG Demand Surge: The escalating demand for Liquefied Natural Gas (LNG) plays a significant role in driving the growth of the cryogenic pump market. Cryogenic pumps are integral in handling and transporting LNG, maintaining their effectiveness at extremely low temperatures. Notably, UK LNG imports soared to 25.6 bcm in 2022, marking a 74% increase from the previous year, highlighting the pivotal role of cryogenic pumps in catering to the surging demand for LNG.

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Major Players in the Market:
Leading companies shaping the cryogenic pump market landscape include Ebara Corporation, Fives Group SAS, Nikkiso Co Ltd., Parker-Hannifin Polimer Kauçuk San. ve Paz. A.S Technologies, and others. Their contributions and innovations are instrumental in steering the market's trajectory.

Trends and Innovations:

Technological Advancements: Technological innovation stands out as a prominent trend in the cryogenic pump market. Companies are heavily investing in developing cutting-edge technologies to fortify their market position. Edwards Vacuum, a UK-based company, introduced the CTI-Cryogenics On-Board IS 320F XVS cryopump for semiconductor applications, featuring intelligent self-adjusting technology, variable speed motor, and cryogenic heat load compensation for enhanced vacuum performance.

Cutting-Edge Cryopump for Semiconductor Applications: Companies are introducing innovative products to enhance profitability. Edwards Vacuum's launch of the 320F XVS Cryopump caters to semiconductor applications, specifically designed for efficient hydrogen handling, thereby improving process yield and throughput.

Regional Dynamics and Market Segmentation:
Asia-Pacific emerged as the largest region in the cryogenic pump market in 2023, with expectations of being the fastest-growing region in the forecast period.

The cryogenic pump market covered in this report is segmented -
1) By Type: Positive Displacement Pump, Centrifugal Pump
2) By Cryogen Type: Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other Cryogen Type
3) By Orientation: Horizontal, Vertical
4) By End-User: Oil And Gas, Metallurgy, Power Generation, Chemical And Petro Chemical, Marine, Other End-Users"

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Cryogenic Pump Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Cryogenic Pump Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on cryogenic pump market size, cryogenic pump market drivers and trends, cryogenic pump market major players, competitors' revenues, market positioning, and cryogenic pump market growth across geographies. The cryogenic pump market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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