Press release
Cryogenic Pump Market Report 2024: Strategies And Recent Developments | Ebara Corporation, Fives Group SAS, Nikkiso Co Ltd., Parker-Hannifin Polimer Kauçuk San. ve Paz. A.S Technologies
Cryogenic Pump Market Size
The Business Research Company offers in-depth market insights through Cryogenic Pump Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cryogenic pump market size has grown strongly in recent years. It will grow from $2.27 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growth in industrial gas applications (e.g., lng, lpg, liquid nitrogen), expansion of the healthcare and medical gases market, increased demand for cryogenic equipment in aerospace and defense, rising adoption of lng as a cleaner fuel alternative, growth in food processing and cryogenic cooling applications.
The cryogenic pump market size is expected to see strong growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to adoption of hydrogen as a green energy carrier, demand for cryogenic pumps in superconducting applications, growth in biotechnology and pharmaceutical cryopreservation, market growth in emerging economies and developing regions, focus on sustainable and environmentally-friendly cryogenic solutions. Major trends in the forecast period include advancements in energy storage and transportation technologies, technological innovations in cryogenic pump design and efficiency, cryogenic pumps for hydrogen applications, adoption of cryogenic pumps in cryopreservation, integration of variable frequency drives (vfds).
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Market Segmentation:
The main types of cryogenic pumps are positive displacement pumps and centrifugal pumps. The positive displacement pump refers to a mechanical device that displaces liquid by repeatedly enclosing a fixed volume and moving it mechanically through the system in a cyclic pumping action. The gas types are nitrogen, oxygen, argon, liquefied natural gas, and others gas types. The orientations are horizontal and vertical. Oil and gas end-users, metallurgy, power generation, chemicals and petrochemicals, marine, and other end-users
Major Driver - Renewable Energy'S Role In Power Generation Elevating The Cryogenic Pump Market
The rise in electricity generation from renewable resources is expected to propel the growth of the cryogenic pump market going forward. Electricity generation from renewable resources refers to clean energy that is collected from renewable resources such as biomass energy, hydropower, geothermal power, wind energy, and solar energy. Cryogenic pumps are used to generate renewable electricity by the depressurization of high-pressure gases using power production equipment, resulting in the generation of electricity. For instance, in 2023, according to the Government Digital Service, a UK-based government body, in Quarter 2 2023, the percentage of power produced by renewable sources was 42.1%, above both the share produced by fossil fuels (38.8%) and the same quarter the previous year (38.7%). Therefore, the rise in electricity generation from renewable resources is driving the growth of the cryogenic pump market.
Competitive Landscape:
Major companies operating in the cryogenic pump market include Ebara Corporation, Fives Group SAS, Nikkiso Co Ltd., Parker-Hannifin Polimer Kauçuk San. ve Paz. A.S Technologies, Sumitomo (SHI) Cryogenics of America Inc., Trillium Flow Technologies, Barber-Nichols, CryoVation LLC., ChampionX Production Systems Technologies LP, KRYTEM Cryogenic Systems, Sehwa Tech Inc., Vanzetti Engineering S.p.A., Xinxiang Chengde Energy Technology Equipment Co.Ltd., Brooks Automation Inc., Cryostar SAS, Flowserve Corporation, Linde AG, Chart Industries Inc., Cryoquip LLC, Atlas Copco AB, INOXCVA, Hydro-Pac Inc., Pentair plc, Advanced Thermal Products Inc., Acme Cryogenics, Surrey Pumps Ltd., RegO Products, HSME Corp., CIRCOR International Inc., Dk-Tech Corporation, Hangzhou Chuankong General Equipment Co. Ltd., Taylor-Wharton International LLC, ACD LLC
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Top Trend - Innovative Technological Advancements Reshaping The Cryogenic Pump Market
Technological innovation is the key trend gaining popularity in the cryogenic pump market. Major companies operating in the cryogenic pump market are focused on developing new technological solutions to strengthen their position. For instance, in December 2021, Edwards Vacuum, a UK-based company and provider of cryogenic pumps, launched a new cryopump for semiconductor applications, the CTI-Cryogenics On-Board IS 320F XVS. This product has unique features such as intelligent self-adjusting technology, variable speed motor and control system, and cryogenic heat load compensation that are designed to provide stable, consistent vacuum performance between regenerations. It is a sophisticated system control that ensures better process quality, vacuum consistency, and uptime while also delivering real-time system information for optimal array temperature management.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cryogenic Pump Market Characteristics
3. Cryogenic Pump Market Trends And Strategies
4. Cryogenic Pump Market - Macro Economic Scenario
5. Cryogenic Pump Market Size And Growth
…..
27. Cryogenic Pump Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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