Cryogenic Pump Market Worth US$ 854 million by 2030

According to a new report published by Allied Market Research, The global cryogenic pump market size was valued at $610.0 million in 2020, and is projected to reach $854.0 million by 2030, with expected CAGR of 3.4% from 2021 to 2030.

The cryogenic pump market refers to the industry involved in the manufacturing, distribution, and sale of cryogenic pumps. Cryogenic pumps are specifically designed to handle and circulate cryogenic fluids, which are substances that are cooled to extremely low temperatures, typically below -150 degrees Celsius (-238 degrees Fahrenheit).

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North America region registered the highest market share and is projected to maintain the same during the forecast period.

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.

Cryogenic pumps find applications in various industries and sectors, including energy, aerospace, research and development, healthcare, and industrial gases. They are used in processes such as cryogenic storage, transportation, liquefaction, gasification, and superconductivity.

Centrifugal cryogenic pumps utilize centrifugal force to transfer cryogenic fluids. They are generally used for larger flow rates and lower pressure applications. Centrifugal pumps offer advantages such as low maintenance requirements and high reliability.

Rise in demand for oil & gas and growth in expansion of energy infrastructure led to increase in demand for cryogenic pumps which, in turn, drives the cryogenic pump market growth.

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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.

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.

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.

Increase in demand for liquid gases at rapid pace across several end-user industries accelerates the market growth.

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The cryogenic pump market is driven by factors such as increasing demand for LNG, growing adoption of cryogenic technologies in healthcare and research, and advancements in cryogenic cooling systems.

The market is also influenced by factors like energy efficiency, environmental regulations, and the development of new applications for cryogenic fluids.

The cryogenic pump market plays a critical role in enabling the safe and efficient handling of cryogenic fluids across various industries. As the demand for cryogenic applications continues to grow, the market is expected to see further advancements in pump technologies and an expanding range of applications for cryogenic fluids.

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.

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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.

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https://www.globenewswire.com/news-release/2022/06/07/2457595/0/en/Cryogenic-Pump-Market-to-Generate-854-0-Million-by-2030-Allied-Market-Research.html

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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