Cryogenic pump is a type of vacuum pump that captures gases by condensing them on a cold surface which is at low temperature. Centrifugal and positive displacement are the two types of cryogenic pumps. These pumps provide high pumping speeds for all the gases and store gases as ice. Increased investment in industries such as energy & power, electronics, and healthcare, among others would drive the demand for cryogenic pumps market.
On the basis of gas segment, the market is segmented as nitrogen, oxygen, argon, LNG, and others. LNG is expected to dominate the market during the forecast period due to its increased demand pertaining to environmental concerns. LNG is useful, particularly for the transportation of natural gas, since LNG takes up about 1/600th of the volume of gaseous natural gas. Considering the type, the market is segmented as centrifugal and positive displacement. Positive displacement pumps would dominate the market due to high viscosity and caters to applications that require high pressure.
The global cryogenic pump market is expected to grow at ~ 4.02% CAGR during the forecast period.
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Market Research Analysis
Asia-Pacific accounts for the largest and fastest market for cryogenic pumps
Region wise, Asia-Pacific held the largest market share of the global cryogenic pump market in 2017. The growth in this region is driven by industrial development in emerging countries such as China, India, Malaysia, and other Southeast Asian countries. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the growing energy need, focus on renewable generation, and rapid urbanization.
Scope of the Report
This report provides an in-depth analysis of the global cryogenic pump market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the cryogenic pump market by its connectivity, type, sector, and by region.
- Positive Displacement
- Energy & Power
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- North America
- Middle East & Africa
- South America
The key players of the global cryogenic pump market are Ebara Corporation (Japan), Flowserve Corporation (US), Sumitomo Heavy Industries (Japan), Fives S.A. (France), Brooks Automation (US), Cryoquip Australia, Cryostar SAS (France), Nikkiso Cryo Inc. (US), PHPK Technologies Inc. (US), Ruhrpumpen Inc. (Mexico), and Technex Limited (India).