Cryogenic Pump Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global cryogenic pump market reached a value of US$ 644.34 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 936.48 Million by 2027, exhibiting a CAGR of 6.25% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A cryogenic pump is a vacuum pump that traps, freezes, and absorbs gases by condensing them on cold surfaces at very low temperatures. It is commonly available in kinetic, entrapment, and positive displacement pump variants designed to move coolants and cryogenic liquids. It consists of a vacuum vessel, diffuser, unit displacer, and impellers. The cryogenic pump is manufactured using special elastomers that are hermetically sealed to withstand temperatures and avoid leakage. It is widely used in cooling synchrotron beamline crystals, superconducting cables, and pumps in prototype slush hydrogen applications and refrigeration purposes. It provides high pumping speed, safety against power breakdown and oil contamination. These pumps are cost-effective, which is why they find extensive application across various industries, such as chemical, power generation, electronics, and healthcare.
Cryogenic Pump Market Trends:
The increasing demand for gas-based power generation across the globe is one of the key factors driving the growth of the market. In line with this, the widespread utilization of LPG due to its safety and efficiency in transportation is favoring the market growth. Moreover, various product innovations, such as the introduction of a scroll pump for cryogenic liquids capable of pumping volatile liquids at extremely low temperatures, is providing a considerable boost to the market growth. Additionally, the widespread product adoption in the healthcare industry to deliver and transfer medical gases and create a high vacuum in the proton therapy systems is positively impacting the market growth. Other factors, such as the increasing product demand in the electronics industry and the implementation of various government initiatives across the globe to reduce carbon emission, are creating a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cryogenic pump market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type and end use industry.
Breakup by Type:
Positive Displacement Pump
Breakup by End Use Industry:
Energy and Power Generation Industry
Electricals and Electronics Industry
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Atlas Copco, Cryostar SAS (Linde plc), Ebara Corporation, Fives (Novafives S.A.S.), Flowserve Corporation, Nikkiso Co. Ltd, PHPK Technologies Inc., Ruhrpumpen Group (Corporación EG), Sulzer Ltd., Sumitomo Heavy Industries Ltd and Weir Group PLC.
Key Questions Answered in This Report:
How has the global cryogenic pump market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global cryogenic pump market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cryogenic pump market and who are the key players?
What is the degree of competition in the industry?
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