Analysis of the Cryogenic Pumps Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Cryogenic Pumps Market by Type (Positive Displacement and Centrifugal), by Cryogen (Nitrogen, Oxygen, Argon, Liquified Natural Gas, and Others), by Design (Submersible and Non-Submersible), by End User (Oil & Gas, Metallurgy, Power Generation, Chemical, Chemicals, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Energy & Power
Report Code - OMR-EP-251
Format: PDF, PPT, and Excel
Cryogenic Pumps Market Overview
A cryogenic vacuum pump condenses gases on a surface at extremely low temperatures. However, the boiling and freezing temperatures of the gases involved significantly affect the pump's effectiveness. Cryogenic fluids, such as hydrogen, oxygen, nitrogen, argon, and liquid hydrocarbons, have several uses for these pumps, including handling, transporting, and transferring these substances. Rising demand from end-use industries such as electric power generation and steel manufacturing drives the industrial and cryogenic gases market expansion. Cryogenic pumps are a growing industry because of the increasing need for electricity and urbanization in developing countries like China and India. Over the projected period, the global demand for cryogenic pumps is expected to increase at a respectable CAGR. A primary driver expected to accelerate the growth of the cryogenic pump market throughout the analysis period is the rising demand for cryogenic gases from the energy and power industry, particularly in the oil and gas sector. Due to strict rules for greenhouse gas emissions, steel price fluctuations have increased the cost of producing the pump. The COVID-19 pandemic impacted the global cryogenic pump industry and associated opportunities due to the decreased availability of crude oil and weakening economic situations. Additionally, the supply chain was disrupted as a result of travel restrictions. Furthermore, these cryogenic kinds' production dropped because of the worldwide lockdown, further exacerbating COVID-19's unfavorable effect on the market for cryogenic pumps.
Cryogenic Pumps Market Growth Factors
Rising Demand for Liquified Natural Gas will Fuel Widening Market Growth
Because of its low environmental impact and ease of delivery, liquefied natural gas is often considered a future fuel. Key elements propelling the adoption of liquefied natural gases are the rapid expansion of pipeline infrastructures, favorable government regulations, and the rising demand for LNG from natural gas. These gases can be kept in liquid form during periods of low energy demand and subsequently gasified and utilized during periods of high energy demand. Liquefied natural gas production has increased dramatically in recent years, driving demand for the product. Power needs have increased throughout the world as a result of rising industrialization and urbanization. There is a growing need for electrical power to support the expanding capabilities of the digital world, and this demand cannot be met by crude oil and coal alone. To maintain power generation in the future using nonrenewable sources, a suitable replacement must be found quickly. Even though there has been a shift toward renewable energy sources like hydro and solar, liquefied natural gas remains a competitive fuel option due to its great potential and low switching costs. Equipment for managing, transporting, and processing liquefied natural gas is in high demand due to the industry's expanding LNG usage. The International Gas Union reports that in 2019, worldwide LNG commerce climbed by 13% to 354.7 million tonnes over the previous year. This is according to the World LNG Report 2020. Increasing LNG commerce across multiple sectors drives the market growth.
Renewable Energy Utilization and Installation to Pump Market Size Towards Sizeable Revenue
One of the key factors predicted to enhance the growth of the cryogenic pump market during the forecast period is the increase in demand for cryogenic pumps across several end-use sectors, such as power generation and healthcare. Using liquid gases in sophisticated industrial processes has also increased the demand for cryogenic pumps. Cryogenic gases see in heavy use in the oil industry. Nitrogen, hydrogen, oxygen, and carbon dioxide are only a few examples of industrial gases used in chemical synthesis to refine oil and gas. Furthermore, nitrogen and carbon dioxide are commonly employed in oil field processes for gas cycling, reservoir pressure maintenance, and gas lift. They are also good injection fluids for enhanced oil recovery (EOR). Other factors expected to contribute to the expansion of the market shortly include the growing need for efficient transportation of medicinal gases and the rising popularity of using cryogenic pumps to recover wasted energy from an engine's exhaust. Semiconductors, superconductors, or a hybrid are all possible foundations for cryogenic electronics (low-temperature or cold electronics). Cryogenic electronics are finding more and more uses. Superconducting power generation, management, and distribution are only a few possible uses for power-conversion circuits. Cryogenic signal-processing systems or sensors will be increasingly necessary for wind tunnel equipment due to rising financial commitments to the renewable energy sector. The market for cryogenic pumps is expected to grow as cryogenic electronics become more widely used in scientific investigations, superconducting magnet systems, low-temperature detection systems, and infrared array systems.
Cryogenic Pumps Industry Segmentation
Type
• Positive Displacement
• Centrifugal
Cryogen
• Nitrogen
• Oxygen
• Argon
• Liquified Natural Gas
• Others
Design
• Submersible
• Non-Submersible
End User
• Oil & Gas
• Metallurgy
• Power Generation
• Chemical
• Healthcare
• Others
Cryogenic Pumps Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
Type Insights
Centrifugal Pumps to Occupy Larger Market Revenue Due to Frugal and Higher Functionality
The market can be split into positive displacement and centrifugal based on type.
As a result of technical benefits such as few moving parts, low maintenance costs, and longer life, centrifugal pumps are expected to maintain their dominant position until 2022. An external motor or engine rotates a centrifugal pump, transferring kinetic energy into a fluid motion. The centrifugal pump can only handle a two-phase (gas-liquid) fluid during pump priming. They are as efficient as positive displacement pumps but have a much simpler construction.
Positive displacement pumps will accommodate wider CAGR growth. A positive displacement cryogenic pump transports fluid by sucking in a fixed volume and forcing it through the pump's discharge orifice. Cryogenic liquid can be transferred from one location to another using these pumps. They are favored in any application that requires precise dosing or high-pressure output and is used to pump fluids with a high viscosity.
Cryogen Insights
LNG-Based Application to Dominate Market Due to Varying Applications
Based on cryogen, the market can be split into nitrogen, oxygen, argon, liquified natural gas, and others.
Liquefied natural gas (LNG) is anticipated to have the fastest growth rate during the anticipated time frame. Fuel gas systems, LNG or CNG stations, vehicle loading & trailer off-loading, bulk transport, and bunkering all use cryogenic pumps. Construction and mining machinery, locomotives, and ships are just some of the end-user sectors that put these gases to good use. Since liquid oxygen is incompatible with some machine parts, its development necessitates meticulous attention to detail. The fact that LNG may be used for various purposes in the industrial and energy sectors is also likely to increase fuel demand in the future. All these reasons contribute to expanding the market for shipping and trading various gases.
Nitrogen-based cryogenic pumps will occupy a sizeable market growth during the forecast. Numerous sectors, including plastics, food, and beverage, increasingly need nitrogen-containing gases. Additionally, nitrogen is also employed in the LNG production process.
Regional Insights
Asia Pacific to Dominate Global Sales Owing to Heavy Investments & Renewable Energy Installations
By geographical segmentation, the market can be fragmented across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The rise of the Asia-Pacific economy is largely attributable to the region's improving industrial infrastructure. Cryogenic pump sales are rising in Asia because of the rising demand for LNG transportation and storage in energy-starved economies like China, India, and others. The worldwide cryogenic pumps market benefits greatly from the rising emphasis on renewable energy sources and heavy spending on infrastructure in the Asia-Pacific region. The demand for electronics and semiconductors is particularly high in China. Chinese factories are investing heavily in expanding their raw materials, components, and machinery capacities. Fives Group won a contract in January 2021 to deliver 13 Cryomec cryogenic centrifugal pumps for an ASU installation in China. To produce over 2,000 tons of oxygen per day, the new ASU will be constructed in the Lingang Economic District of the Tianjin Port Free Trade Zone.
As a result of rising expenditures in oil and gas production and expanding manufacturing facilities, industries are what will drive the demand. The depletion of coal resources has increased the need for LNG-based power plants in North America, making the region a prospective market for LNG exports from the United States and Canada.
The building, development, and transformation of LNG regasification and LNG production factories in Latin America present significant growth opportunities for LNG demand brought on by new investment schemes and innovations, governments, and businesses undertaking investment assignments.
Cryogenic Pumps Industry Analysis
Few existing businesses have created commercial offerings in every category. The market is very competitive and has undergone several technological shifts in recent years with the leading producers in the industry. In the next years, they are anticipated to be market leaders.
Due to the large number of businesses operating within it, competition is fierce. Several regional competitors are also active in important development regions, with a strong presence in North America.
Cryogenic Pumps Market Recent Developments
• In May 2022, the Navier Mk2 engine on the Venture Orbital Systems orbital launcher will be evaluated by the Fives Group.
• In January 2022, Cryostar, an industry leader in cryogenic solutions, has announced that it has acquired NeoVP vertical pumps for the Chinese market. The air separation units will have these pumps installed. Installation and upkeep of NeoVP vertical pumps are simplified, and the pumps' high hydraulic efficiency helps cut down on the unit's carbon footprint and operating expenses.
Global Cryogenic Pumps Market Prominent Players
• Sulzer (Switzerland)
• Nikkiso Co., Ltd (Japan)
• Cryostar (France)
• Ebara Corporation (Japan)
• The Weir Group PLC (Scotland)
• SHI Cryogenics Group (Japan)
• Flowserve Corporation (U.S.)
• INOXCVA (India)
• Phpk Technologies (U.S.)
• Vanzetti Engineering (Italy)
• Fives (France)
Frequently Asked Questions (FAQs)
At what rate will the Cryogenic Pumps Market Expand?
Objective Market Research estimates that the cryogenic pumps market will grow at a CAGR of 5.3% during the forecast period.
What are the factors driving the global Cryogenic Pumps Market?
The global cryogenic pumps market is expected to grow due to contributing factors owing to rising demand for LNG combined with renewable energy installations.
Which segment accounted for the largest Cryogenic Pumps Market share by cryogen?
The LNG cryogen segment will account for the largest market share during the forecast period owing to rising utilization within various industries such as construction and mining machinery, locomotives, and ships.
What region holds the major share in the global market scape?
The region of Asia Pacific will command the largest revenue outburst owing to heavy utilization within the transportation sector and increasing supportive infrastructure.
Which are the dominating players in the market during the forecast period?
Some prominent players in the global cryogenic pumps market are Sulzer (Switzerland), Nikkiso Co., Ltd (Japan), Cryostar (France), Ebara Corporation (Japan), and The Weir Group PLC (Scotland), among others.
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com
Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Increased Utilization of LNG within Various End Use Industries
4.1.1.2. Rising Focus on Renewable Energy Resources
4.1.2. Restrain
4.1.2.1. Higher Initial Costs
4.1.3. Opportunities
4.1.3.1. Advanced Usages within the Semiconductor Industry
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Cryogenic Pumps Market Analysis & Forecast, by Type from 2019-2030 (in USD million) (Units)
5.1. Positive Displacement
5.2. Centrifugal
6. Global Cryogenic Pumps Market Analysis & Forecast, by Cryogen from 2019-2030 (in USD million) (Units)
6.1. Nitrogen
6.2. Oxygen
6.3. Argon
6.4. Liquified Natural Gas
6.5. Others
7. Global Cryogenic Pumps Market Analysis & Forecast, by Design from 2019-2030 (in USD million) (Units)
7.1. Submersible
7.2. Non-Submersible
8. Global Cryogenic Pumps Market Analysis & Forecast, by End User from 2019-2030 (in USD million) (Units)
8.1. Oil & Gas
8.2. Metallurgy
8.3. Power Generation
8.4. Chemical
8.5. Healthcare
8.6. Others
9. Global Cryogenic Pumps Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (Units)
9.1. North America
9.1.1. North America Cryogenic Pumps Market Analysis & Forecast, By Country
9.1.1.1. U.S.
9.1.1.2. Canada
9.1.1.3. Mexico
9.1.2. North America Cryogenic Pumps Market Analysis & Forecast, By Type
9.1.3. North America Cryogenic Pumps Market Analysis & Forecast, By Cryogen
9.1.4. North America Cryogenic Pumps Market Analysis & Forecast, By Design
9.1.5. North America Cryogenic Pumps Market Analysis & Forecast, By End User
9.2. Europe
9.2.1. Europe Cryogenic Pumps Market Analysis & Forecast, By Country
9.2.1.1. Germany
9.2.1.2. UK
9.2.1.3. France
9.2.1.4. Spain
9.2.1.5. Italy
9.2.1.6. Rest of Europe (RoE)
9.2.2. Europe Cryogenic Pumps Market Analysis & Forecast, By Type
9.2.3. Europe Cryogenic Pumps Market Analysis & Forecast, By Cryogen
9.2.4. Europe Cryogenic Pumps Market Analysis & Forecast, By Design
9.2.5. Europe Cryogenic Pumps Market Analysis & Forecast, By End User
9.3. Asia-Pacific (APAC)
9.3.1. Asia-Pacific Cryogenic Pumps Market Analysis & Forecast, By Country
9.3.1.1. Japan
9.3.1.2. China
9.3.1.3. India
9.3.1.4. South Korea
9.3.1.5. Rest of the APAC
9.3.2. Asia-Pacific Cryogenic Pumps Market Analysis & Forecast, By Type
9.3.3. Asia-Pacific Cryogenic Pumps Market Analysis & Forecast, By Cryogen
9.3.4. Asia-Pacific Cryogenic Pumps Market Analysis & Forecast, By Design
9.3.5. Asia-Pacific Cryogenic Pumps Market Analysis & Forecast, By End User
9.4. Latin America
9.4.1. Latin America Cryogenic Pumps Market Analysis & Forecast, By Country/Region
9.4.1.1. Argentina
9.4.1.2. Brazil
9.4.1.3. Rest of Latin America
9.4.2. Latin America Cryogenic Pumps Market Analysis & Forecast, By Type
9.4.3. Latin America Cryogenic Pumps Market Analysis & Forecast, By Cryogen
9.4.4. Latin America Cryogenic Pumps Market Analysis & Forecast, By Design
9.4.5. Latin America Cryogenic Pumps Market Analysis & Forecast, By End User
9.5. Middle East & Africa
9.5.1. Middle East & Africa Cryogenic Pumps Market Analysis & Forecast, By Country/Region
9.5.1.1. South Africa
9.5.1.2. UAE
9.5.1.3. Saudi Arabia
9.5.1.4. Rest of Middle East & Africa
9.5.2. Middle East & Africa Cryogenic Pumps Market Analysis & Forecast, By Type
9.5.3. Middle East & Africa Cryogenic Pumps Market Analysis & Forecast, By Cryogen
9.5.4. Middle East & Africa Cryogenic Pumps Market Analysis & Forecast, By Design
9.5.5. Middle East & Africa Cryogenic Pumps Market Analysis & Forecast, By End User
10. Competitive Landscape
10.1. Market Share Analysis (2022)
10.2. Market Positioning of Top Players (2022)
10.3. Key Developments & Growth Strategies (2020-2022)
10.3.1. Product Launches
10.3.2. Merges, Collaborations & Agreements
10.3.3. Expansion
10.4. SWOT Analysis
11. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
11.1. Sulzer (Switzerland)
11.1.1. Company Snapshot
11.1.2. Business Overview
11.1.3. Financial Data
11.1.4. Key Products Offered
11.1.5. Recent Developments
11.2. Nikkiso Co., Ltd (Japan)
11.3. Cryostar (France)
11.4. Ebara Corporation (Japan)
11.5. The Weir Group PLC (Scotland)
11.6. SHI Cryogenics Group (Japan)
11.7. Flowserve Corporation (U.S.)
11.8. INOXCVA (India)
11.9. Phpk Technologies (U.S.)
11.10. Vanzetti Engineering (Italy)
11.11. Fives (France)
11.12. Others
12. Appendix
12.1. Currency Exchange Rate to USD
12.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain