NEW YORK, July 1, 2022 /PRNewswire/ -- According to the
latest market research report published by P&S Intelligence,
the global cryogenic pump market is set to surpass
$1,860.1 million by 2030 from
$1,407.6 million in 2021, advancing
at a compound annual growth rate of 3.1% between 2021 and 2030. The
expansion of the market is driven by a rise in the investment in
the power generation industry, along with a preference for
producing electricity from renewable resources and natural gas, to
reduce the carbon footprint.
Dynamic Pumps Witnessing Wide Usage
Dynamic pumps hold an around 79.4% revenue share in the
cryogenic pump market, because of their low maintenance cost, high
efficiency, and longer life. Thus, the rise in the demand for such
pumps from the energy & power, healthcare, and shipbuilding
sectors would aid in the market expansion. Further, sales of these
pumps increased during the COVID-19 epidemic due to the significant
need for medical oxygen across the world.
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Nitrogen Category Will Experience Fastest Market
Growth
The usage of cryopumps using nitrogen will increase at a CAGR of
around 3% in the years to come. This will mostly be due to the
frequent usage of nitrogen gas during maintenance, as well as while
preparing for shutdown and startup at petrochemical and refinery
plants. As a result, cryogenic pumps are increasingly being used to
capture nitrogen gas and its vapor from the surface in several
sectors, including oil & gas, healthcare, and metallurgy.
Geographical Analysis
- APAC generates the highest revenue (over $500 million) in the cryogenic pump market, and
it is set to continue to dominate the domain going forward. The
main reasons for this include the region's increasing urbanization,
expansion of industries such as energy & power and metallurgy
in India, Japan, and China, as well as the rising demand for
energy.
- Europe is the second-largest
market due to its goal of eliminating coal, which is opening
several opportunities for new gas-fired power facilities. The U.K.
has already reduced the share of coal in its energy mix from 40% in
2012 to a mere 1.8% in 2020.
Browse detailed report on Global Cryogenic Pump Market
Analysis, Growth and Demand Forecast Report 2030
Oil & Gas Sector Is Greatest End User
The major end user in the cryogenic pump market is the oil &
gas sector. This is attributed to the increase in natural gas
output brought on by the special chemical, petrochemical, refining,
and fertilizer sectors' growing need for this fuel.
Moreover, the CAGR of the healthcare sector is predicted to be
the highest in the market. This will be largely due to the rapid
development of vaccines and rising investments in this field by
both government and private entities. Moreover, cryogenic gases are
widely utilized in healthcare institutions to preserve bodily
fluids, including blood, cells, and plasma.
Cryogenic Pump Market Report Coverage
By Design
- Submersible
- Non-Submersible
By Type
- Positive Displacement Pumps
- Dynamic Pumps
By Cryogenic Gas
- Nitrogen
- Oxygen
- Argon
- LNG
- Helium
- Hydrogen
By End User
- Healthcare
- Oil & Gas
- Chemicals
- Metallurgy
- Electronics
Regional Outlook
- North America
-
- Europe
-
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
-
- China
- India
- Japan
- Australia
- South Korea
- Latin America
-
- Middle East and Africa
-
- Saudi Arabia
- South Africa
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