Cryogenic Pump Market Analysis
The global
cryogenic pump market is predicted to grow at a 4.02% CAGR over the forecast
period, states the new Market Research Future (MRFR) report. A cryogenic pump
or cryopump is a vacuum pump which traps vapors and gases by condensing the
same on a cold surface. However, these pumps are effective only on some gases;
the effectiveness of the pump depends on the boiling and freezing points of the
gas, which are relative to the temperature of the cryogenic pump.
These pumps
offer high-speed, clean pumping of gases. They function through adsorption and
condensation of vapors and gases on surfaces held at low temperatures. Positive displacement and centrifugal are the
two types of cryogenic pumps. Such pumps offer high pumping speeds and are widely
used in the healthcare, electronics, and energy and power industries.
Various
factors are propelling the Cryogenic
Pump Market growth. Some of these factors according to the Market
Research Future (MRFR) report, include increasing demand from numerous end use
industries including healthcare, chemicals, metallurgy, and energy and power,
rising LNG production, and burgeoning demand for medical gases in the
healthcare industry for diagnosis as well as treatment of different respiratory
diseases such as asthma and others.
On the
contrary, lack of expertise to handle such devices across various developing
nations, cost constraints, and reduction in the production of steel are factors
that may impede the cryogenic pump market growth over the forecast period.
Cryogenic Pump Industry Segmentation
The MRFR
report provides a complete segmental analysis of the cryogenic pump market on
the basis of type, gas, and end use.
Based on type,
the cryogenic pump market is segmented into positive displacement and
centrifugal. Among these, the positive displacement segment will have the
largest share in the market over the forecast period. This is due to its
increasing adoption in numerous end use industries including electricals and
electronics, healthcare, and others. Positive displacement pumps possess high
viscosity and thus cater to applications, which need high pressure.
Based on gas,
the cryogenic pump market is segmented into LNG, argon, oxygen, nitrogen, and
others. Among these, the LNG segment will dominate the market over the forecast
period.
Based on end
use, the cryogenic pump market is segmented into electronics, metallurgy,
chemicals, energy and power, and others. Among these, the energy and power
segment will have the maximum share in the market over the forecast period.
Regional Analysis
Based on
region, the cryogenic
pump market report covers latest trends and growth opportunities across
North America, South America, Asia Pacific (APAC), Europe, and the Middle East
and Africa (MEA).
Of these, the
APAC region will spearhead the market over the forecast period. This is owing
to the industrial development in Malaysia, India, China, and other Southeast Asian
countries. The APAC region is predicted to grow at the fastest pace owing to
the burgeoning energy need, rapid urbanization, and increasing focus on
renewable energy generation.
The cryogenic
pump market in North America will have a favourable growth over the forecast
period. This is due to the increasing demand for cryogenic pumps in the
healthcare sector and increasing adoption of products that are technologically
advanced.
Key Players
Leading
players profiled in the cryogenic pump market report include Technex Limited
(India), Ruhrpumpen Inc. (Mexico), PHPK Technologies Inc. (US), Nikkiso Cryo
Inc. (US), Cryostar SAS (France), Cryoquip Australia, Brooks Automation (US),
Fives S.A. (France), Sumitomo Heavy Industries (Japan), Flowserve Corporation
(US), and Ebara Corporation (Japan), among others. The key players have used
numerous strategies to create a foothold in this market. These include product
innovation, partnership, acquisitions, mergers, research and development and
much more.
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