Global Cryogenic Pump Market (2022 to 2027) - Evolving Cryogenic Electronics Applications Present Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Cryogenic Pump Market by Orientation, Design (Submersible, Non-Submersible), Type, Cryogen (Nitrogen, Argon, Oxygen, LNG, Helium, Hydrogen), End User (Energy & Power, Chemicals, Metallurgy, Healthcare & Pharmaceuticals) & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global cryogenic pump market is projected to reach USD 1.5 billion by 2027 from an estimated market size of USD 1.2 billion in 2022, at a CAGR of 4.6% during the forecast period.

Owing to the rising demand for cryogenic gases from the metallurgy and energy & power industries, the demand for cryogenic pumps is expected to increase.

Non-Submersible segment dominates the global market

The cryogenic pump market, by design, is segmented into submersible and non-submersible. The non-submersible segment is estimated to be the largest segment of the cryogenic pump market and is expected to retain its dominance throughout the forecast period. The characteristics such as ease of use and accessibility for maintenance have resulted in a higher adoption rate, thus the higher market share.

Energy & Power segment to lead the global cryogenic pumps market

The cryogenic pump market, by end-user, is segmented into energy & power, metallurgy, chemicals, healthcare & pharmaceuticals, and others. The energy & power segment is expected to hold the largest size of the market for cryogenic pump during the forecast period. The rise in E&P activities, especially the activities concerned with mature oil & gas wells, is expected to boost the growth of the market.

Asia Pacific dominates the global cryogenic pumps market in terms of market share and annual growth rate

The Asia Pacific region is estimated to be the largest market for the cryogenic pump market and is also witnessed to have the highest growth rate, during the forecast period. This dominance of the Asia Pacific region in the cryogenic pump market can be attributed to the growing demand for cryogenic pumps from metallurgy and energy & power industries, especially from developing economies such as China and India.

Market Dynamics

Drivers

• High Demand for Industrial Gases from Energy & Power Industry
• Growing Demand for Cryogenic Pumps Across Entire Lng Value Chain

Restraints

• High Capex and Opex Costs Associated with Cryogenic Plants
• Volatile Raw Material Prices and Interference of Gray Market Players

Opportunities

• Evolving Cryogenic Electronics Applications
• Rising Adoption of Cryogenic Energy Storage Systems

Challenges

• Cryogen Leakage from Equipment Leading to Hazards and Greenhouse Emissions

Companies Mentioned

• Atlas Copco Ab:
• Barber-Nichols
• Cryostar
• Cryovation LLC.
• CS&P Technologies
• Ebara Corporation
• Fives Group
• Gemmecotti Srl
• HSR AG
• Nikkiso Co. Ltd.
• Optimex
• PBS Velka Bites
• PHPK Technologies
• Ruhrpumpen Group
• Sehwa Tech, Inc.
• SHI Cryogenics Group
• Sulzer Ltd
• Technex Limited
• Trillium Flow Technologies
• Vanzetti Engineering S.P.A.

For more information about this report visit https://www.researchandmarkets.com/r/kjmtln