Positive displacement Segment is expected to dominate the market during the forecast periods
One
of the primary drivers propelling the global cryogenic pump market is
continuous technological advancements in pump design, materials, and
manufacturing processes.
According
to TechSci Research report, “Global Cryogenic Pump Market - By Region,
Competition, Forecast & Opportunities, 2028”, The Global Cryogenic Pump Market is expected to register
CAGR of 3.6%. A cryogenic pump is a vacuum pump that
captures gases by condensing them on a cooled surface which is at a very low
temperature of about 120 K. However, the efficiency of the pump is largely
dependent upon the boiling and freezing temperature of the gases involved.
These pumps find wide application in the handling, transportation, and transfer
of cryogenic fluids such as hydrogen, oxygen, nitrogen, argon, and liquefied
hydrocarbons. As the demand for liquid gases increases across various
industries, the usage of cryogenic pumps becomes inevitable. The global demand
for cryogenic pumps is anticipated to expand with a decent CAGR throughout the
forecast period. The increasing demand for cryogenic gases from the energy
& power industry, especially in the oil & gas sector is one of the
major factors that is anticipated to accelerate the growth of the Cryogenic
Pump Market over the analysis period. On the contrary, leakage, and loss of
cryogens is among the major challenges faced by cryogenic pump manufacturers, which
is expected to restrain the growth of the Cryogenic Pump Market during the
forecast period.
Browse
over xx market data Figures spread through 180 Pages and an in-depth TOC on " Cryogenic Pump Market.”
Key market players in the Global Cryogenic Pump Market include:
- Verizon
Communications
- IBM
Corporation
- PTC
- Huawei
Technologies Co.Ltd
- Intel
Corporation
- Robert
Bosch Gmbh
- Honeywell
International Inc.
- Siemens
AG
- Microsoft
Corporation
- Cisco
Systems Inc (Cisco)
Cryogenic
pumps are made from materials such as stainless steel, bronze, carbon steel,
and specialized alloys. Over the years, the prices of iron and other ores have
been rising rapidly, due to which there has been a steady increase in stainless
steel and other metal prices globally. The largest steel producer and
exporter-China-has witnessed volatility in processed metal prices, affecting
many industries. The manufacturing of cryogenic pumps requires high-quality raw
materials, such as stainless steel. The increase in the cost of raw materials
has led to intense competitive pricing among key manufacturers of cryogenic
pumps. The rise in the prices of cryogenic pumps has also led to the growing
preference for small-scale manufacturers in the unorganized market in countries
such as China and India. Hence, volatility in metal prices has become a
restraint for the market.
This
interruption by the unorganized gray market players consequently hinders the
growth of the market. Additionally, leakage and loss of cryogens are among the
major challenges faced by cryogenic pump
manufacturers. The risk of cryogen leakage and the threat of greenhouse
emissions are directly proportional to the number of modular cryogenic
processing plants rising. i.e., as the number of plants increases the risk of leakage
and emission also increases.
Despite
regular maintenance, cryogenic pumps are bound to face issues, which might lead
to leakage and loss of cryogens. These cryogens are not environment-friendly,
and if released in a closed area, they can lead to oxygen deficiency in the
region. Prolonged exposure to cryogen can cause frostbite and damage to the
lungs. 38% of leakage accidents are observed to take place during maintenance,
while the rest happen during the normal course of work. In order to avoid such
instances, cryogenic pump designers, manufacturers, and operators are expected to
be provided with proper leak detection equipment to detect leakages and
emissions while the pump is operating, thus enabling them to take counteractive
measures to control the leakage.
Customers can also request for 10% free customization on
this report.
“Increase
in demand for cryogenic pumps across multiple end-use industries, including
power generation and healthcare is one of the prime factors that drives the
growth of the global market. Moreover, complex industrial processes incorporate
the use of liquid gases, thus fueling the demand for cryogenic pumps at a rapid
pace. In addition, increase in demand for energy and power is expected to drive
the overall demand for LNG, thus arrangements to handle its transportation
boosts the cryogenic pump market growth. Furthermore, increase in usage of
cryogenic pumps to extract the regenerated energy from exhaust gases of an
engine and rise in demand for efficient transportation of medical gases are
some other aspects expected to supplement the market growth during the forecast
period. However, fluctuation in steel production hampers the growth of the
market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Cryogenic
Pump Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
By Type (Positive Displacement Pumps, Kinetic Pumps, and Entrapment Pumps), By
Application (Nitrogen, Hydrogen, Helium, Liquefied Natural Gas(LNG) , and
Others), By End-use Industry (Healthcare Industry, Energy & Power
Generation Industry, Electricals & Electronics Industry, Others), By
Region, Competition 2018-2028 has evaluated the future growth
potential of Global Cryogenic Pump Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Cryogenic Pump Market.
Contact
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