New Revenue Pockets:
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. The factors driving the growth for cryogenic pump market is the rise in demand for cryogenic pumps from the energy & power industry, especially the oil & gas sector.
Key Market Players:
The cryogenic pump market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global cryogenic pump market include Atlas Copco AB (Sweden), EBARA CORPORATION (Japan), SHI Cryogenics Group (Japan), Nikkiso Co., Ltd. (Japan) And Fives Group (France).
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The cryogenic pump market, by design, is segmented into submersible and non-submersible. The non-submersible segment is expected to be the largest segment for the cryogenic pump market, by design, during the forecast period. However, owing to its versatile nature and higher adoption rate, the submersible segment is expected to grow with the highest CAGR.
The cryogenic pump market, by cryogen, is segmented into nitrogen, argon, oxygen, LNG, helium, hydrogen, and other cryogens. Other cryogens include nitrous oxide, ethylene, and carbon dioxide. The nitrogen segment is expected to hold the largest size of the market for cryogenic pump market. The high demand from the metallurgy industry and the rising demand from the electronics industry for liquified nitrogen is expected to reinforce the growth of the segment.
The cryogenic pump market, by type, is segmented, into centrifugal and positive displacement. The centrifugal segment is expected to hold the largest size of the market for cryogenic pump during the forecast period. The higher market share of the centrifugal segment can be attributed to its superior operational efficiency.
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The Asia Pacific region is estimated to be the largest market for the cryogenic pump market, followed by Europe. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the Asia Pacific cryogenic pump market is expected to be driven by increasing E&P activities, owing to the recovery from the pandemic.