The global cryogenic pump market size was valued at $610.0 million in 2020, and is projected to reach $854.0 million by 2030, with expected CAGR of 3.4% from 2021 to 2030.Cryogenic pump is a vacuum pump that seize gases by condensation on a relatively cooler surface, which is at a low temperature. The efficiency of the pump majorly depends on the freezing and boiling points of the gases, which are to be transported. Cryogenic pumps find a wide range of applications in handling and transfer of cryogenic fluids such as oxygen, hydrogen, argon, nitrogen, and other liquefied hydrocarbons. The global cryogenic pumps market is projected to grow at a CAGR of 3.9% during the forecast period, owing to the fact that the use of cryogenic pumps is becoming important & inevitable. Moreover, increase in demand for liquid gases at rapid pace across several end-user industries accelerates the market growth.
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The global cryogenic pump market forecast is segmented on the basis of type, application, and end-use industry. As per type, it is classified into positive displacement pumps, kinetic pumps, and entrapment pumps. According to application, it is categorized into nitrogen, hydrogen, helium, Liquefied natural gas (LNG), and others. Depending on end-use industry, it is fragmented into healthcare industry, energy & power generation industry, electricals & electronics industry, metallurgy industry, chemicals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Atlas Copco AB, Ebara Corporation, Cryostar, Fives, Flowserve Corporation, Gemmecotti Srl, Nikkiso Co., Ltd., Ruhrpumpen, SHI Cryogenics Group, and Trillium Flow Technologies.
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The report focuses on the global cryogenic pump market analyis and the major types, gases, and applications where cryogenic pumps are deployed. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for cryogenic pumps in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.
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Impact Of Covid-19 On The Global Cryogenic Pump Market Industry
- The COVID-19 pandemic has curtailed the movement of people, goods, and services across the globe, including most of the regions in which production of cryogenic pump is on large scale. As part of intensifying efforts to limit the spread of COVID-19, a number of local, state, and national governments imposed various restrictions on the conduct of business and travel, including stay-at-home orders and quarantines that led to significant number of business slowdowns and closures. The COVID-19 pandemic negatively impacted the market and is expected to continue to result in a substantial curtailment of business activities, including decrease in demand for variety of goods & services, weakened economic conditions, supply chain disruptions, significant economic uncertainty & volatility in the financial & commodity markets, including the reduction in global demand for oil & gas along with excessive supply of crude oil , due to disagreements between (Organization of the Petroleum Exporting Countries (OPEC), both in the U.S. and abroad. Furthermore, aforementioned activities led to decrease the demand of cryogenic pump and negatively impacted the whole market.
- Manufacturing of cryogenic pump stopped for a specific period due to high peak of COVID-19, which highly impacted the sales of cryogenic pump.
- Sales of cryogenic pump are directly proportional to the demand for oil & gas. . COVID-19 outbreak negatively impacted oil & gas segment amid the lockdown imposed and recorded a huge decline in crude oil prices in 2020, due to the resumed overflow production, However, the continued upstream activities did not impact the demand for cryogenic pump.
- COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation, due to less workforce. Furthermore, there is a sluggish decline in the global cryogenic pump market due to impact of COVID-19.
- Furthermore, import & export activities were significantly impacted, which, in turn, adversely affected the industries using cryogenic pump, thereby affecting the global cryogenic pump market share.
- According to the United Nations Industrial Development Organization(UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries, including electrical and other third-party vendors migrated to their hometowns, due to uncertainties and loss of income during the lockdown. This unavailability or less availability of workforce is expected to directly affect the production and manufacturing activities, thereby resulting in decline in demand for raw materials used in cryogenic pump. This is expected to hamper the growth of the market during the forecast period.
Key Findings Of The Study
- Depending on type, the kinetic pump segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
- As per application, LNG segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
- According to end-use industry, energy & power segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
- Region wise, North America region registered the highest market share and is projected to maintain the same during the forecast period.
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