The global Cryogenic Pump Market size market was valued at USD 2.03 billion in 2021. By 2030, it is predicted to reach USD 3.23 billion with a CAGR of 5.4% during the forecast period (2022-2030). Asia-Pacific, with emerging economies like China, India, and Japan, commands the largest position in the global cryogenic pump market and is expected to grow at a CAGR of 6.8% during the forecast period.
New York, United States, Aug. 03, 2022 (GLOBE NEWSWIRE) -- A cryogenic pump, also called a vacuum pump, is a device used to trap gases and vapors through condensation on a cold surface. These cryogenic pumps store and maintain gases with a boiling point below -150 degrees Celsius, including oxygen, nitrogen, hydrogen, helium, etc. The demand for cryogenic pumps from the chemical and petrochemical industries to extract gases is a major factor propelling the global cryogenic pump market.
The dynamic cryogenic pump is the most popular and widely used type in the industry due to its advantages, including fewer moving parts, high efficiency, and low installation and maintenance costs. The global cryogenic pump market is segmented primarily on the basis of type and end-use to study the overall market situation. As a result, the global cryogenic pump market is considered one of the few industrial segments growing at a constant rate and will always be present in the profit graph's upper right quadrant due to its widespread industrial applications.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/cryogenic-pump-market/request-sample
Increased Demand for Cryogenic Pumps from Chemical and Petrochemical Industries Drives the Market Forward
Cryogenic pumps are widely used in the chemical and petrochemical industries. They have numerous applications, such as sulfur recovery units, coal gasification, oxidation processes, cool reactors, and regenerate catalysts. For a very long time, the global chemical industry has maintained a steady growth rate, and the current market conditions and future projections indicate that this trend will continue for centuries. This results from the increased demand for chemicals and chemical solutions from major economies worldwide. The volume of sales, production, and production capacity are high in major economies like Asia-Pacific, the Middle East, and North and South America. This explains why these regions exhibit a significant growth rate and are advancing in a positive direction.
In addition, the global petrochemical industry is expected to grow at an exceptional rate over the forthcoming years due to increased demand for petrochemical products such as rubbers, dyes, pesticides, etc. According to some reports, the production of petrochemicals is expected to experience a significant increase in the coming years, particularly in Asia and the Middle East. The cryogenic pumps are also used to convert gasoline to liquid natural gas (LNG) for transportation, storage, and use as a liquid natural fuel. In 2019, international LNG trade increased to 354.7 metric tons, an increase of 40.9 metric tons from 2018. This was primarily due to increased exports from the United States, Russia, Australia, Algeria, and Egypt.
Due to favorable government policies aimed at reducing carbon footprint, global LNG consumption has increased dramatically over the past several years. Moreover, in response to rising carbon emissions, governments worldwide have issued numerous guidelines for developing and utilizing LNG infrastructure. The policies are providing a substantial boost to the expansion of the global LNG market, which will likely stimulate the cryogenic pump industry.
Supportive Government Policies for Cryogenic Pumps Create Umpteen Market Opportunities
With the need for gas extractions in the chemical and oil and gas industries, cryogenic pumps have become necessary. In terms of efficiency, cryogenic pumps are considered a superior option. Understanding the need for gas extraction in these chemical and petrochemical plants and the effectiveness of cryogenic pumps, the government endorses the use of cryogenic pumps for this purpose. Various governments worldwide have recognized the necessity and significance of gas extraction and developed new policies to encourage factories to incubate cryogenic pumps.
In addition, the government has declared subsidies and other financial benefits for cryogenic pump manufacturers and distributors. This initiative by the governing body to meet the needs of the chemical and petrochemical industries is proving to be an excellent one. This creates umpteen opportunities for manufacturers, distributors, and suppliers of cryogenic pumps globally.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
North America, Europe, Asia-Pacific, LAME and Rest of the World
Nikkiso Cryogenic industries ,Atlas Copco ,Elliot Group ,KSB SE & Co ,SHI Cryogenics Group ,Ebara Corporation
Supportive Government Policies Create Myriad Opportunities for Cryogenic Pumps
High Demand for Cryogenic Pumps from Chemical and Petrochemical Industries
Buy Now Full Report @ https://straitsresearch.com/buy-now/cryogenic-pump-market
Asia-Pacific, with emerging economies like China, India, and Japan, is the largest shareholder in the global cryogenic pump market and is expected to grow at a CAGR of 6.8% by 2030. This is accredited to the growing end-use industries in Asia-Pacific, catering to the enormous market demands. Further, urbanization, industrialization, infrastructure development, and investments in building new gas-fired combined cycle power generation plants are expected to fuel the need for cryogenic pumps in Asia-Pacific.
Europe is the second-largest shareholder in the market and is expected to be worth USD 752 million in 2030, growing at a CAGR of 6.9%. Europe is likely to witness an increase in the construction of gas-based power plants in the near future, which is expected to drive the demand for cryogenic pumps in newly built LNG terminals in the region. The UK will be the biggest contributor in Europe, which can significantly boost the market during the forecast period.
North America, with the presence of the US and Canada, has achieved the highest level of development. The increase in the demand for cryogenic pumps in the region is anticipated mostly from the pharmaceuticals and fertilizers industry. Additionally, the reliance on natural gas has increased the demand for cryogenic pumps required for the LNG terminals in the region. Hence, with the increasing number of natural gas-fired power plants, the need for cryogenic pumps is expected to increase during the forecast period.
The global cryogenic pump market size was worth USD 2,039 million in 2021. It is expected to reach USD 3,233 million by 2030, growing at a CAGR of 5.4% during the forecast period (2022–2030).
Type-wise, the global cryogenic pump market is segmented into Dynamic Pump and Positive Displacement Pump. Dynamic Pumps acquire the largest market share and are expected to grow at a CAGR of 4.8% during the forecast period.
End-user-wise, the global cryogenic pump market is segmented into Oil & Gas, Healthcare, and Chemicals. The Oil & Gas industry accounts for the highest market share and is expected to grow at a CAGR of 5.8% during the forecast period.
The global cryogenic pump market is primarily segmented into three major regions, namely North America, Europe, and Asia-Pacific. Asia-Pacific commands the largest position in the global cryogenic pump market and is expected to grow at a CAGR of 6.8% during the forecast period
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/cryogenic-pump-market/request-sample
The major players in the global cryogenic pump market are
Global Cryogenic Pump Market: Segmentation
Value Chain Analysis: Cryogenic Pump Market
Porter’s Five Forces Analysis
Rest of Middle East & Africa
Table of Content and Figure @ https://straitsresearch.com/report/cryogenic-pump-market/toc
In June 2022, Atlas Copco acquired Brook's Semiconductor Cryogenics Business to increase worldwide sales and earn a whopping revenue.
In April 2022, Elliot groups introduced its plans for towering development and acquired Queen’s Dock to register its new venture.
In January 2022, Nikkiso Cryogenic industries signed new business agreements with LEWA and Geveke for its business expansion.
Asia-Pacific — The Largest Shareholder of the Global Refrigerants Market
Increasing Demand for Energy Efficient Devices is Driving the Global Metal Hydride Market Growth
Have a Look at the Related Research Report
Geothermal Heat Pumps Market: Information by Type (Closed-Loop, Open-Loop), Application (Residential, Commercial, Industrial), and Region — Forecast till 2030
Heat Pump Market: Information by Type(Air source heat pumps,Water source heat pumps), End User(Industrial, Residential, Commercial), and Region — Forecast Till 2026
Magnetic Drive Pump Market: Information by Type (Stainless Steel, Reinforced Polypropylene, Polyvinylidene Fluoride), Product, Flow Rate, Application, and Region — Forecast till 2029
About Straits Research Pvt. Ltd.
StraitsResearch is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
Homeowners beware. But don't panic, either.
On Wednesday, the Fed bumped up interest rates again, its third 75-basis point hike since June, and signaled that there could be two more such hikes by the end of this year. The conventional wisdom has the Fed acting properly, and aggressively, in an attempt to counter inflation raging at 40-year high levels. But conventional wisdom isn’t always right – and we can learn a lot by consulting the contrarians. Few top investors are more contrarian than Cathie Wood. The founder and manager of ARK Inv
KEY WORDS “I think we’re giving Powell too much praise. … The last two years are one of the biggest policy mistakes in the 110-year history of the Fed by staying so easy when everything was booming.
And what it means for your wealth-building options.
“We printed up too much money, and just thought the party would never end,” Icahn said, adding that with the Fed raising rates to fight inflation, "the party's over."
Warren Buffett’s long-term investment strategy has proven to be successful through virtually all market conditions over the past several decades – recession, high inflation and deflation. If there’s one thing that’s made Buffett one of the most successful investors in history, it’s his commitment to his strategy. A countless number of new investment techniques and algorithms have come and gone over the years, but Buffett has maintained his relatively simple strategy of picking solid companies an
The shipping company has developed a reputation as one of the best dividend stocks around
The hedge fund legend has spoken. Pay attention.
AT&T has been crushed this year, down more than 40% from its high. But now the stock nears a key area on the charts with a 7% dividend yield.
Novavax, Inc. stock is trending on the Yahoo Finance Platform. Here is a visualization of $NVAX performance over time, how that performance compares to the wider industry, and analyst projections for the current quarter.Check out the ticker page here.
At a companywide all-hands meeting this week, Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) chief Sundar Pichai juggled tough questions from employees regarding cuts to travel and entertainment budgets, managing productivity, and potential layoffs. Employees questioned why Google is "nickel-and-diming employees" by cutting travel and swag budgets despite record profits and substantial cash reserves as it did after the pandemic. Pichai emphasized acting responsibly to tide through such critical sit
Workers questioned Google execs earlier this year after the company's 'Googlegeist' survey results came out.
Multiple insiders secured a larger position in Intel Corporation ( NASDAQ:INTC ) shares over the last 12 months. This...
As much as stocks are falling, moves in another financial market have even more profound implications for the global economy.
Companies like Microsoft, Chevron, and Becton Dickinson offer rising dividends and defensive growth in a tough market.
Shopify Inc. stock is trending on the Yahoo Finance Platform. Here is a visualization of $SHOP performance over time, how that performance compares to the wider industry, and analyst projections for the current quarter.Check out the ticker page here.
Goldman finally decided to stop fighting the Fed and no longer sees the index finishing the year at 4300.
LONDON (Reuters) -Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, sending sterling and British government bonds into freefall. Kwarteng scrapped the country's top rate of income tax, cancelled a planned rise in corporate taxes and for the first time put a price tag on the spending plans of Prime Minister Liz Truss, who wants to double Britain's rate of economic growth. Investors dumped short-dated British government bonds as fast as they could, with the cost of borrowing over five years seeing its biggest one-day rise since 1991, while the pound slumped more than 3% against the dollar to levels last seen 37 years ago.
Yahoo Finance reporter Alexandra Semenova breaks down Cathie Wood's decision to hand off her role as portfolio manager on two ETFs.
Shares of Carnival (NYSE: CCL), the world's biggest cruise line operator, were sliding today, in line with a broad market sell-off on fears of rising interest rates and a recession. For the third day in a row, stocks sank after the Federal Reserve raised the fed funds rate by 75 basis points, and Fed chair Jerome Powell said the central bank would continue to raise rates to rein in inflation, even if it means rising unemployment and an increased risk of a recession. The slide in the stock market over the last few days seems to reflect investors' view that the chances of a recession have increased, and that's bad news for travel stocks like Carnival, as travel, and vacations like cruising, are especially vulnerable.