The global cryogenic pump market size is projected to reach USD 6.03 billion by 2027, exhibiting a CAGR of 7.5% during the forecast period. Rising demand for renewable energy is expected to stoke the adoption of these pumps, states Fortune Business Insights™ in its report, titled “Cryogenic Pump Market Size, Share & COVID-19 Impact Analysis, By Type (Positive Displacement Pump and Displacement Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and Regional Forecast, 2020-2027”. Recent data from the International Renewable Energy Agency (IRENA) showed that in 2018, global capacity additions of renewables increased by 171 GW, reflecting an annual growth of 7.9% from 2017 levels. Moreover, renewables accounted for nearly 67% of new power generation capacity added in 2018, spearheaded by developing economies of Asia. However, storing surplus power has been a persistent issue in the energy industry. Cryogenic pumps provide an efficient solution for this. Research by the University of Birmingham found that cryogenic storage systems can be easily scaled according to the inflow of electricity from renewables by manipulating the size of the liquefaction unit. The total energy can be captured and stored in larger or smaller containers as per requirement.
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The COVID-19 pandemic has gravely affected industries and businesses around the world. Lockdowns, social distancing, and fear of getting infected have stalled economic activities, disrupting supply chain networks and pushing down demand for goods and services globally. Governments and private sector entities are taking multiple efforts to mitigate the damage caused by this pandemic, but uncertainty is widespread. However, collective strength and unity will help us tide over these hard times. At Fortune Business Insights, we are constantly endeavoring to provide you with comprehensive research on various markets so as to equip your business with the necessary intelligence to emerge victorious on the other side of this crisis.
Top Players Overview:
- Vanzetti Engineering (Italy)
- SEFCO (Switzerland)
- Phpk Technologies (United States)
- INOXCVA (India)
- Flowserve Corporation (United States)
- Fives (France)
- Ebara Corporation (Japan)
- Nikkiso Co., Ltd (Japan)
- Sehwa Tech, Inc. (Japan)
- Ruhrpumpen Global (United States)
- Cryostar (France)
- Brooks Automation (United States)
- Sulzer (Switzerland)
- The Weir Group PLC (Scotland)
- Sumitomo Heavy Industries, Ltd. (Japan)
Growing Investments in Renewable Energy to Feed Market Growth in Asia Pacific
Asia Pacific is expected to dominate the cryogenic pump market share during the forecast period on account of rising intensity of investments in renewable energy sources. India and China have made some of the largest capacity additions in renewables in the past few years. In China, LNG imports rose by 41% in 2019 and the country is making remarkable strides in cryogenic technology.
In North America and the Middle East & Africa, widening applications of these pumps for industrial operations is boosting the market. The market in Europe, on the other hand, is being driven by growth of the petrochemicals and oil & gas industries, particularly in France, Italy, and Spain.
Strong Governmental Support to Innovative Projects to Spur Competition
The cryogenic pump market growth is being characterized by the increasing governmental support to novel ventures in the energy & power sector. Companies are exploring avenues to expand and diversify their operations and strengthen their position in the market through groundbreaking innovations.
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