Cryogenic Pumps Market Estimated to Experience a Hike in Growth by 2026

Posted by PratikshaM on July 4th, 2019

Cryogenic Pumps Market: Overview

A cryogenic pump is a vacuum pump that captures gas through surfaces, which are cooled to temperatures below 120K (Kelvin). These pumps offer vacuum pumping methods of choice for several high-vacuum and ultra-high-vacuum applications due to their high pumping speeds, cleanliness, and reliability. They can pump almost all gases, including noble gases, at lower temperatures.

Cryogenic Pumps Market: Drivers & Restraints

The cryogenic pumps market is primarily driven by factors such as increase in use of gases across health care and bioscience facilities and increasing investments in the energy & power sector. Moreover, rising investments in electrical & electronics and oil & gas sectors are also projected to fuel the cryogenic pumps market during the forecast period. However, reduction in steel production hinders the global cryogenic pumps market, as large amounts of industrial gases such as argon, helium, oxygen, and nitrogen are involved in the manufacture of steel and these gases are transported by using cryogenic pumps.

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Cryogenic Pumps Market: Key Segments

The global cryogenic pumps market can be segmented based on type, gas, end-user, and region. In terms of type, the global cryogenic pumps market can be divided into centrifugal displacement and positive displacement. The positive displacement segment is expected to witness growth at the maximum rate during the forecast period. A positive displacement pump is a device that transfers liquids by holding a certain volume of the liquid and displacing it into another pipe. Growing adoption of positive displacement pumps in various end-use industries, such as health care and electricals & electronics, is driving the global cryogenic pumps market.

Based on gas, the cryogenic pumps market can be segmented into nitrogen, hydrogen, argon, LNG, and others. In 2017, the hydrogen segment accounted for the maximum share of the global cryogenic pumps market and is anticipated to maintain its dominance throughout the forecast period. On the other hand, LNG is expected to be the rapidly expanding segment during the forecast period. This can be attributed to increasing use of LNG for power generation in the energy & power industry and growing usage of oil tankers for transportation in the shipbuilding industry.

In terms of end-user, the cryogenic pumps market can be segmented into chemical, health care, energy & power generation, electricals & electronics, metallurgy, and others. The health care segment is expected to register the maximum growth rate during the forecast period. This is primarily because gases such as oxygen, nitrogen, hydrogen, and nitrous oxide and gas mixtures are widely used for medical purposes, research in biotechnology, and drug processing. Cryogenic pumps are utilized to transfer a gas from the transportation system to the storage vessel as a compressed gas. These pumps are also employed to create required high vacuum in proton therapy systems, which are used in the treatment of cancer in order to irradiate the diseased tissue.

Cryogenic Pumps Market: Regional Outlook

Based on region, the global cryogenic pumps market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific led the global cryogenic pumps market in 2017, followed by North America. The global cryogenic pumps market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. High investments in the infrastructure sector and increase in focus on renewable-based electricity generation in Asia Pacific are expected to provide substantial growth opportunities to the global cryogenic pumps market in the region in the next few years. China, India, Japan, and South Korea are major contributors to the global cryogenic pumps market in the region. Europe is another major global cryogenic pumps market. The region is witnessing a shift toward eco-friendly fuel sources such as LNG in order to reduce carbon emissions. This is likely to boost the global cryogenic pumps market in the region during the forecast period.

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Cryogenic Pumps Market: Key players

Key companies operating in the global cryogenic pumps market are Brooks Automation Inc., Linde Group, Ebara Corporation, Nikkiso Co. Ltd., Fives S.A., Flowserve Corporation, Global Tech India Pvt. Ltd., PHPK Technologies Inc., Sumitomo Heavy Industries Ltd., and Technex Limited.