According to the latest report by IMARC group, titled “Cryogenic Pump Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the cryogenic pump market size reached US$ 690.1 Million in 2022. A cryogenic pump is a specialized device designed to handle and transfer extremely low-temperature fluids, typically gases or liquids, in a cryogenic state. Cryogenic pumps are specifically designed to operate in environments where temperatures reach near or below -150 degrees Celsius. Characteristics of cryogenic pumps include their ability to handle low-temperature fluids without compromising performance or reliability. They are designed with materials that can withstand extreme temperatures and resist thermal contraction. Cryogenic pumps often utilize advanced insulation techniques to minimize heat transfer and maintain the low temperature of the fluid being pumped. Key features of cryogenic pumps include their high efficiency, low maintenance requirements, and the ability to handle a wide range of cryogenic fluids, such as liquid nitrogen, liquid oxygen, and liquefied natural gas (LNG). They are often designed to handle high flow rates and can operate in both continuous and intermittent duty cycles. Cryogenic pumps are also known for their reliability and long service life. Cryogenic pumps are extensively used in cryogenic storage and transportation systems for the handling of liquefied gases. In the medical field, cryogenic pumps are employed in cryosurgery and cryopreservation applications. In the energy sector, they play a crucial role in the handling and transfer of liquefied natural gas (LNG) for storage and transportation. Additionally, cryogenic pumps are used in research laboratories for cooling purposes and in the aerospace industry for fueling and propellant transfer in rockets and spacecraft.
Global Cryogenic Pump Market Trends:
The increasing demand for liquefied natural gas (LNG) as a cleaner energy source represents one of the key factors driving the market growth of cryogenic pumps. In addition to this, the expansion of the healthcare industry, coupled with the rising adoption of cryosurgery and cryopreservation techniques are propelling the growth of the market. Moreover, the growth of the aerospace industry, including space exploration and satellite launches, is fueling the market growth of cryogenic pumps. The expanding use of cryogenic storage systems for preserving biological samples, such as stem cells and tissues, is contributing to the market growth. The rising need for cryogenic pumps in the food and beverage (F&B) industry for processes like cryogenic freezing and chilling is driving the market expansion. The expanding use of cryogenic pumps in the semiconductor and electronics industry for cooling electronic components and equipment is propelling the market growth. The development of advanced cryogenic pump technologies, such as magnetic bearings and cryogenic liquid recirculation systems, is driving the market growth. The market is also being driven by the increasing product demand in the electronics industry and the implementation of various government initiatives to reduce carbon emissions. Other factors, such research and development (R&D) activities and the rising demand for superconducting materials and applications, are further driving the market growth of cryogenic pumps across the globe. Looking forward, IMARC Group expects the market to reach US$ 994.5 Million by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.
- Based on the type, the market has been classified into centrifugal pump and positive displacement pump.
- Based on the end use industry, the market has been classified into energy and power generation industry, healthcare industry, electricals and electronics industry, metallurgy industry, chemicals, and others.
- Region wise, the market is divided into North America (United States, Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others); Latin America (Brazil, Mexico, Others); Middle East and Africa.
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Atlas Copco, Cryostar SAS (Linde plc), Ebara Corporation, Fives (Novafives S.A.S.), Flowserve Corporation, Nikkiso Co. Ltd, PHPK Technologies Inc., Ruhrpumpen Group (Corporación EG), Sulzer Ltd., Sumitomo Heavy Industries Ltd and Weir Group PLC.
|Base Year of the Analysis
||Type, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Atlas Copco, Cryostar SAS (Linde plc), Ebara Corporation, Fives (Novafives S.A.S.), Flowserve Corporation, Nikkiso Co. Ltd, PHPK Technologies Inc., Ruhrpumpen Group (Corporación EG), Sulzer Ltd., Sumitomo Heavy Industries Ltd and Weir Group PLC.
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