Cryogenic Pump Market Size, Share & Trends Estimation Report By Type (Positive Displacement Pump, Centrifugal Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Other), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, Others), By Region, And Segment Forecasts, 2023 - 2030
The Global Cryogenic Pump Market Size Was USD 3.41 Billion In 2021. The Market Is Projected To Grow From USD 3.62 Billion In 2022 To USD 6.64 Billion In 2030, at a CAGR of 9.06% During The Forecast Period.
Cryogenic Pump Market Overview:
The effects of COVID-19 on the world have been unprecedented and shocking. For example, demand for cryogenic pumps is lower than expected in all regions compared to levels before the pandemic. Based on our research, the global market was 3.9% smaller in 2020 than it was in 2019.
Cryogenic pumps are used to make, handle, and work in temperatures as low as -1200 C. They can also be used to keep things cool. One of the biggest factors is the growing demand for LNG, which is used to make electricity and fuel for homes and businesses. Also, the demand for medical gases in hospitals and for electricity made from renewable resources is growing.
Market growth will be boosted by the rising demand for liquefied natural gas
Liquefied natural gas is seen as a fuel for the future because it is safe and easy to move. Liquefied natural gases are becoming more popular because pipelines are being built quickly, government policies are helping, and the demand for LNG made from natural gas is growing. When energy demand is low, these gases can be stored in liquid form. When energy demand is high, liquid natural gas can be turned into gas and used. Liquefied natural gas production has grown a lot in recent years, which is pushing the market for it even more.
As the market for liquefied natural gas has grown, so has the market for equipment to control, transport, and handle liquefied natural gas. According to the World LNG Report 2020, which was put out by the International Gas Union, the amount of LNG traded around the world rose by 13% in 2019 to 354.7 million tonnes. The market is driven by the growing trade of LNG in many different industries.
Using more liquefied natural gas to make electricity will help the market grow.
Industrialization and urbanization are making the world's need for power go up. The growing number of digital functions needs a lot of electricity, which can't just come from crude oil and coal. The nonrenewable sources are running out quickly, so we need to find a quick replacement with the same amount of power quickly. Even though renewable energy sources like hydro and solar are becoming more popular, liquefied natural gas has the most potential and the lowest switching costs, making it a good fuel for power generation.
One of the main things that is expected to drive the market is the growing need for power from power plants that run on LNG. Solar-based power generation and the development of solar photovoltaic infrastructure are also becoming more popular. This opens up a lot of opportunities for these types of pumps, since they are mostly used to make solar panels.
More investment from the industrial sector will help the way the market moves.
Growing investments in industries like metallurgy, healthcare, food and beverage, and electronics in developing economies are expected to speed up the demand. Cryogenic gases like nitrogen, argon, oxygen, and LNG can be used to transport, store, and re-gasify. These uses have a lot of growth potential for the market. The World Investment Report 2020, which was put out by the United Nations, says that Asia gets the most foreign direct investment (FDI), which will drop by 4.95 percent to USD 473.8 billion in 2019.
Also, with USD 141 billion in FDI investment, China is the largest developing economy in Asia. Also, Africa gets 3% of FDI investments worth USD 45 billion, which is a lot. So, increasing investment from the industrial sector creates a need for pumps to be used in a variety of end-use industries, which will drive the growth of the market over the next few years.
The market will be driven by the growing need for oxygen in the medical sector during COVID-19.
As the number of COVID-19 cases around the world rises, more oxygen cylinders are needed in hospitals and at home for people who are very sick with the disease. This increase in the need for oxygen has helped the market for making and moving oxygen. To meet this need, the amount of oxygen being made has gone up by a lot, which means that more cryogen-type oxygen pumps are needed. As a result of the second wave of the COVID-19 pandemic, there is more demand for oxygen cylinders. This is likely to increase the demand for these types of pumps around the world.
Prices of raw materials will go up, which will slow market growth.
The cryogenic pump has parts like a drive shaft, an outer pressure containment tube, and an intermediate static support tube made of stainless steel. But changing and replacing the materials of the parts with a glass/epoxy composite makes it more important to improve the pump's efficiency. Due to strict rules about greenhouse gas emissions, steel prices have been going up and down, which has led to less steel being made, which has increased the cost of making the pump.
Cryogenic liquids or refrigerants are expensive, so most of the time, only high-speed pump systems, which are more expensive, make economic sense. The growth rate of the market is thought to be hurt by this economic factor. Also, less money is being put into the steel industry because China's economy is slowing down and the price of oil and gas keeps going up and down. This has led to less money being put into new steel plants and is also slowing down the market, since these pumps are used to move gases that are very cold.
By Type Analysis:
Positive displacement pumps and centrifugal pumps are the two main types of pumps in the world market.
Centrifugal pumps have the most market share right now because they have technical advantages like few moving parts, low maintenance costs, and a longer life. A centrifugal pump moves fluid by turning the rotational energy from an outside motor or engine into the energy needed to move the fluid. During pump priming, the centrifugal pump can only work with a fluid that has both a gas phase and a liquid phase. They are easy to make and get the same amount of work done as a positive displacement pump. It has a large capacity and a low head. It can be made out of different materials, such as plastic, cast iron, and stainless steel, and can be designed to fit the needs. Because of these benefits, centrifugal pumps are being used more and more in the oil and gas industry, the food and beverage industry, the steel industry, and metal and mining.
A positive displacement cryogenic pump moves fluid by catching a constant amount of it and forcing it through the discharge pipe. These pumps are made to move liquids that are very cold from one place to another. They are used to pump fluids with a high viscosity and are the best choice when precise dosing or high pressure output is needed.
By Cryogen Type Analysis:
The global cryogen market can be mostly divided into nitrogen, oxygen, argon, liquefied natural gas, and other types.
Most of the market is being used in the liquefied natural gas sector right now because it is used so much in different end-user applications.
But since industries like welding and refractories need more argon for energy, the argon segment is likely to grow.
Nitrogen is also in high demand because it is used in many industries, such as plastics, food and drink, and others. In addition, nitrogen is also used to make LNG.
With the number of gas-to-liquid projects growing all over the world, we can expect the other cryogen-type segments to grow at a very high rate.
By End-User Analysis:
The global market is divided into oil & gas, metallurgy, power generation, chemical & petrochemical, marine, and other.
The oil and gas segment, which includes pumps for oil and gas activities that use cryogenic liquefied natural gas, has the largest share of the market because these pumps are used in every gas-to-liquid process in the oil and gas industry.
Cryogenic gases like nitrogen and other gases are used in large amounts in the metals industry when making metals. Nitrogen is the most used cryogenic gas in the business world because it is used as a high-pressure gas to cut steel and other metals with lasers.
Most of the time, the marine industry is used to move and store cryogenic liquid from one place to another. Because of this, the maritime industry needs more cryogenic liquid storage tanks and vessels to meet the growing demand for LNG from different parts of the world.
The Asia-Pacific region has most of the world's market. Gas-powered power plants need more of these pumps because their energy sources are running out and they have to follow strict rules about emissions. Also, more people are becoming aware of the need for clean power generation from gas-based power plants, and the government is doing more to make this happen. Healthcare, food and beverage, and steel companies are also investing more, which will help the region grow.
North America also has a big share of the market for cryogenic pumps around the world. The demand will be driven by more investment in the oil and gas industry and growth in the industrial infrastructure sector. Also, the U.S. and Canada could be a market for LNG exports in the area. As coal resources run out, more LNG-based power plants are needed, which drives market demand.
The need for the market is driven by the fact that Europe is paying more attention to developing a clean energy source. This increases the demand for LNG and decreases the number of reloading cargoes at European import terminals.
LNG demand could grow in Latin America because of new investment plans and innovations, as well as the fact that governments and businesses are investing in building, developing, and changing LNG regasification and LNG production factories.
The Middle East and Africa are the most important places for oil and gas business because they deal and produce more natural gas. The energy needs of Gulf countries in the Middle East are growing the fastest because people are using more power, the weather is unpredictable, and industries are growing quickly.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 9.06% from 2023 to 2030|
|By Chemical Type||
|By Cryogen Type||
|Reasons to Purchase this Report||
- January 2022 – Cryostar, specialist in cryogenic solutions, announces the receipt of NeoVP vertical pumps for the Chinese market. This pump is installed in an air separation unit. NeoVP vertical pumps are designed to be easy to install and maintain, and are also hydraulically efficient, reducing the unit's carbon footprint and energy costs.
- April 2021 - Nikkiso Co., Ltd. announced a new facility adjacent to its primary production test site to increase production efficiency and functionality of cryogenic submersible electric motor pumps specifically for the LNG market. The facility is also expected to facilitate customers' remote site witness testing.
- Positive Displacement Pump
- Centrifugal Pump
By Cryogen Type:
- Liquefied Natural Gas
- Oil & Gas
- Power Generation
- Chemical & Petrochemical
- Nikkiso Co., Ltd (Japan)
- SHI Cryogenics Group (Japan)
- Ebara Corporation (Japan)
- The Weir Group PLC (Scotland)
- Fives (France)
- Sulzer (Switzerland)
- Flowserve Corporation (U.S.)
- INOXCVA (India)
- Cryostar (France)
- Phpk Technologies (U.S.)
- Vanzetti Engineering (Italy)