Cryogenic Pump Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast
Major trend identified in the global cryogenic pump market is the rising deployment of these pumps in metallurgy, electronics, and chemicals industries. Besides this, the factor trending in the market is rising investment across power generation sector coupled with inclination toward electricity production from natural gas and renewable resources to cut carbon footprint.
Cryogenic pumps are submersible motor pumps used at cryogenic temperatures to transfer cryogenic liquids. These pumps operate on the principle of closed cycle refrigeration and capture gas through surfaces, which are cooled to temperatures below 120 K.
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On the basis of type, the cryogenic pump market can be categorized into positive displacement pumps, kinetic pumps, and entrapment pumps. Among these, the market for positive displacement pumps is expected to witness the highest growth during the forecast period, owing to their superior properties, including constant flow at various viscosities and pressures.
Cost constraints as well as lack of expertise in handling these devices across the developing nations is expected to serve as a major restraining factor in the growth of the cryogenic pump market. Furthermore, reduction in steel production globally would also hinders the growth of the market.
Robust demand of these pumps across multiple end-use industries such as power generation and healthcare is the prime factor fueling the growth of the cryogenic pump market. Moreover, rising investment for infrastructure development across various developing nations is also driving the demand for these pumps.
When segmented by end-user industry, the cryogenic pump market can be categorized into healthcare, energy and power, electronics, metallurgy, and chemicals. Among various end-user industries for which these pumps are employed, the energy and power category is expected to hold the largest market during the forecast period.
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Some of the major companies operating in the global cryogenic pump market are Sumitomo Heavy Industries Ltd., Sehwa Tech, Inc., Ruhrpumpen Inc., PHPK Technologies, Nikkiso Cryo Inc., Flowserve Corporation, Austin Cryogenics Company, Helix Technology Corporation, and Cryostar SAS.
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