Cryogenic Pump Global Market Report 2023

Aug 02, 2023

Major players in the cryogenic pump market are Ebara Corporation, Fives Group SAS, Nikkiso Co., Ltd., PHPK Technologies, Ruhrpumpen Group, SHI Cryogenics Group , Trillium Flow Technologies , Sumitomo Heavy Industries Ltd.

New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cryogenic Pump Global Market Report 2023" - https://www.reportlinker.com/p06433777/?utm_source=GNW , Barber-Nichols , CryoVation LLC., CS&P Technologies LP, KRYTEM Cryogenic Systems , SEHWA TECH INC., Vanzetti Engineering S.p.A. , and Xinxiang Chengde Energy Technology Equipment Co., Ltd.The global cryogenic pump market grew from $2.14 billion in 2022 to $2.26 billion in 2023 at a compound annual growth rate (CAGR) of 5.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The cryogenic pump market is expected to grow to $2.82 billion in 2027 at a CAGR of 5.7%.The cryogenic pump market consists of sales of centrifugal cryo pump, piston or reciprocating cryogenic pumps, and submerged pumps.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.The cryogenic pump refers to a vacuum pump that captures gases and vapors by causing them to condensate on a cold surface.These are critical tools for powering up a variety of operations that use pure and mixed industrial gases.The cryogenic pump is used to handle, transport, and transfer cryogenic fluids.Asia-Pacific was the largest region in the cryogenic pump market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in this cryogenic pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.The main types of cryogenic pumps are positive displacement pumps and centrifugal pumps.The positive displacement pump refers to a mechanical device that displaces liquid by repeatedly enclosing a fixed volume and moving it mechanically through the system in a cyclic pumping action.The gas types are nitrogen, oxygen, argon, liquefied natural gas, and others gas types. The orientations are horizontal and vertical. Oil and gas end-users, metallurgy, power generation, chemicals and petrochemicals, marine, and other end-usersThe rise in electricity generation from renewable resources is expected to propel the growth of the cryogenic pump market going forward.Electricity generation from renewable resources refers to clean energy that is collected from renewable resources such as biomass energy, hydropower, geothermal power, wind energy, and solar energy.Cryogenic pumps are used to generate renewable electricity by the depressurization of high-pressure gases using power production equipment, resulting in the generation of electricity.For instance, in 2020, according to the International Energy Agency, a France-based global energy system intergovernmental organisation, renewable energy use increased by 3% in the year 2020 due to a 7% growth in electricity generation from renewable sources.Therefore, the rise in electricity generation from renewable resources is driving the cryogenic pump market.Technological innovation is the key trend gaining popularity in the cryogenic pump market.Major companies operating in the cryogenic pump market are focused on developing new technological solutions to strengthen their position.For instance, in December 2021, Edwards Vacuum, a UK-based company and provider of cryogenic pumps, launched a new cryopump for semiconductor applications, the CTI-Cryogenics On-Board IS 320F XVS.This product has unique features such as intelligent self-adjusting technology, variable speed motor and control system, and cryogenic heat load compensation that are designed to provide stable, consistent vacuum performance between regenerations.It is a sophisticated system control that ensures better process quality, vacuum consistency, and uptime while also delivering real-time system information for optimal array temperature management.In March 2021, Torishima Service Solutions Europe Ltd., a wholly owned subsidiary of Torishima Pump Manufacturing Co., acquired Cryo Pump Repairs Ltd for an undisclosed amount. Through this acquisition, Torishima Service Solutions Europe Ltd aimed at entering a new market with its pump experience and optimizing synergies. Cryo Pump Repairs Ltd is a Scotland-based company that is experienced in inspecting, maintaining, installing, and commissioning submerged motors and cryogenic pumps for the liquified gas industry for the past 30 years.The countries covered in the cryogenic pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The cryogenic pumps market research report is one of a series of new reports that provides cryogenic pumps market statistics, including cryogenic pumps industry global market size, regional shares, competitors with a cryogenic pumps market share, detailed cryogenic pumps market segments, market trends and opportunities, and any further data you may need to thrive in the cryogenic pumps industry. This cryogenic pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06433777/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________