The "Cryogenic Pump Market" is expected to reach USD 1.96 Billion by 2021, at a CAGR of 3.28% from 2016 to 2021. The growth of this market is attributed to increasing demand for LNG from sectors such as power generation and domestic & commercial fuel and demand for medical gases in healthcare facilities. Moreover, the global cryogenic pump market is projected to witness high growth on account of rising power generation from renewables, which would result in reduction of carbon emissions.
Among various applications for which cryogenic pumps are employed, the energy and power segment is expected to be the largest market. Cryogenic pumps are generally used to handle, transfer, and supply liquefied gases such as oxygen, nitrogen, LNG, and argon, among others. Increasing deployment of cryogenic pumps in the energy and power industry is likely to drive the cryogenic pump market in the energy and power application market.
Positive displacement cryogenic pump is projected to be the highest growing segment on the basis of type of cryogenic pumps from 2016 to 2021. The reason behind the same would be increasing use of positive displacement pumps in end-use industries such as energy and power, shipbuilding, food & beverage, and healthcare, given its compact size. Asia-Pacific is the largest market for positive displacement cryogenic pumps, due to increasing energy demand in the region.
Asia-Pacific region held the majority of market share in 2014, followed by Europe and North America. In terms of individual countries, Qatar and India are expected to show high growth potential in 2016. This growth can be attributed to increasing investments in the infrastructure sector in Qatar and growing focus towards renewable-based electricity generation in India. Asia-Pacific houses major LNG importers such as China, India, and Japan along with some of the key importers of natural gas. Hence, the region is expected to dominate the global demand for cryogenic pumps during the forecast period.
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Liquefied Natural Gas: Highest growing market by cryogenic gases
The LNG cryogenic gas market is expected to grow at the highest CAGR from 2016 to 2021. This growth is attributed to increased demand for LNG pertaining to environmental concerns. LNG can be very useful, particularly for the transportation of natural gas, since LNG takes up about 1/600th the volume of gaseous natural gas. The demand for LNG is the highest in Asia-Pacific, making the region a high potential market for cryogenic pumps designed for transportation of LNG.
Positive Displacement: Highest growing market by type
The positive displacement cryogenic pump market is expected to grow at the highest CAGR during the forecast period. The growth is attributed to increasing use of positive displacement pumps in Asia-Pacific, Europe, and North America. Moreover, positive displacement pumps have constant flow at various viscosities and pressures. This feature is likely to contribute to the growth of the positive displacement cryogenic pumps market.
Asia-Pacific: The largest market for cryogenic pump
The Asia-Pacific region is estimated to be the largest market for cryogenic pumps in 2016, driven largely by developments in growing economies such as China, India and other Southeast Asian countries. These developments are due to growing energy need, focus on renewable generation, and rapid urbanization. Moreover, these regions are being drawn towards tapping eco-friendly fuel sources such as LNG in order to reduce carbon emissions, which is likely to boost the cryogenic pump market in the region.
Stakeholders:
- Cryogenic pump manufacturers, dealers, and suppliers
- Cryogenic gases/liquid merchant producers, suppliers, and dealers
- Cryogenic plant developers and service providers
- Liquefied Natural Gas (LNG) dealers
- Oil & gas companies
- Consulting companies in the energy and power sector
- Cryogenic and cold storage associations
- Power and energy associations
- Investment banks
Scope of the Report:
By Type
- Centrifugal
- Positive Displacement
By Cryogenic Gases
- Nitrogen
- Oxygen
- Argon
- LNG
- Others
By End-User
- Energy & Power
- Metallurgy
- Chemicals
- Electronics
- Others
By Region
- Asia-Pacific
- Europe
- North America
- South America
- The Middle East
- Africa
The leading players in the industry, based on their recent developments and other strategic industrial activities, include Sumitomo Heavy Industries Ltd. (Japan), Ebara Corporation (Japan), Flowserve Corporation (U.S.), Fives S.A. (France), and Brooks Automation Inc. (U.S.).
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