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.
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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.
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.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the cryogenic pump market, namely, :Sumitomo Heavy Industries Ltd. (japan), Ebara Corporation (Japan), Flowserve Corporation (U.S.), Fives S.A. (France), and Brooks Automation Inc. (U.S.). These companies have been the most active in terms of strategic developments from January 2012 to February 2016. Most of these market players are present in Asia-Pacific and North America region, and have been actively participating in competitive developments.
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Steel production is decreasing due to over-capacity, economic slowdown in China, and declining oil & gas prices. This has led to dwindling investments in the steel industry, which is expected to restrict investments in new steel plants. In the steel industry, cryogenic gases are used to create homogenous and durable steel structures. The decrease in global production of steel could impact the demand for cryogenic pumps, which are used for transporting cryogenic gases.