The market for cryogenic pump is expected to grow at a CAGR of greater than 5% during the forecast period of 2020 – 2025. Factors such as an increase in gas-based power generation and increasing investments in the energy and power sector are likely to drive the cryogenic pump market during the forecast period. Also, the rise in demand for LNG as a fuel in domestic applications is expected to drive the global cryogenic pump market. However, cost constraints and lack of expertise in handling these devices across the developing regions are anticipated to serve as a major restraining factor in the growth of the cryogenic pumps market.
- The positive displacement cryogenic pumps segment is expected to witness significant demand during the forecast period, owing to its adoption in various end-use industries and advantages. - Growing focus towards solar power generation and development of solar PV manufacturing infrastructure can create immense opportunities in the coming years because investments as the cryogenic pumps are majorly used in the manufacturing of solar panels. - Asia Pacific is expected to dominate the market with majority of the demand coming from the countries such as China and India.
- In April 2014, Air Squared, Inc. has created the world’s first small-scale positive displacement cryogenic pump i.e. a scroll pump for cryogenic liquids. The innovation is a compact, reliable, light-weight, and electrically-driven scroll, capable of pumping volatile liquids at extremely low temperatures. - Developed for NASA, the pump is designed to efficiently move low-temperature liquids in zero gravity cryogenic-control devices. With numerous aerospace applications, the design could be used as a fuel pump for liquid hydrogen-fueled aircraft. - Also, cooling system using positive displacement cryogenic liquid pump is considered as one of the major application because, a cooling system employs a single-acting positive displacement bellows pump to transfer a cryogenic liquid such as liquid nitrogen from a storage dewar to a heat exchanger coupled to a measurement chamber of an instrument, wherein cooling takes place by vaporizing the liquid. - In November 2019, Ampco pumps introduced cryo-pump technology for low temperature processing applications. ZP3 series positive displacement designed with highly specialized internal seals for processing at temperature as low as -70°F/ -56°C. - In December 2018, Brightway Cryogenic incorporated Project-4 i.e. the large flow cryogenic reciprocating pump is used to provide gas supply in natural gas pipe network and the clients there applied it to LNG peak shaving station. - Therefore, based on the above-mentioned factors, positive displacement cryogenic pump is expected to witness significant growth, which, in turn, increases the demand for cryogenic pump market during the forecast period.
Asia-Pacific to Dominate the Market Growth
- Asia-Pacific is witnessing huge economic growth due to the development of industrial infrastructure. The demand for shipping and storing liquified natural gas (LNG) is increasing from energy-famished economies such as China, India, and other Asian countries, which in turn is driving the growth of the cryogenic pump market in Asia-Pacific region. - High investments in the infrastructure sector and an increase in focus on renewable-based electricity generation in Asia-Pacific region is expected to provide substantial growth opportunities to the global cryogenic pumps market . - China is one of the major countries which has significant demand in the electronics and semiconductor industry. The manufacturers in China are highly focusing on strengthening their capabilities in the fields of materials, components, and equipment. - In February 2019, Fives Group has been awarded a contract of 9 cryogenic lab pumps for two projects in China. These pumps are expected to be manufactured at Fives Cryomec AG site in Allschwil, Switzerland, and installed in Fujian province (eastern China) and in Inner Mongolia province (northern China). - Also, in December 2019, a working contract notification of BHEL, India had been released regarding servicing of liquid oxygen cryogenic pumps at building no. 12/oxygen plant. - Therefore, based on the above-mentioned factors, Asia-Pacific region is expected to dominate the cryogenic pump market over the forecast period.
Competitive Landscape The global cryogenic pump market is moderately fragmented. Some of the major players includes Sumitomo Heavy Industries Ltd, Fives Group, KSB SE & Co. KGaA, Nikkiso Co., Ltd., and PHPK Technologies Inc.
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