<p class="media-heading rep-det-title">Cryogenic Pump Market by Type (Positive Displacement Pumps, Kinetic Pumps, and Entrapment Pumps), Application (Nitrogen, Hydrogen, Helium, Argon, and Others), and End-Use Industry (Healthcare Industry, Power Generation Industry, Electricals & Electronics Industry, Metallurgy Industry, and Others) - Global Opportunity Analysis and Industry Forecast, 2017-2023</p>
The Cryogenic Pump Market was valued at $456 million in 2016, and is expected to reach $592 million by 2023, registering a CAGR of 3.9 % from 2017 to 2023. Cryogenic pump can be defined as a vacuum pump that captures gas through surfaces, which are cooled to temperatures below 120 K. These pumps are vacuum pumping methods of choice for various ultra- and high-vacuum applications due to their high pumping speeds, cleanliness, and reliability. They can pump almost all the gases, including noble gases at lower temperatures. The number of molecules, which can be accumulated in a cryogenic pump depend upon a number of physical factors, including the temperature of gas & surface, microscopic roughness of surface, and physiochemical properties of gas & surface.
Increase in gas-based power generation and rise in demand for liquefied natural gas (LNG) as a fuel in domestic applications are the major factors that drive the cryogenic pump market across the globe. In addition, rise in application of cryogenic pump in various end-use industries such as electricals & electronics supplements the market growth. However, reduction in steel production hinders the growth as huge amounts of industrial gases such as argon, helium, oxygen, and nitrogen are involved in the manufacturing process of steel, and these gases are transported utilizing cryogenic pumps. Nevertheless, increase in focus on solar power generation is anticipated to provide potential opportunities for market expansion.
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There are three types of cryogenic pumps available in the market-positive displacement pumps, kinetic pumps, and entrapment pumps. A positive displacement pump is a device that transfers liquids by holding a certain volume of the liquid and displacing it into another pipe. The segment is expected to witness the highest growth during the forecast period, owing to surge its adoption in various end-use industries, such as healthcare, electricals & electronics, and others.
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Based on gas, the cryogenic pump market is classified into nitrogen, hydrogen, helium, argon, and others. Cryogenic pumps are employed for conversion of liquid hydrogen to high pressure hydrogen via specially designed system of air heat exchangers along with a temperature control unit to increase the temperature of the hydrogen by around −40°. Moreover, these pumps generate a pressure of around 900 bars and can reach a fueling capacity of about 120 kilos per hour. The advantages associated with hydrogen cryogenic pumps are high throughput, low energy consumption, and highly pure hydrogen. Other benefits include reliability of the system, lesser maintenance efforts & cost, and low noise emissions.
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According to the end-use industry, the cryogenic pump market is classified into healthcare industry, power generation industry, electricals & electronics industry, metallurgy industry, and others. Healthcare industry is anticipated to exhibit the highest CAGR during the forecast period as gases such as oxygen, nitrogen, hydrogen, nitrous oxide, and gas mixtures are widely utilized for medical purposes, research in biotechnology, and drug processing. A cryogenic gas transportation system is utilized for transportation and delivery of these medical gases to healthcare facilities. The system includes cryogenic pump, which is utilized to transfer gas through the system into the storage vessel as a compressed gas. Cryogenic pumps are also being utilized to create necessary high vacuum in the proton therapy systems which are used in the treatment of cancer to irradiate diseased tissue.
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The demand for cryogenic equipment is on a constant rise in Asia-Pacific due to increase in industrialization and power demand. The demand for shipping and storing liquefied natural gas (LNG) is increasing from energy-famished economies such as China, India, and other Asian countries, which in turn drives the growth of the Asia-Pacific cryogenic pumps market. Further, increase in investment in the infrastructure sector and growth in focus towards renewable-based electricity generation are expected to provide substantial growth opportunities for market expansion.
Key leading players operating in this market include Sumitomo Heavy Industries Ltd., Flowserve Corporation, Ebara Corporation, Linde Group, Nikkiso Co. Ltd., Brooks Automation Inc., PHPK Technologies Inc., Global Tech India Pvt. Ltd., Technex Limited, and Fives S.A.
Other key market players in the value chain include ACD LLC, Austin Cryogenics Company, Helix Technology Corp., Polycold Systems, Ruhrpumpen Inc., Sehwa Tech Inc., and SHI Cryogenics Group.
<h3><strong>Key Benefits for Stakeholders</strong></h3>
<li>This report provides a quantitative and qualitative analysis of the current market trends and estimations from 2016 to 2023, which assists to identify the prevailing market opportunities in different end-use industries.</li>
<li>Market trends of major countries in each region are mapped according to projected market revenue.</li>
<li>Top investment pockets highlight the opportunity in the most lucrative end-use industry segment.</li>
<li>Focused study of the factors that drive and restrict the growth of the cryogenic pump market is provided.</li>
<li>Key manufactures of cryogenic pump are profiled and their recent developments are listed.</li>
<h3><strong>Cryogenic Pump Market Key Segments:</strong></h3>
<li>Positive Displacement Pumps</li>
<li> Kinetic Pumps</li>
<h3><strong>By End-Use Industry</strong></h3>
<li>Power Generation Industry</li>
<li>Electrical & Electronics Industry</li>
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