Cryogenic Pump market has witnessed significant growth over the years. Cryogenic pumps are used in several end-use industries, including oil and gas, power generation, chemical and petrochemical, and metallurgy. The demand for cryogenic pumps in the global market has also been boosted by increasing investments in the energy and power sector. The semiconductor and electronics industries are also major consumers of these pumps. They require ultrahigh vacuums and high pumping speeds. For example, sputtering systems, which are used to produce micron-sized crystals on electronic devices, require a high pumping speed and a hydrocarbon-free ultrahigh vacuum.
Market Dynamics:
The increasing use of gases in the health care industry is also expected to contribute to the demand for cryogenic pumps, which is expected to augment growth of the global cryogenic pump market over the forecast period. Moreover, the rising focus on solar energy generation will also create huge opportunities for the industry.
However, volatility of raw material prices, and high cost related to cryogenic plants is expected to impede growth of the global cryogenic pump market over the forecast period.
In January 2022, the cryogenic solution specialist Cryostar announced that it had received NeoVP vertical pumps for the Chinese market. These pumps will be installed in air separation units. NeoVP vertical pumps are designed for easy installation and maintenance, and they also possess hydraulic efficiency, reducing the unit’s carbon footprint and energy costs.
In April 2021, Nikkiso Co., Ltd. announced a new facility adjacent to their primary production test site to increase the efficiency and capability of producing cryogenic submerged electric motor pumps, especially for the LNG market. This facility is also expected to facilitate customer remote-site witness testing.
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*Browse 24 market data tables and 28 figures on “Global Cryogenic Pump Market” - Global forecast to 2030
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