IMARC Group, a leading market research company, has recently released report titled “Cryogenic Pump Market Report by Type (Centrifugal Pumps, Positive Displacement Pump), End Use Industry (Energy and Power Generation Industry, Healthcare Industry, Electricals and Electronics Industry, Metallurgy Industry, Chemicals, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global cryogenic pump market.
How Big is the Cryogenic Pump Market?
The global cryogenic pump market size reached US$ 732.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,186.5 Million by 2032, exhibiting a growth rate (CAGR) of 5.4% during 2024-2032.
Factors Affecting the Growth of the Cryogenic Pump Industry:
- Rising Healthcare Applications:
The healthcare sector increasingly relies on cryogenic pumps for critical applications, including MRI machines, cryosurgery, and the cryopreservation of biological samples and tissues. In addition, the rising product demand due to the prevalence of chronic diseases requires advanced medical technologies for diagnosis, treatment, and research, thus representing another major growth-inducing factor. As medical technology advances, the need for reliable and efficient cryogenic systems becomes paramount, particularly for the preservation of biological materials at extremely low temperatures, ensuring their viability for future use. Besides this, the expanding healthcare expenditure reflects a greater investment in high-quality medical infrastructure, which includes sophisticated cryogenic systems, contributing to the market growth.
- Technological Advancements in Cryogenics:
The cryogenics market is witnessing significant technological advancements that have directly impacted the development of cryogenic pumps. In addition, various innovations in materials science led to the creation of components that can withstand extreme conditions, enhancing the pumps' efficiency and operational life, thus contributing to the market growth. Moreover, design improvements are focusing on increasing the reliability and safety of these pumps, crucial for applications requiring precise temperature control and uninterrupted operation, representing another major growth-inducing factor. Besides this, manufacturing advancements allow the production of more sophisticated and durable cryogenic pumps, thus creating a positive market outlook.
- Expansion of Aerospace and Defense Sector:
Cryogenic pumps are vital in the aerospace and defense industry, especially for applications such as rocket propulsion systems and space exploration missions. In addition, the increasing investments in space exploration, satellite launches, and the enhancement of defense capabilities, necessitate reliable and efficient cryogenic systems, thus influencing the market growth. These pumps are integral to the operation of rockets, providing the necessary propulsion by supplying cryogenic fuels under high pressure. Moreover, the growing ambition of space missions and the continuous push for technological advancements in defense systems ensure sustained demand for cryogenic pumps due to their reliability and performance, representing another major growth-inducing factor.
For an in-depth analysis, you can refer sample copy of the report : https://www.imarcgroup.com/cryogenic-pump-market/requestsample
Leading Companies Operating in the Global Cryogenic Pump Industry:
- Atlas Copco
- Cryostar SAS (Linde plc)
- Ebara Corporation
- Fives (Novafives S.A.S.)
- Flowserve Corporation
- Nikkiso Co. Ltd
- PHPK Technologies Inc.
- Ruhrpumpen Group (Corporación EG)
- Sulzer Ltd.
- Sumitomo Heavy Industries Ltd
- Weir Group PLC.
- Cryogenic Pump Market Report Segmentation:
By Type:
- Centrifugal Pumps
- Positive Displacement Pump
Centrifugal pumps account for the largest market share owing to their high efficiency in handling large volumes of cryogenic liquids at relatively low pressures, making them indispensable in various applications such as LNG terminals and air separation plants.
By End Use Industry:
- Energy and Power Generation Industry
- Healthcare Industry
- Electricals and Electronics Industry
- Metallurgy Industry
- Chemicals
- Others
The energy and power generation industry holds the largest market share, due to the rising demand for cryogenic pumps for the liquefaction, transport, and regasification of natural gas.
- Regional Insight:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the cryogenic pump market is attributed to its rTop of FormTop of Formapid industrialization and expanding energy sector, particularly in countries such as China and India.
- Global Cryogenic Pump Market Trends:
At present, cryogenic pumps are widely used in various industries including healthcare for MRI machines, electronics for semiconductor manufacturing, and the energy sector for liquefied natural gas. Additionally, the healthcare industry is widely adopting cryogenic pumps, particularly for applications such as MRI machines and cryosurgery, which is escalating the demand for cryogenic pumps.
Moreover, the increasing demand for liquefied natural gas (LNG) as a cleaner energy source, and the growing investment in LNG infrastructure including liquefaction plants and LNG terminals, represent another major growth-inducing factor. Besides this, the ongoing investments in research and development (R&D) are driving innovation in the cryogenic pump market, leading to the development of advanced technologies and products catering to diverse applications and industries across the globe.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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