IMARC Group, a leading market research company, has recently releases 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.
Industry Overview of Cryogenic Pump
Cryogenic pumps are specialized pumps designed to handle extremely low temperatures. They comprise features like leak detection systems and pressure relief mechanisms to prevent accidents or hazards associated with cryogenic fluid handling, ensuring the well-being of personnel and equipment. They excel at efficiently transferring cryogenic fluids from one location to another, as their specialized design ensures minimal heat transfer, preventing the fluid from warming up and maintaining its extremely low temperature during the transfer process. They are engineered for high reliability, with robust construction and precision components that minimize the risk of breakdowns, ensuring consistent performance in demanding environments. They require relatively low maintenance compared to other types of pumps, as their simplicity and durability reduce the need for frequent repairs or replacements, making them an ideal choice for industries that rely on uninterrupted cryogenic fluid supply. They can minimize heat transfer to the cryogenic fluid through advanced insulation and design features that limit heat infiltration. They offer precise flow control, allowing operators to accurately manage the transfer of cryogenic fluids. They are versatile and can be used for various cryogenic fluids, including liquid nitrogen, helium, and hydrogen, making them adaptable to a wide range of applications, ranging from medical cryopreservation to superconductivity research. They are environment friendly, as they do not emit harmful gases or pollutants during operation.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/cryogenic-pump-market/requestsample
What are the growth prospects and trends in the cryogenic pump industry?
At present, the growing demand for cryogenic pumps, as they are essential for cryopreservation of biological samples, storage of vaccines, and other medical applications, represents one of the key factors offering a favorable market outlook. Besides this, the rising demand for liquefied natural gas (LNG) due to its cleaner and more efficient energy characteristics is propelling the growth of the market. Cryogenic pumps play a crucial role in the LNG supply chain by facilitating the transfer and storage of LNG at extremely low temperatures. As several countries are investing in LNG infrastructure and seeking to reduce their carbon footprint, the demand for cryogenic pumps is increasing across the globe.
In addition, the aerospace and defense industries rely on cryogenic pumps for various applications, including rocket propulsion systems and missile guidance. With rising space exploration activities and defense spending, there is a growing need for reliable cryogenic pumps. Apart from this, scientific research in fields, such as superconductivity, particle physics, and materials science, often requires precise handling of cryogenic fluids. Cryogenic pumps are instrumental in providing the necessary equipment for maintaining low temperatures and conducting experiments, which is strengthening the growth of the market.
Moreover, the industrial gas industry, encompassing gases like nitrogen, oxygen, and argon, relies on cryogenic pumps for the production, storage, and transportation of these gases in their liquefied forms. The thriving industrial sectors, including manufacturing and electronics, are catalyzing the demand for industrial gases, thereby stimulating the market growth.
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:
The report has segmented the market into the following categories:
Breakup by Type:
- Centrifugal Pumps
- Positive Displacement Pump
Breakup by End Use Industry:
- Energy and Power Generation Industry
- Healthcare Industry
- Electricals and Electronics Industry
- Metallurgy Industry
- Chemicals
- Others
Breakup by Region:
- 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
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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