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Cryogenic Pump Market to Hit USD 6.03 Billion by 2027; Increasing Demand for Efficient Energy Storage Technologies to Fuel Market Growth: Fortune Business Insights™

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Pune, July 21, 2020 (GLOBE NEWSWIRE) — The global cryogenic pump market size is projected to reach USD 6.03 billion by 2027, exhibiting a CAGR of 7.5% during the forecast period. Rising demand for renewable energy is expected to stoke the adoption of these pumps, states Fortune Business Insights™ in its report, titled “Cryogenic Pump Market Size, Share & COVID-19 Impact Analysis, By Type (Positive Displacement Pump and Displacement Pump), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others), and Regional Forecast, 2020-2027”.Recent data from the International Renewable Energy Agency (IRENA) showed that in 2018, global capacity additions of renewables increased by 171 GW, reflecting an annual growth of 7.9% from 2017 levels. Moreover, renewables accounted for nearly 67% of new power generation capacity added in 2018, spearheaded by developing economies of Asia. However, storing surplus power has been a persistent issue in the energy industry. Cryogenic pumps provide an efficient solution for this. Research by the University of Birmingham found that cryogenic storage systems can be easily scaled according to the inflow of electricity from renewables by manipulating the size of the liquefaction unit. The total energy can be captured and stored in larger or smaller containers as per requirement.
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The COVID-19 pandemic has gravely affected industries and businesses around the world. Lockdowns, social distancing, and fear of getting infected have stalled economic activities, disrupting supply chain networks and pushing down demand for goods and services globally. Governments and private sector entities are taking multiple efforts to mitigate the damage caused by this pandemic, but uncertainty is widespread. However, collective strength and unity will help us tide over these hard times. At Fortune Business Insights, we are constantly endeavoring to provide you with comprehensive research on various markets so as to equip your business with the necessary intelligence to emerge victorious on the other side of this crisis.
To get to know more about the short-term and long-term impacts of COVID-19 on this market,Detailed analysis of the market drivers, trends, and restraints;Microscopic examination of the various segments of the market;Thorough research into the regional developments and prospects influencing the market; andExhaustive study of the major market players and their key strategies.Market DriverEmergence of “Cold Economy” to Favor Market GrowthConcerns surrounding energy security across various countries have led to a spurt in trade in Liquefied Natural Gas (LNG) worldwide. However, the cold energy stored in refrigerated LNG is usually wasted during the re-gasification process. Recycling this cold waste, according to the University of Birmingham, could give birth to a billion-dollar market by 2025, resulting in the formation of a “cold economy”. Recognizing its vast potential, countries are already taking steps to commercialize this cold waste. For example, the UK is researching and developing next-gen energy technologies with the potential to exploit LNG cold waste – cryogenic expansion engines that are powered by liquid nitrogen or air, providing cold as well as power; and liquid air energy storage systems that can store large amounts of surplus electricity and ensure grid stability. In this developing scenario, cryogenic pumps will find a unique place in the energy industry and the fuel the global market growth.      
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Growing Investments in Renewable Energy to Feed Market Growth in Asia PacificAsia Pacific is expected to dominate the cryogenic pump market share during the forecast period on account of rising intensity of investments in renewable energy sources. India and China have made some of the largest capacity additions in renewables in the past few years. In China, LNG imports rose by 41% in 2019 and the country is making remarkable strides in cryogenic technology.In North America and the Middle East & Africa, widening applications of these pumps for industrial operations is boosting the market. The market in Europe, on the other hand, is being driven by growth of the petrochemicals and oil & gas industries, particularly in France, Italy, and Spain.Competitive Landscape
Strong Governmental Support to Innovative Projects to Spur CompetitionThe cryogenic pump market growth is being characterized by the increasing governmental support to novel ventures in the energy & power sector. Companies are exploring avenues to expand and diversify their operations and strengthen their position in the market through groundbreaking innovations.Industry Developments:March 2020: China-based Yantai LNG Group secured clearance from the National Development and Reform Commission to construct an LNG terminal in Shandong province. The facility will also be linked to a national pipeline spanning 530kms, which will be built alongside the terminal.December 2019: US-based Elliott Group inaugurated the site for its new, state-of-the-art cryogenic pump testing facility in Pennsylvania, which will be completed in the next 18 months. The plant will be dedicated to enhanced R&D activities and aid in supplying superior cryogenic pumps to the company’s global clients.
List of the Leading Companies Operating in the Cryogenic Pump Market are:
Vanzetti Engineering (Italy)SEFCO (Switzerland)Phpk Technologies (United States)INOXCVA (India)Flowserve Corporation (United States)Fives (France)Ebara Corporation (Japan)Nikkiso Co., Ltd (Japan)Sehwa Tech, Inc. (Japan)Ruhrpumpen Global (United States)Cryostar (France)Brooks Automation (United States)Sulzer (Switzerland)The Weir Group PLC (Scotland)Sumitomo Heavy Industries, Ltd. (Japan)
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Detailed Table of ContentIntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapeIndustry SWOT AnalysisPorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Cryogenic Pump MarketSteps Taken by the Government to Overcome the ImpactKey Developments in the Industry in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Cryogenic Pump Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypePositive Displacement PumpCentrifugal PumpMarket Analysis, Insights and Forecast – By Cryogen TypeNitrogenOxygenArgonLiquefied Natural Gas (LNG)OthersMarket Analysis, Insights and Forecast – By End-UserOil & GasMetallurgyPower GenerationChemical & PetrochemicalMarineOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaLatin AmericaEuropeAsia PacificMiddle East and AfricaTOC Continued…!!!
Cryogenic Valve Market Size, Share and Global Trend By Type (Gate, Globe, Ball, Butterfly, Others), By Application (Transfer Lines, Manifolds & Gas Trains, Tanks & Cold Boxes, Others), By End-User (Oil & Gas, Chemical, Food and Beverage, Others) and Geography Forecast till 2026Cryogenic Equipment Market Size, Share & Industry Analysis, By Product (Tank, Valve, Vaporizer, Pump, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas (LNG), and Others), By End-User (Oil & Gas, Metallurgy, Power Generation, Chemical & Petrochemical, Marine, and Others) and Regional Forecast, 2019-2026Cryogenic Insulation Market Size, Share and Global Trend By Form (Foam, Multilayer, Bulk Fill), By Type (Fiberglass, Cellular Glass, Perlite Insulation, Polyurethane, Polyisocyanurate, Others), By End-Use Industry (Oil and Gas, Chemical and Fertilizer, Food and Beverage, Transportation, Electronics, Others) and Geography Forecast till 2026
High-Temperature Superconducting Cables Market Size, Share and Global Trend By Type (Warm Dielectric, Cryogenic Dielectric), By Material (Yttrium Barium Copper Oxide, Bismuth Strontium Calcium Copper Oxide), By End-User (Industrial, Commercial, Utility, Others) and Geography Forecast till 2026
Cold Chain Packaging Market Size, Share & Industry Analysis, By Product (Insulating Containers {EPS, PUR, VIP, Cryogenic Tanks, Others} Refrigerants {Fluorocarbons, Ammonia, CO2, Hydrocarbons} Temperature Monitoring) By Application (Food Packaging, Healthcare Packaging, Pharmaceutical packaging, Industrial Applications, Other) and Regional Forecast, 2019-2026
Biomedical Refrigerators and Freezers Market Size, Share & Industry Analysis, By Product (Ultra-Low Temperature (ULT) Freezers, Combined Refrigerator & Freezer, Cryo Freezers), By End User (Hospitals, Blood Banks, Clinical and Pathology Laboratories, Others (Pharmacies, etc.)) and Regional Forecast, 2019-2026
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