The cryogenic pump market is expected to reach USD 1.96 Billion by 2021, at a CAGR of 3.28% from 2016 to 2021. The growth of this market is attributed to increasing demand for LNG from sectors such as power generation and domestic & commercial fuel and demand for medical gases in healthcare facilities.
The report "Cryogenic Pump Market by Type (Centrifugal, Positive Displacement), by Gas (Nitrogen, Oxygen, Argon, LNG, and Others), by End-User (Energy & Power, Chemicals, Metallurgy, Electronics, and Others), & by Region - Global Trends & Forecasts to 2021", The cryogenic pump market is estimated to be USD 1.67 Billion in 2016, and is projected to reach USD 1.96 Billion by 2021, at a CAGR of 3.28% from 2016 to 2021. Increasing LNG production and demand for medical gases in the healthcare sector are the major drivers of the market.
This market study defines and segments the market through regional forecast and segment revenue estimates till 2021.
Browse 68 tables and 59 figures spread through 150 pages and in-depth TOC on "Cryogenic Pump Market by Type (Centrifugal, Positive Displacement), by Gas (Nitrogen, Oxygen, Argon, LNG, and Others), by End-User (Energy & Power, Chemicals, Metallurgy, Electronics, and Others), & by Region - Global Trends & Forecasts to 2021"
Liquefied Natural Gas: Highest growing market by cryogenic gases
The LNG cryogenic gas market is expected to grow at the highest CAGR from 2016 to 2021. This growth is attributed to increased demand for LNG pertaining to environmental concerns.
LNG can be very useful, particularly for the transportation of natural gas, since LNG takes up about 1/600th the volume of gaseous natural gas. The demand for LNG is the highest in Asia-Pacific, making the region a high potential market for cryogenic pumps designed for transportation of LNG.
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Positive Displacement: Highest growing market by type
The positive displacement cryogenic pump market is expected to grow at the highest CAGR during the forecast period. The growth is attributed to increasing use of positive displacement pumps in Asia-Pacific, Europe, and North America.
Moreover, positive displacement pumps have constant flow at various viscosities and pressures. This feature is likely to contribute to the growth of the positive displacement cryogenic pumps market.
Asia-Pacific: The largest market for cryogenic pump
The Asia-Pacific region is estimated to be the largest market for cryogenic pumps in 2016, driven largely by developments in growing economies such as China, India and other Southeast Asian countries. These developments are due to growing energy need, focus on renewable generation, and rapid urbanization.
Moreover, these regions are being drawn towards tapping eco-friendly fuel sources such as LNG in order to reduce carbon emissions, which is likely to boost the cryogenic pump market in the region.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the cryogenic pump market, namely, Sumitomo Heavy Industries Ltd. (japan), Ebara Corporation (Japan), Flowserve Corporation (U.S.), Fives S.A.
(France), and Brooks Automation Inc. (U.S.). These companies have been the most active in terms of strategic developments from January 2012 to February 2016.
Most of these market players are present in Asia-Pacific and North America region, and have been actively participating in competitive developments.
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