August 29, 2022 06:58 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Increasing demand for cryogenic gases from the Energy & Power industry, especially the oil & gas sector is anticipated to drive the market growth. Also, evolving cryogenic electronics applications are anticipated to offer a lucrative opportunity for the market.
The Global Cryogenic Pump Market revenue is expected to reach a value USD 1202.2 Million in 2028.
The Global Market revenue was valued at USD 928.5 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period; states Vantage Market Research, in a report, titled “Cryogenic Pump Market Size, Share & Trends Analysis Report by Orientation (Horizontal, Vertical), by Design (Submersible, Non-Submersible), by Type (Kinetic Pump, Positive Displacement Pump, Entrapment Pump), by Cryogen (Nitrogen, Oxygen, Argon, Liquified Natural Gas (LNG), Helium, Hydrogen), by End User (Metallurgy, Energy & Power, Chemicals, Electronics, Healthcare & Pharmaceuticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
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High Demand for Industrial Gases from Energy & Power Industry
The largest consumer of cryogenic gases is the oil industry. Industrial gases including nitrogen, hydrogen, oxygen, and carbon dioxide are used for chemical synthesis in oil and gas refining and other downstream processes. Nitrogen and carbon dioxide are frequently employed in oil field procedures for gas cycling, reservoir pressure maintenance, and gas lift. They are also helpful as injection fluids for enhanced oil recovery (EOR). Oilfield operators are concentrating on boosting their production from the existing assets or participating in exploration and subsequent production activities due to the anticipated growth in demand for oil and gas. These oilfields need Cryogenic Pump Markets to handle liquefied industrial gases and transform them into usable gaseous forms. The increase in oil production from freshly drilled wells and mature existing wells through EOR is thus anticipated to propel the development of the Cryogenic Pump Market.
For manufacturing and testing processes involving semiconductors, cryogenic gases are frequently used. Liquid nitrogen is a standard coolant used to remove heat from the manufacturing process. Gaps in the structure of the metallic components of electronics can be minimized by cryogenic treatment. Cryogenics also increases their reliability by increasing the thermal and electrical conductivity of electronics and reducing operational power.
Low-temperature electronics, called cryogenic electronics, can be based on either superconductive or semi-conductive components or a mix of the two. Cryogenic electronics are finding more and more uses. Power-conversion circuits, for instance, can be used in superconducting power distribution, management, and generation systems. Cryogenic signal-processing systems or sensors will also be more necessary for wind tunnel equipment due to rising investments in renewable energy. Additionally, the market for Cryogenic Pump Markets is projected to benefit from growing uses of cryogenic electronics in research projects, superconducting magnet systems, low-temperature detection systems, and infrared array systems.
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Benefits of Purchasing Cryogenic Pump Market Reports:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The report on Cryogenic Pump Market highlights:
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Asia Pacific is expected to dominate the growth of Cryogenic Pump Market in 2021.A large part of Asia Pacific expansion can be attributed to the expansion of its industrial infrastructure. Cryogenic Pump Market sales are rising in the Asia Pacific region as a result of an increase in demand for shipping and storing Liquefied Natural Gas (LNG) in energy-starved economies like China, India, and other Asian nations. The Asia Pacific region's increased emphasis on renewable electricity production and high investments in the infrastructure sector is predicted to offer the worldwide Cryogenic Pump Markets market significant potential possibilities. One of the primary nations with a sizable demand in the semiconductor and electronics industries is China. Chinese manufacturers are putting a lot of effort into improving their capabilities in the areas of materials, components, and machinery.
List of Prominent Players in Cryogenic Pump Market:
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Cryogenic Pump Market Size, Share & Trends Analysis Report by Orientation (Horizontal, Vertical), by Design (Submersible, Non-Submersible), by Type (Kinetic Pump, Positive Displacement Pump, Entrapment Pump), by Cryogen (Nitrogen, Oxygen, Argon, Liquified Natural Gas (LNG), Helium, Hydrogen), by End User (Metallurgy, Energy & Power, Chemicals, Electronics, Healthcare & Pharmaceuticals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
In April 2022, TRILLIUM FLOW TECHNOLOGIES acquired Termomeccanica Pompe, an Italian manufacturer of highly engineered vertical turbine and split case pumps.
In April 2022, Cyostar had been contracted to provide 15 Neo VP vertical pumps to be installed in an ASU in China.
In November 2021, Elliot Group inaugurated a new state-of-the-art Cryogenic Pump Market testing facility in Jeannette, Pennsylvania, US.
In November 2021, Fives Group was contracted to provide its cryogenic pumps for installation in a major industrial gas complex in Jubail industrial city, Saudi Arabia.
Key Questions Answered in The Report:
This market titled “Cryogenic Pump Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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