Cryogenic Pumps Market Analysis

Cryogenic Pumps Market Analysis

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Centrifugal cryogenic pumps market accounted for over USD 1,160 million in 2022. The growing utilization of cryogens including nitrogen, and argon across various industrial process will escalate the product demand. The upsurge in use of superconducting magnetic bearings to reduce friction and increase efficiency, along with use of composite materials that can withstand extreme temperatures and pressures will complement the business outlook. Technological advancement relating to the product innovation and rise in disposable income have also encouraged leading manufacturers to invest contributing to a significant industry expansion.
 

The reciprocating cryogenic pumps market will grow at a significant rate on account of upsurge in transferring and storing liquefied gases, such as nitrogen, oxygen, argon, and LNG. These pumps are preferred for their reliability, durability, and ability to handle high-pressure applications. Moreover, the manufacturers are designing pumps that can handle complex mixtures of gases, as well as higher pressures and temperatures on account of growing demand for liquefied gases in a variety of applications including energy production, food processing, and medical treatments. Paradigm shift toward sustainability and energy efficient technologies along with trends toward low carbon emissions and limited energy consumption will augment the industry dynamics.
 

The liquid oxygen market will grow at a rate of over 5% by 2032 on account of accelerating investments toward the development of healthcare infrastructure across the emerging economies along with their increasing use in chemical, food & beverage, pulp & paper and other manufacturing industries. Growing deployment of advanced technologies across the healthcare sector will support the cryogenic pumps market growth. The soaring requirement for healthcare facilities on account of the increasing population and upsurge in health-related diseases primarily in the urban areas will boost the deployment of cryogenic equipment for liquid oxygen.
 

In addition, the respective government authorities are readily investing in the healthcare industry to improve the medical facilities provided across the country, which, in turn, is augmenting the demand for reliable technologies including cryogenic fluids and storage units.
 

Shifting regulatory policies toward energy transition and sustainable energy sources driven by concerns over fuel diversification will stimulate the demand for natural gas. Lower pollution rate when compared with conventional fossil fuels including coal and oil along with government efforts to reduce carbon emissions will sway the market penetration. The combination of competitive gas prices and supportive clean fuel policies has led to the construction of new natural gas-fired and retirement of coal-fired power plants, which will propel the cryogenic pumps market growth.
 

The food & beverage industry reached USD 170 million in 2022. Increasing disposable income coupled with growing preference for packaged food & beverages has given a subtle rise to the deployment of cryogenic fluids and associated pumps. These fluids include liquid nitrogen to store the edibles safely and effectively for a requisite period. Since such cryogens are highly flammable and could cause severe damage to human health, their safe storage and handling have been an utmost priority to industrial consumers. Flourishing investments with the entrance of various new domestic and foreign participants across regional food sectors will have a considerable impact on the demand for various cryogenic equipment.
 

Increasing government focus on facilitating the basic healthcare services will result in the construction of new healthcare facilities in rural areas. For instance, EU4 Health provides financing to build childcare, critical healthcare, and education services across the EU nations. In addition, the onset of the COVID- 19 pandemic has put tremendous strain on the existing healthcare infrastructure. As a result, over the coming years, the healthcare industry is anticipated to witness aggressive investments toward the construction of new hospitals, nursing homes, and clinics while the existing infrastructure is set to witness major refurbishments toward incorporating more patients. This is anticipated to significantly surge the demand for efficient liquid gases, thereby driving the demand for cryogenic pumps.
 

The Asia Pacific cryogenic pumps market size is anticipated to reach USD 1.3 billion by 2032. Rapidly increasing urbanization and rising per capita income has led to an increased spending across the food & beverage sector which will enhance the product penetration. Growing manufacturing industries favored by the increasing investments toward expansion of the existing manufacturing base across China, India, Japan, and South Korea will propel the cryogenic equipment industry growth. Shifting trends towards gas-based power generation plants along with increasing gas storage capacity by various nations has also provided favorable opportunities for business expansion.
 

The role of sustainable energy technology is increasing due to stringent energy security policies and increasing LNG trade across the European subcontinent. Norway and Russia are the major countries involved in the export of liquefied natural gas. The export of LNG requires the deployment of cryogenic tanks for the storage and transportation of gas. Large volume requirement in long-distance transport have fortified natural gas trading in its liquid state. Furthermore, technological developments and innovations of cryogenic technologies from research centers including the National Institute of Research and Development for Cryogenic and Isotopic Technologies ICSI Rm will complement the industry growth.