December 04, 2019
According to the research report titled ‘Cryogenic Pump Market to 2027 - Global Analysis and Forecasts by Type (Centrifugal and Positive Displacement); Gas (Nitrogen, Oxygen, LNG, Argon, Others); Industry Vertical (Electronics, Healthcare and Pharmaceutical, Energy and Power, Metallurgy, Chemical, and Others)’ available at MarketStudyReport.com, the global cryogenic pump market was reckoned to be at US $1.86 billion in 2018, and is estimated to grow with a CAGR of 4.9% during the period of 2019-2027, hence reaching US $2.82 billion by the year 2027.
Surging need of cryopumps in industries such as electronics and power & energy, coupled with increasing demand for liquefied natural gas is driving the growth of the cryogenic pump market for the forecast period. Extensive application in semiconductor manufacturing, growing industrialization and favorable global economic growth are aiding the market outlook. Shifting preference for sustainable energy sources among the manufacturers is further augmenting the demand for cryopumps across the globe.
As per product type, cryogenic pump market is categorized into positive displacement and centrifugal pumps, whereas in terms of gas application, the market is classified into oxygen, nitrogen, argon, LNG, and others. Based on industry spectrum, the market is bifurcated into healthcare & pharmaceuticals, electronics, energy & power, chemical, metallurgy, and others.
Considering the regional landscape, Asia-Pacific cryogenic pump market holds the largest regional share presently, owing to rapid industrialization in emerging economies such as in China with booming semiconductor and electronics industry. The manufacturers in China are primarily focused on improving their capabilities in terms of components, materials, and equipment.
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The key players in the global cryogenic pump market are Nikkiso Co. Ltd., Atlas Copco AB, Elliott Group, Fives, Flowserve Corporation, SEHWA TECH, INC., PHPK Technologies, Linde AG, Ruhrpumpen Group, and Sumitomo Heavy Industries Ltd. among others.
The research report on cryogenic pump market is derived by using primary and secondary sources to measure the potential growth opportunities in the market. The study further aims to provide state-of-the-art information on segmentations and geographical landscapes to investor to thoroughly evaluate their investments. It encompasses details regarding the mergers & acquisition, alongside the market initiatives undertaken by market players to expand their business footprints.
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