A cryogenic pump is a vacuum pump which captures gases by condensing them on a cooled surface which is at a very low temperature of about 120 K. However, the efficiency of the pump is largely dependent upon the boiling and freezing temperature of the gases involved.
These pumps finds wide application in the handling, transportation and transfer of cryogenic fluids such as hydrogen, oxygen, nitrogen, argon and liquefied hydrocarbons. As the demand for liquid gases increases across various industries, usage of cryogenic pumps becomes inevitable. The global demand for cryogenic pumps is anticipated to expand with a decent CAGR throughout the forecast period.
Global Cryogenic Pump Market: Drivers and Restraints
The prime factor driving demand for cryogenic pumps is the increasing growth across its end use industries. Moreover, as more and more complex industrial processes evolve which incorporates the usage of liquid gases, demand for cryogenic pumps is bound to increase.
The rapidly growing demand for energy and power is expected to drive more demand for LNG and thus, ways to handle its transportation, further fuelling more revenues to the global cryogenic pumps market. Along with, reviving steel industry across the globe, is also anticipated to drive demand for cryogenic pumps, as cryogenic gases are indispensably used to create durable steel structures.
Noteworthy, is the usage of cryogenic pumps extracting the regenerated energy from exhaust gases from an engine; though this is at very niche stage, but is expected to fuel the demand for cryogenic pumps over the forecast period. In a nutshell, the global growing demand for cryogenic pump is directly proportional to growing economic development across all nations.
Global Cryogenic Pump Market: Key Players
- ACD Cryo AG
- Cryostar SAS
- Sumitomo Heavy Industries Ltd.
- Flowserve Corporation
- Brooks Automation Inc.
- Ebara Corporation
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