- The energy & power segment is expected to lead the market.
- Contracts and agreements was the most commonly used strategy by top players in the market.
- Asia-Pacific region held the majority of market share.
The global cryogenic pump market is expected to reach $1.96 billion by 2021, at a CAGR of 3.28% from 2016 to 2021. Increasing focus on gas-based generation and growing demand for medical gases are expected to drive the cryogenic pump market. Cryogenic pumps are employed to create, withstand, and operate in temperatures which are in the range of -120°C or below. They are used for refrigeration by using cryogenic gases such as nitrogen, helium, and argon among others. The global cryogenic pump market has been segmented on the basis of type, cryogenic gases, end-user, and region. In the cryogenic pump market, by end-user, the energy & power segment is expected to lead the market during the forecast period.
The leading players in the industry, based on their recent developments and other strategic industrial activities, include Sumitomo Heavy Industries Ltd. (Japan), Ebara Corporation (Japan), Flowserve Corporation (U.S.), Fives S.A. (France), and Brooks Automation Inc. (U.S.). Contracts and agreements was the most commonly used strategy by top players in the market, constituting half of the total developments share. It was followed by expansions and mergers & acquisitions.
Asia-Pacific region held the majority of market share in 2014, followed by Europe and North America. In terms of individual countries, Qatar and India are expected to show high growth potential in 2016. This growth can be attributed to increasing investments in the infrastructure sector in Qatar and growing focus towards renewable-based electricity generation in India. Asia-Pacific houses major LNG importers such as China, India, and Japan along with some of the key importers of natural gas. Hence, the region is expected to dominate the global demand for cryogenic pumps during the forecast period.
“Cryogenic Valve Market by Gas (LNG, Oxygen, Nitrogen), Type (Globe, Gate, Ball), End-User (Energy & Power, Food, Chemicals), Application (Tanks & Cold Boxes, Transfer Lines, Manifolds & Gas Trains), And Region – Global Forecast to 2023″
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